[That One Guy]

Originally Posted by jonbig04 »

Well I wanted to trade today. I just couldn't. I couldn't see anything worth pursuing. A couple times I thought I did. Then I would wait to see what else was going to happen and it just wouldn't make any sense. There was some decent stuff by the end of the day. Maybe I'm a failure. Anyways I will try again tomorrow. Hopefully the market will represent some opportunities that are easier for me to see.

Sounds like what I am going through. I don't know exactly what I am looking for. I want to play s/r, and trade with the trend, but I haven't defined a complete way of doing all that. Lately, I, have been doing exactly what you posted, and sitting there seeing things and just feeling lost. What I have, is a bunch of ideas, but they are all disorganized. I, need to spend time defining what exactly I am looking for.

[jonbig04]

I feel you. I don't know...the NQ just seemed like chop today. It was nice in the beginning ( I always watch for a while before I start to trade) then it just kind of chopped around in a very small range. Until at one point it swung way up and the swung way down settling right where it began. it cleaned up towards the end of the day though...I just wasn't quick enough to spot any opportunities before they were gone.

[Head2k]

I papertrade ES and after 2 hours of observation today I decided to not to trade as well. There was a ISM Non-Manufacturing Composite announced at 10am which produced some minor action, but the rest of the day was dull because of waiting for FOMC Statement and Federal Funds Rate at 2:15pm. The announcement then produced some action, but I dont want to trade such announcements as it is high risk business.

Somtimes it is good to check some calendar so you know what to expect.

[jonbig04]

Originally Posted by Head2k »

I papertrade ES and after 2 hours of observation today I decided to not to trade as well. There was a ISM Non-Manufacturing Composite announced at 10am which produced some minor action, but the rest of the day was dull because of waiting for FOMC Statement and Federal Funds Rate at 2:15pm. The announcement then produced some action, but I dont want to trade such announcements as it is high risk business.

Somtimes it is good to check some calendar so you know what to expect.

I thought that might be it, but I didn't want to say anything thinking that if I did all kinds of people would jump about all the great opportunities in the NQ today lol.

[atto]

Originally Posted by jonbig04 »

I thought that might be it, but I didn't want to say anything thinking that if I did all kinds of people would jump about all the great opportunities in the NQ today lol.

Regardless of the day, if your trading plan does not present trades, don't take any. Simple as that. Today was a pretty solid trend day, which is odd for a FOMC day. I have found that, in general, new traders struggle with trend days, simply because you don't see them very often. Don't worry about it. I took a quick morning trade, and then sat out until FOMC (in general, I don't do as well on FOMC mornings/lunchtimes).

FOMC days are generally fairly dull, so don't worry about it. New traders shouldn't trade the actual anouncement either.

[Head2k]

Originally Posted by jonbig04 »

I thought that might be it, but I didn't want to say anything thinking that if I did all kinds of people would jump about all the great opportunities in the NQ today lol.

I am a beginner like you, but I dont mind other people doing exercises such as jumping

[jonbig04]

Today was a good learning day. Results: +3.5 points

I didn't get to trade for a as long as I wanted to, had some other things to do..but that's ok.


Entered a short position at 10:48 because it looked like buying was exhausted and maybe even like the buying that took place before @10:44 was short covering...I don't know. Anyways price took a pretty nice dump from there and I stuck with it until it looked like the selling was over. Turns out it wasn't quite over, but I captured most of the move (5 points)

After that I was waiting for smart money to come in and buy, but as of right now I'm not seeing it. There was a nice spike, but it wasn't confirmed by enough volume and follow through for me to want to buy. Looks like I missed the boat at 11:22, but thats ok. Like I said it didn't have what I was looking for.


So I waited for a time to short. I got impatient and tried to jump in before It was obvious(11:33). It cost me 3.25 points. The first attempt I cut my losses to 1 point, the second time price jumped and stopped me out so quickly I literally didn't have time to react. If I would have just waited until it was obvious, I could have saved myself those points. Stupid. Anyways eventually I did get in when it became obvious to me (11:37) and I was able to get 2 points out of it.

I thought the buying was exhausted at 12:29. It wasn't and I took my losses and ran. Lost 1.5 points on that one, but I'm proud of myself for getting out then and not hitting my full stop of 2.5 points.

Looked like a freight train going up, so I entered a long position. Oddly enough when I did, things started to change. I exited out for a .75 point loss and went short. The short was a success as it made 2 points, however just as I need to be able to not hit my full stop loss, I should have sold when I saw things changing instead of hitting my trailing stop. I would have nabbed another point in a half if I would have sold when I saw the situation changing.

Today's lessons: Wait until the trade is OBVIOUS. Never be afraid of missing anything. Did decently well on not hitting my full stop, but I also need to work on not hitting my full trailing stop when I'm in the money.

[brownsfan019]

Curious why the chart is a 90 second chart. That's awfully fast to be learning from.