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simplegreen

12/09/09 4:38 PM

#48860 RE: pennies2007 #48854

LOL...not really ..pennies..I just have a tendancy anymore to ignore what SHOULD be Support/Resistance and simply trade em where theyre at...my main weakness IMO is the use of the DOW or S&P charts as a crutch in correlation trading.I really need to wean myself from that because it handicaps me when US markets not open.I trade with bold confidence when its open but am a bit doubtful during other sessions...foe example I dont trade as well or as often during Asian session...and usually dont get up early enough to trade London session
Lately I have been pushing toward charting setups that can instill that confidence I spoke of whether US markets open or not.
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simplegreen

12/09/09 5:13 PM

#48863 RE: pennies2007 #48854

Oh yes pennies...I have another real flaw in my trading...I have been scalping so long that its ingrained in me and I consistantly close good trades too early..I also need to break that habit but it seems every time I decide to let one run it reverses and wipes out my profits forcing me to add to the position later and play the bounce...basically taking same profit but locks up equity and wastes trading time.
I am sure that most would say its because of trading ultra short time frames but then I find too much instability these days in the market to reliably trade the longer time frames.One trade might be find but surprise reversals seem to cause me far too many problems.
Gotta face the fact that I'm a die hard scalper I guess but I sure would love to go for max pippage on all positions I take.