It was not all doom and gloom on Friday, the 3min Russell Index did have a nice +3R trade (ignoring slippage and commission) as it reached the DP level (form the prior wave b low).
Thanks, Steve
Thanks, Steve
Monday 9 November 2009
A hard day.......
Hi Everybody,
You all know about the Cyclical Nature of Trading by now, and yes, we have to all accept that there will be some hard days when trading, and Friday was one of them, mainly because there was no clear larger degree trend direction. And as such the markets just chopped around in a sideways day. Days like this happen, all professional traders know and understand this.
The 3min ES was a good example, with two -1R losses early in the day. But at least there was a nice VSA (high volume spike) setup later in the day. Notice how the low was at both DP and the Typical Wave C WPT for support – as such was a good setup. It was just a pity the rally off the low was only small. But then a +1.2R Profit (ignoring slippage and commission) on the close helped reduce the -2R loss from earlier.
As I say, you all need to know about (and accept) that markets do go in cycles, but the good news is usually after a hard time we get some good, and very profitable days.
Thanks, Steve
The reason this may be new to some of you ( the Cyclical Nature of Trading ) is that most Gurus and software developers are not traders and as such do not understand how the markets really work and unfold on a daily basis.
You all know about the Cyclical Nature of Trading by now, and yes, we have to all accept that there will be some hard days when trading, and Friday was one of them, mainly because there was no clear larger degree trend direction. And as such the markets just chopped around in a sideways day. Days like this happen, all professional traders know and understand this.
The 3min ES was a good example, with two -1R losses early in the day. But at least there was a nice VSA (high volume spike) setup later in the day. Notice how the low was at both DP and the Typical Wave C WPT for support – as such was a good setup. It was just a pity the rally off the low was only small. But then a +1.2R Profit (ignoring slippage and commission) on the close helped reduce the -2R loss from earlier.
As I say, you all need to know about (and accept) that markets do go in cycles, but the good news is usually after a hard time we get some good, and very profitable days.
Thanks, Steve
The reason this may be new to some of you ( the Cyclical Nature of Trading ) is that most Gurus and software developers are not traders and as such do not understand how the markets really work and unfold on a daily basis.
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