How did it go
Don't ask... I traded very poorly today. Volume started out good and gave the appearance of a trend day fairly early. I lost count of the number of signals that I should have taken. They all would have been profitable to varying degrees and some were even long trades in the afternoon.
I did get a couple of profitable trades, but gave it back chasing entries on trades I did not get in at the signal.
I really need to start trading my system. In the long run, I will be far better off just trying the confirmed entries with the trend. I'll more than be able to give some profits back on the choppy days as days like this will more than make up for it. Assuming I trade them right.
Note the Volume Tells
Check out the lower volume on the early green 5-minute candles. Especially the 3rd, 5th - 6th, 11th - 12th, 15th, and 27th candle on the chart. They all helped to confirm 4 short legs on the initial press lower. The final was a clue to catch the last half of the second big push ;lower in today's Gap and Go price action.
Then we had the opposite for the 11:15 CT candle: Red candle with lower volume - Time to get long.
Then a harder one. The 11:35 candle with really light volume. But also notice the increased selling volume in the prior candles. I saw it, but instead of getting in, I wanted to see price press closer to 1522 again. This second move down was ugly, but volume was trying to coax me in. I just like to see a better rallies to short into, but I'm starting to be a broken record about not taking signals in tight sideways chop.
Later in the afternoons I often find it difficult to use the 5-minute volume as we seem to be more apt to chop around and the read is not as clear as in the mornings.
Trade Wise, Trade Well
Someone needs to as I have not been recently
John
2 comments:
John,
I am unable to click on the picture to get a bigger picture. So it, hard to see the details in the chart.
Your problem was one that I had yesterday; Chasing entries and giving back gains.
Hi FlatWallet,
Sorry about that. I'm not sure why, but Blogger seemed to put in an invalid reference to bring up the full size version of the image.
I edited the post (three times before Blogger mysteriously put in a valid reference) and I think it is now working. Please let me know if you still can not access the full size image.
I also noticed that all of my other June images seem to have the same problem. I'll have to try and fix that this weekend.
Thanks for saying something.
Trade Wise, Trade Well
John
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