17 06 10 From Fearful to Fearless
Posted 06-21-2010 at 09:14 PM by gcabrera
I am starting to notice how my confidence is improving after keeping track of my entries, specially in this blog. It takes time to do it, but it is paying. Now I can see what works most of the time and the combination of conditions that put me in a trade with some edge that keeps showing as reliable. That is how I am not a fearless trader, as a matter of fact, I am a calm and happy trader. I donīt think that I am going to lose, I feel that I am going to win and that if things donīt go as expected I will lose small and also will be able to recover. But that I have proven myself with repetitive facts.
I started trading live last week and since the first trade that almost took my heart out of my chest, the trade that I took today was made totally calm. This is my fifth trade by the way and was another winner. I have missed several winners too, since price did not get to my limit order, but now I have statistics that support my confidence.
8:13 - 8:19 Started watching the market late, but in this range of time there were only big sellers until 8:19 when a bunch of big buyers appeared, just after big sellers finally broke yesterday close level. Not sure who had more power even though I saw divergence and price bounced up at YM yesterday open.
8:19- 8:23 Divergence down, more sellers trying to send price down and finally make it.
8:27 While price falling, divergence up, and price stalling at yesterday low, then I see a big order buying of 500 and just place my entry that was filled for an immediate rise to take 4 tick profit.
8:31 Following the established downtrend, I placed a down arrow at yesterday close level where divergence down could have triggered a short trade that broke the level where I previously took the long trade.
8:38 -8:46 Notice how price tries to break previous lows, just to show extreme divergence (hard breaks) and many big buyers showing every time moves lower.
9:03 Hard break divergence again, that makes price rally to break previous resistance levels.
9:17 After breaking previous day open level, price retraces and takes off at retest. But no big buyers around so I stood out.
9:45 Divergence down signals time to get out.
9:48 I now notice Hard breaking divergence good to take short trade if big sellers where around.
One detail: I have change my 233 tick chart of ES to a 139 tick chart, that is helping me see better divergences and mostly those extreme ones, that I call Hard Brakes.
I started trading live last week and since the first trade that almost took my heart out of my chest, the trade that I took today was made totally calm. This is my fifth trade by the way and was another winner. I have missed several winners too, since price did not get to my limit order, but now I have statistics that support my confidence.
8:13 - 8:19 Started watching the market late, but in this range of time there were only big sellers until 8:19 when a bunch of big buyers appeared, just after big sellers finally broke yesterday close level. Not sure who had more power even though I saw divergence and price bounced up at YM yesterday open.
8:19- 8:23 Divergence down, more sellers trying to send price down and finally make it.
8:27 While price falling, divergence up, and price stalling at yesterday low, then I see a big order buying of 500 and just place my entry that was filled for an immediate rise to take 4 tick profit.
8:31 Following the established downtrend, I placed a down arrow at yesterday close level where divergence down could have triggered a short trade that broke the level where I previously took the long trade.
8:38 -8:46 Notice how price tries to break previous lows, just to show extreme divergence (hard breaks) and many big buyers showing every time moves lower.
9:03 Hard break divergence again, that makes price rally to break previous resistance levels.
9:17 After breaking previous day open level, price retraces and takes off at retest. But no big buyers around so I stood out.
9:45 Divergence down signals time to get out.
9:48 I now notice Hard breaking divergence good to take short trade if big sellers where around.
One detail: I have change my 233 tick chart of ES to a 139 tick chart, that is helping me see better divergences and mostly those extreme ones, that I call Hard Brakes.
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