dont take my word on it, i trade the asx 200 futures,each market has its own character.in the australian futures their is a lot of chop,twist and turns.very hard to follow on a 5 minute chart,that is why i had to zoom out to the 1 hour chart to see a clearer picture in what is a trend or a trading range.it is very ironic that most of the trends and good trades happen overnight when the american session starts which is from midnight here until early in the morning.and during our trading session we get a wtf. i dont need to read about anything anymore i have done solid study for close to 4 years now i know everything about trading their is to know.i have my game plan(edge) and my problem is discipline and money management and which i am working on right now.
How long will it take to un-learn all that? I ask because it sounds like you've been "studying" what snake oil salesmen sell & this has nothing to do with reality. Correct me if I am wrong. Also is it possible that attributing the lack of success to lack of discipline & management is concealing fact that perhaps there is no "edge"? These are hard questions, I know, and I am not genuinely looking for an answer; I probably would not read your reply. Hope it helps you tho
I don't know if it's original but something Al Brooks highlighted for me when trading ranges. If price spikes up or down to the high or low of a range quickly with low volume then its less likely to break that range. If it slowly 'squeezes' up or down then its more likely to break it He goes massively into detail about why it's the case - but that's irrelevant right now, it works consistently. I don't know if that means much to anyone. But its the backbone of my ranging strategy, I don't entirely do what al brooks talks about but he gave me the heads up and allowed me to take the same approach to my trading. Give him a go, might be nonsense, but might make you a better trader. Who knows
Pride goeth before a fall Mkt been in a bull since 09 (last ~ 6 3/4 yrs) One day that will change ======================== As for discipline and MM..., definitely things to have a handle on - for all of us RN
Are you sure? My impression from the 3 books is that he says volume is a distraction on the ES and that the 1 minute candles have little relation to the overall 5 minute candle's closing direction. things I always disagreed with.
Did he not say that? Maybe I just made it up in my head. I do remember that he doesn't look at volume and harps on about the 5 min charts incessantly, so what I just described might be a bit of us both combined. For me it's more along the lines of I'll read 100 pages of brooks and find a few that provide so much clarity given my experience of the market at that point that they have a drastic affect and improvement on my trading. In replying to this I think al brooks is more of a catalyst in trading. Providing the trader with a few insightful ideas that they have to run with.
i will translate it in basic english. you: we are in a bull trend since 2009 me : no bull trend where i come from (Australia) i trade the Australian markets
Thanks!!!!! I'm rather simple minded..., and need all the help I can get btw - English should have been capitalized RN