Casual Trader's Journal

[montmorencyt2w]

Got home, saw a trade and took the short at the 1.300 area - - -finished the day just shy of 2% profit - I don't plan to trade any more tonight, but who knows? lol

At one time I was up about $25 on the day but that last pop took out my stop while I was trying to "let my winner run".......when will I ever learn lol.

It's never easy to know "when to hold 'em" or "when to fold 'em".

I think it's actually still in a bull market ... just ... although I also think it's going to fall before too long, and maybe with a bang. Maybe not parity, but I think at least 1.22 or so.

I was long, but got out just below 1.300, mainly because I wanted to close flat before being away for a bit, sans internet. I'll be fascinated to see how it gets on without me as it were Nice to be on the sidelines for a change to be honest.

Good luck!

 

[RockyRacoon]

Nice trade on your long - hope you got in 3 or 4 weeks ago

I would have preferred for the 1.293 area to hold as resistance, but nnooooo.

Anyway, "letting my winners run" is not really how I like to trade, mainly because I hate watching a nice profit turn into a small profit or even a loss - I just gotta do what works for me - take my profit and walk away happy.

But sometimes when I get a good entry, I like to lock in a little profit and then just see what happens - usually it just means I get stopped out lol.

Oh well, capital preservation is the only thing that really matters so any day that does not end in a loss is always a good thing to me.

 

[Chartsy]

im watching cable and it didn't close over its big resistance level off daily , though my eyes tell me the trend is still up, i think we are just in for a bigger pullback

 

[Chartsy]

Nice trade on your long - hope you got in 3 or 4 weeks ago

I would have preferred for the 1.293 area to hold as resistance, but nnooooo.

Anyway, "letting my winners run" is not really how I like to trade, mainly because I hate watching a nice profit turn into a small profit or even a loss - I just gotta do what works for me - take my profit and walk away happy.

But sometimes when I get a good entry, I like to lock in a little profit and then just see what happens - usually it just means I get stopped out lol.

Oh well, capital preservation is the only thing that really matters so any day that does not end in a loss is always a good thing to me.

yep, though i start off with a fairly high risk, i scale out and bring my stop closer mechanically, not to breakeven! how do you determine your stops out of interest?

 

[RockyRacoon]

I agree, the trend is up but seems like a pullback is in the cards anytime.......either way, the sideways trading for the last 8 hours will keep me out till we move one way or the other.

For my stop, I usually will initially place my stop just above the recent high until I am a few bucks in the green, then I move my stop to lock in at least some profit once price moves sufficiently through a shorter term pivot or otherwise important level.

Stop placement is an art imo and I hate break even stops as well.

I don't normally even consider up or down channels or trend lines, I prefer to work to levels and moving averages for my entries, exits and stop placements.

 

[Chartsy]

yep, i don't use trend lines or channels either, i think moving averages can be a great point of reference for pullbacks, like you can see the different deviations and penetrations that each pullback has on the MA and trade of of that

 

[RockyRacoon]

i did good tonight - made almost 6% profit.

With this trade, I pretty much stuck to my guns once I was in profit and scaled out for a better than usual gain.

Patience and discipline to wait for - and only trade high probability setups for consistent gains continues to work well.

 

[RockyRacoon]

Well, I didn't get the top or bottom, I just grabbed a very small part of the move once again and made another 2%.

 

[RockyRacoon]

Down about 2% for the session - could have been much worse considering price has been bouncing around like crazy imo.

 

[RockyRacoon]

Made about 1/2% - took a long signal, no more time to watch as I am off to work.

 

[herronryan]

hey there Mr. X. i just posted the beginnings of a journal on here. dont really know what to do but i will just share with you and the world. so here goes!

 

[herronryan]

better to lose 2% than add to it and lose 10%! doing real fine mr x

 

[RockyRacoon]

I feel pretty sure I exited the trade early again - but who cares? I made 7%, I'm happy and will watch for the next signal - or not!!

 

[lbranjord]

From 500 to 1000 - GREAT JOB! That didn't take you long

 

[wackypete2]

I feel pretty sure I exited the trade early again - but who cares? I made 7%, I'm happy and will watch for the next signal - or not!!

Very impressive!

Peter

 

[Chartsy]

 

[RockyRacoon]

Wow! Thanks you guys!

I plan to just keep doing what's been working till it doesn't work anymore - one of these days I will try to post the signals that have been doing the job for this account.

I can say unequivocally that for me, posting everything in a public forum, so far, has done more than wonders for my discipline and I very much appreciate all input!

Thanks again!

 

[RockyRacoon]

Grabbed 1.4% as I exited early once again - took less than 3 minutes lol. I totally love it when I am in and out in a flash like that.

Basically, I entered short where there is a confluence of resistances in that 1.31827 / 1.31868 area as price rose into that area. When I get a confluence of resistances, that's a high probability setup, and that is my main strategy in a nutshell.

I exited quicker than usual as price fell when it hit the red 200 moving average because while I expected price to fall, I also (wrongfully) expected a bounce at that moving average because of how price has been acting these last few days.

For me, I caught "the move" I was looking for and, for me, because I have to leave in a little while, "the move" is most likely over. Made a few bucks again and I'm happy!

Now that "the move" has happened, we probably chop around for a while and kill all the "late to the party" traders - till the next "move" come along.

Stay out of the chop you all!

 

[lbranjord]

The only thing that could knock you off your horse is to start feeling complacent or greedy. Just keep being you!

 

[RockyRacoon]

The only thing that could knock you off your horse is to start feeling complacent or greedy. Just keep being you!

Yes, thank you for saying that.

Superman syndrome has hurt me many times in the past and I blew out dozens of accounts over the years - I think (hope) I finally made the transition to actually only trade the highest probability setups.

Trading this way means that I do miss a lot of good trades, but the trades I do make are rarely losers - or they are losers that I can live with lol.

Anyway, thanks again! Much appreciated!