today i'm drawing what i believe to be the accurate charting effort per what i saw by jack....as posted in the links by mak will post the pic after the close today and the trades ...i also suspect that there's something more rewarding and imprinting about doing it by hand on a piece of paper as opposed to an excel sheet on the computer...
ok today's results i believe i got the drawing of the composite chart down solid. i can also see the low vol/pace issue mid-day clearly. --if i sideline as volume drops into the medium/slow area, how/when do i start back up in the fast/extra. area? keep drawing the composite chart while i'm sidelined and take a BO of a prior bar when the volume enters fast area? i can also see that the first trade is a relatively large loser (i'm wondering if a 50% retrace of first bar...to cut the loss down is useful here) being that the time period is high pace/vol...i don't know any other reason why such a large loss occurs at the beginning of the day. i'm going to post this in the other grob thread and see if he can give me some insight.
picture says it all, not happy with the way i traded today. especially the amature mistake at the end. interesting to see how the projected TLs today were ALL over the place. also don't know if the double reversal projections meant anything significant. what a mess. at least i stuck with annotating the chart, lord knows i didn't feel like it.
Just a quickie on this, projections are not taken with outside bars (ie. 5 & 7, 6 & 8). There is a comment about this somewhere along the link I posted wrt to outside bar projections... There is also a remark regarding double projected reversals... These are just comments, otherwise PM Grob your Q/Chart... MAK!
after reading more of what jack has posted (and the discussions on et)...i've concluded that this is more advanced than i am currently at. so i'm stepping back to beginner stuff, just rockets. won't bother posting though, there's enough stuff on the site for the 1 out of 5 people who are interested
Hey DanDaMan, Why not use the beginners iteration #1 with the simple breakout from the 30 min bar ? After all, Jack says any idiot, myself excluded, can easily make $75,000 per year with just the simple version. He said just quit when you've made $300 for the day and VOILA !