My Blog mostly about daytrading the US Markets....
LOL - they always look like a good idea at the time!Looks like you're positive for the week though. Good job.Have a good weekend.
Hey TraderAm, glad to see you back in the game.Forgive me my ignorance, but I'm having a hard time seeing what you're doing. I don't fully understand why you enter each trade.Trade 1, Short at Resistance. I assume this to be the red arrow (blue the signal). Do you short because it pulled back a second time from the pre-market and you put an order in 0.5 point below resistance? Trade 2, pre-market is now resistance. Again, the line is touched twice, do you than immediately put an order in for 0.5 above the line? Trade 3, I can see the break, but see no retest. Are the little black balls the close of the bars? Yesterday's 2nd trade, is your software creating the blue arrows to warn you that the stars are aligned, or do you put them in for our benefit? I just don't see that entry.Don't think for a moment here I'm trying to be critical, cause I'm not. Just trying to understand. Good to see you backKat.
Have you tried using 126.96.36.199.15.30min candles? Seems like buying the pull back is a good entry.
AT : yes indeed very true :-)Kat: Yes, perhaps I should have explained more clearly. The horizontal lines are S?R lines/zones which I 'think' will be important in the market. The arrows I have put on manually, there is no software signalling at work. I am just observing how price reacts to my lines and put an arrow on when I think it is significant. So..Trade 1: Blue arrow is first touch of resistance. Red arrow is the second touch and is my trigger candle for short Trade 2: broke thru resistance on 6th bar prior to green arrow. It then came back down and tested it from above. The candle prior to green arrow and also the green arrow candle itself.Trade 3: Was a break and retest on same candle. For purposes of simplicity, I would ignore trade 3. It was a 'jumping in' type of trade. Even now looking at the chart I can't make a strong case for that trade.In fact, both trades 2 and 3 were rubbish. There was resistance higher up at 1180.75 which was going to make longs a risky endevour. If you look at bounces off 1177 (for long) and also bounce from 1180.75 (for shorts) : they kind of stand out. They would have been the highe rprobability trades. Easy in hindsight though.The candles are high-low-close, and balls are the close. Yesterday's 2nd trade was not a S/R trade, but a pullback to midband of Bollinger Bands after a strong trend up. All this is still work in progress, so I haven't even ironed out my specific rules for entry yet. Some people have told be I am going to crash and burn with this on the futures unless I get more specific with my entry criteria. But at the moment I'm kind of just watching price and see how the bars form etc..so it is a bit discretionary.I'm only doing 1 contract and with stop of 1.0 to 1.25 points...so not a major loss if the trade fails. As I go thru backtetsing and also forward tetsing on live market, I will start getting some rules together.Thanks for visiting my blog.
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