Look, normally we are right not to trade in the first hour. This morning, for me, was a seat of the pants feeling. I don't want you jumping into trades without thinking about it. Promise!
I'm sorry I mentioned "no brainer", it might have given a wrong impression
Remember that you have a plan but you missed this morning. You still have your money, though, and another day to trade.
Split
Hi Split.
ye I promise
Your response and concern for me and fellow traders reading the posts is much appreciated split,
Friday was quite a big day for me I realise that my method/plan and trading have advanced a lot in the last 6 months, and its a great feeling, :cheesy:
a lot of pieces fell into place on friday and joking apart I think some benifit from the banter may be of use to other traders finding their feet.
I had the same information as you, I got up to look forward to trading the Ftse for my usual 4-5 hours, I remember reminding myself not to trade my opinion, Northern Rock/bad sentiment etc and let the 1st move play out at least, I smirked at your post as the 3min bars scampered your position well into the money, S1 support at 6304 looked 1st stop followed by a test of yesterdays Low, I traded in on yesterdays low after judging the market had found some support (1/3 position) aware I was probably against the trend and price was under the 1st hour range. Nice move back into the range at some speed and I was looking to add at 1st sign of any continued strength. Got a bit giddy and added a little early and got whipped
Breach of hour range and continuation of trend, I exited for small gain, should have been better but the early add did me! Re- entered Full position short looking for a re-test of yesterdays low and maybe last weeks high. Exit 2/3 at yesterday low and final 1/3 at last weeks high. At this point I thought I may get a Swing re-entry in a higher timeframe going back the other way if the price moved under and back up through. The Dow futures were down but it wasnt a mad flap and they were still in touch with days pivot. Anyway not to be. well it was latter but Id gone out by then.
Bit long winded but I want readers to know that I trade my method and rules. The Rules have evolved from my experience trading (lost 1st bank all the usual mistakes made) and are there to protect me and keep me in control at all times while I am trading. They work for me!
I think that the no brainer entry set up needs to be explored a little more, you are a more experienced trader by far than me but in all professions the rules are there to serve as a guide. You were aware that today was a no brainer and looked to profit from the gift horse that presented itself when the market had failed to gap down (experience at work)
I used to do the horses pretty serious in my younger days on course and I never failed to back the horse when the price quoted was better than I expected NEVER, it was a no brainer
I new the chance the horse had in the race and no gossip regarding another competitor was going to put me off.
Split used his method. I used my method we both traded well that day my method is not built to capture the no brainer trade set up or second guess the market but the no brainer setup is just as valid
if the person trading it is in full control and knows where the exits are.
Split is right to say that we probably all make trading more complecated than we need to. I realised that after taking part in the posts on the board while trading and e-mailing that I had just carried out my plan on auto pilot the same as every other day in at least the last 3 months. yeeeeeeeeee :cheesy: :cheesy:
Go on tell the readers how many points did you take out of the trade, did you add did you squeek at support where was your exit if it went bad
If it sounds good I might just trade the odd no brainer set up myself with a reduced position of course Split
