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Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,742 since Nov 2014
Thanks Given: 3,439
Thanks Received: 3,012
July 5 update
Short 1/2 size from open as per plan.
Though price bounced all the way back upto the RTH opening print or ETH vwap, didn't have the guts to add as per my scaling plan.
Quite content with 1/2 size and will hold till EOD. This waty the pain of reversal day will be less. Though it seems less likely, buyers holding it above 3740 and anything is possible.
Can you help answer these questions from other members on NexusFi?
Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,742 since Nov 2014
Thanks Given: 3,439
Thanks Received: 3,012
My journaling will be put on a hold till the end of August. Flying back to Canada from Asia this weekend to do a short term work project.
Though I will continue to trade, it will likely be swing trading style. This allows me to feel the pulse of the market, yet reduces the time commitment for watching the market and journing.
My current methodology works well but EOD 'end of day' stop is both a blessing and curse. Reversal days like yesterday, cause the maximum pain. Scaling out and 'Line in the Sand' are the only way to be safe. No matter how bullish or bearish the market appears during RTH.
Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,742 since Nov 2014
Thanks Given: 3,439
Thanks Received: 3,012
Crooked Stats
Yesterday was the biggest gap down in a month. It was filled (to my surprise).
I wanted to study how the following day panned out. I expected some 'bullish continuation' as this would have made a 'buying tail' in price action but quite surprised with the results.
We had almost 250 such occurrences and it was profitable to go short the following day. PF 1.4.
During bear markets, it was even more profitable to short @ PF 1.6. hmmm
Congrats on your outstanding results! Trading can indeed be as simple as we allow it! The question is... why do most of us make it so complex??? (I suspect it is because we subconsciously enjoy the drama.)
You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,742 since Nov 2014
Thanks Given: 3,439
Thanks Received: 3,012
Are most news items red herrings?
I went long this AM as per my stats.
Within minutes, Breaking news that Biden was covid+ve. This is on the backdrop of nervous market about EU hiking rates 0.5%, more than the expected 0.25%.
Very tempting to 'run to the exit' 'just in case' 'better safe than sorry'.
However, I decided against it and stuck to my long signal. Having a 'I don't care' size in the market helped a lot.
