Pip Pip Traders,
Wild moves today in stark contrast to yesterdays flop fest. These moves are tailored to whack the retail trader who is buying every little dip or selling every little bounce and tapping the stop right above/below the last pivot. Remember that your plan needs to be able to accommodate these types of swings and still let you survive long term, even though it might seem like the market floating around like some little snowflake is now the norm.
Anyway, had a nice trade today and got whacked on one, and included the setups from yesterday as well. Had a real time trade from yesterday recorded and ended up botching it so gave up... sorry about that. I am always squeamish posting the real time trades anyway as somehow it feels like I'm bragging or something and that's not my intent. I post these so the followers can see what I do sometimes as I know it can be confusing stuff and it helps to see what others are thinking when trading. If these are helpful to you, please click the share buttons on the side of the site. That is all the thanks I need to keep doing these!
Decided to do something a little different since the action today didn't offer up any entries. In this video I walk through last weeks setups, entries and follow-through (sound familiar?) during my normal trading day (first couple of hours). It's so important to follow your plan while trading and that is only possible if you trust your plan. No "figuring out" how to trade while you trade (B.S. Trading) and that's only possible if you believe your plan. I had a comment the other day asking "...what if the stops move to here... and after the bar does this and wait for this then..." good gravy. Not sure why we're inclined to make things so complicated, maybe we're so used to seeing plans that are incredibly complex and we are conditioned to think that's the only way they work. Sorry, doesn't do it for me. As my plan evolves it gets simpler, not more complicated and it makes it easy for me to follow, or like today, sit on the sidelines.
Anyway, hope you had a great trading day, and if this is useful to you I always appreciate the share!
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"Trader Joe" trades the Emini S&P exclusively and is the main influence behind EminEdge.com.
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