Qapla Traders! Hope you all had a great trading day! A few dandy setups late into the move today for a few points and then called it a day. After the big gap on Monday, expected a couple of "pause" days with some sideways chop. This is one thing that can make or break a trader, how to stay away from that slop that seems to reverse right after you get in. This also can lead to over-trading which used to be one of my trading sins. Not so much anymore, have more confidence in my setups so I can sit and wait for the right time and place (most of the time!). It also is important to keep the market context in mind because a setup today is not the same as a setup tomorrow even if they look identical in a close-up view. The context can change the types of setups that will have a higher probability of a trade, whether it could be a big runner or whether you should be happy with a scalp for a couple of points. Ahhh, the devil is in the details, isn't it? In this video I walk through my thoughts over the last three days and what I saw while trading those. The setups repeat and repeat, just have to be sure to keep the market context in mind as well. Okay, I'll quit blabbering and let you get to the video... Oh Yeah, don't forget that your mother always told you "Don't Forget to Share." Maybe she didn't mean it with reference to a web site link all those years ago, but... or did she? Good Trades, Trader Joe Hoo-ya Traders,
Waited and waited today and the market about wore me out. It's important to not let fatigue pressure you into a trade (voice of experience here). Wait for that setup and then wait for the profits. Finally had a clean reversal setup, actually the only trade I took today, show up and had the patience to wait it out. Was happy with the nice profits after getting worn out by the slow market but hind site is always 20/20 and my stretch target of 6 would have been hit easy if I didn't call it a day. Well, emotionally I was done after the molasses move and am glad it was over... Anyway, attached is the video of my trade for your review. This is one of the dandy MTF reversal entries that are really high probability at least for a couple of points fairly quickly, sometimes a LOT more since I'm hitting an absolute extreme... Notice I'm not flipping between charts trying to mentally piece things together and also note the nice alerts popping up that keep me awake. Now there's the power of the MTF indicators and the Combo-View. Boo-Ya! Hope it is useful to you. Good Trades, Trader Joe |
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Author"Trader Joe" trades the Emini S&P exclusively and is the main influence behind EminEdge.com. Archives
March 2020
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