Wednesday, November 15, 2006

First bar trade DAY 6



Last week the first bar trade did just fine.....with one outright LOSER!!!! Yes, there are losers in the real world. Today, it was another drop into hell for the first hour......so I'll just keep trading the setup......ROTFL!!!

Now the problem with the rest of the morning was one of listening to someone with an agenda blow off about how you don't need no price. Just lean into the sucker and blah, blah, blah.....some old noise. But here is a classic example of why just doing that is not good for your ego, not to mention your stress level.

You had the setup, the CCI was below zero for 6 bars, the turbo(set to 6)had moved up above 100 and turned down, for three bars also. But the price just kept moving higher, which in the real world means it's moving against your stop.....it's looking for you......

Now if you had used just one idea, that if you are looking to short the market which is fine, what do you except the market to do, once you are short.....
GO DOWN...GO DOWN....GO DOWN....GO DOWN.....GO DOWN.....PLEASE GO DOWN.
So why not wait until the price takes out the low of your setup bar....today it would have saved your bacon.....just because you have a good setup doesn't mean you have to hang your stones out the there.....DOES IT????

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