Today is Monday, May 7th and I have multiple screen shots covering the last 4 trading sessions. This will catch me up from my last trading day last week Tuesday and keep those following up to date.
I will post the session in order starting from last week Wednesday and so on. I will comment on Wednesdays market here first as that was an aggressive day for me and did things a little different. My entries were not that great and I could have done better there, but I was playing things more from a T-3 perspective, which is my longer view screen. I carried the trades on over into the aftermarket and was looking for S&P 1401 as a target. The screen shot shows the end results as I did not do a good enough job in placing my stop. I got hit on the exact low just before prices went on up to hit the 1401 target area I planned for in that after market session.
That is trading and it happens. The thing to remember is not to let any negative influences come into the next session of which I did. I was a bit overly cautious at the start of my Thursday session and had a great short going, but talked myself out of it with only a few tick gain. It was a good runner.
I did have a good day Wednesday as well as the rest of the days since, with daily goals hit, but I was still a little unsettled about getting stopped out on Wednesday after seeing it all come about as planned. Keep moving forward and don’t look back. a good lesson. More below the charts !
Today, Monday’s Session below;
Its always a good idea to remind those following and or those who are viewing for the first time that the trading method is independent of the trading indicators, although you will see that they are very much in-line with good method trades. Not every arrow or signal long or short are equal in strength. It is the method that will determine that and is again separate from the signals shown. The indicators are a good confirmation for traders to measure themselves and they can be somewhat like “training wheels” for those still learning. It is the price action that will rule and is what we always look to that makes for good trades.
I hope this helps bring some perspective and clarity, as traders will only become good at what they do if they first understand how to “read the price” first. It all starts with that.
The markets have something for everyone, in that if you choose to scalp 1 point here and there, it can done. If you choose to sit and wait for the mega moves, 5-10 points, it can usually offer that too;(as long as the markets are moving as they are now). And if you are looking for something in between, as I most often do, traders can be accommodated.
It all depends on how much time and dollar risk per trade you are willing to invest. Each model can be accomplished with the risk in line with the rewards.
If the markets are very choppy and you are a trend trader, you will get literally chopped up, thus the term, as you look for those breakouts that follow your model. If you only have one mode of attack, you can be at a disadvantage and are somewhat subject to the market conditions. If you have a skill on how to read and play the smaller moves, you can take back the advantage and put it on your side of the equation.
It is not easy for most people as the shorter term time frames cause problems for most traders. If you know what you expect from price even on these small levels, you can hit it- get in and out quickly. If you know how to project targets, you could be selling into strength and keep your stress level down at the same time. You don’t have to get every tick and or point the market move on, but enough that meets your goal and or what the market will give easily.
I wish you all the best. Vince













