MMM....
Nothing tasty about the post title, but my trade in MMM today did produce a nice result. My entry candle was a short of the 10:20 bar low. But price kinda skipped down and I hadn't placed my order yet. I liked the entry so I reduced my share size and got in about .10 below what I wanted. That kinda changes things as my BE point is now different. So... I screwed up again and went to scale out a few shares at 1R but ended up buying more shares. Unlike other trades, everything worked in my favor and I ended my position at around 51.79 after a pretty considerable move up from 51.25. Had I kept my order in place, price would have proceeded to rise up to my BE point and stop me out. Even though price moved back down and hit the fib. ext. (and beyond) I still feel good with the trade.
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8 comments:
Nice entry!
sweeeeeeeeeeet entry! nice!
00NR7,
Nice one! That is a setup I have been studying on the 15 MIN chart and it works very well. Wish I would have had that on my scanner this morning.
Tyler
Beautiful chart! completely missed. Sorry you couldn't enjoy the whole move...
anarco, qqq: thanks.
tyler: I would have been more convinced of this pattern had there not been such a strong run to the OR. I typically don't like a retrace that involves more than 3 consecutive up bars. But the entry candle is what did it for me. Nice upper tail, very weak close.
fir: thanks, I was bummed I could get the whole run but I took every logical step with my exit and I feel satisfied. I looked at the :15 chart and waited for price to spike up above the 5ema then placed my stop above that area. It happens.
it is amazing how random events are rationalized and toasted at some times and reviled at others depending upon its outcome.
Reminds me of stalnely kubric's 2001 odeyssey movie that had traders jumping up & down on a fake trading environment.
Here is an interesting insight I learned from my 15 year old daughter:
As a home schooler, we have taught her to spend the time to think and analyze the problem before drawing a conclusion. Now that she is schedule to sit for the SAT March '09, we have just discovered that our approach to her test taking skills are unsatisfactory.
Because she has less than 1.50 minutes to solve a question, she now has to abandon her analytical mindset, and simply absorb what she reads.
Not unlike trading, one can spend too much time analyzing and problem solving, when for the most part all that is required, is to simply trade what you see. For this to become automatic, one has to have confidence in the trade set-up. But this requires re-education and confidence establishment.
My 2 cents.
anon: right on my brotha. I think.
rudy: you're gettin' Confucious on me my friend.
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