In another thread you asked if you had drawn a channel correctly. Since you did not, you may be using a poor definition.
Jack Hershey: Would you please help to point me to the link or links on definition of channel? Thank you very much for your time and kind help.
On reading Wyckoff analysis 1930-31 In Wyckoff analysis 1930 to 31, he talked about springboard twice, 12/29/1930 and 7/6/1931, after climax and near the ending of secondary reaction. On 3/25/1931, except 2leg secondary reaction instead of one leg secondary reaction after distribution top 2/24 mentioned in the article, very similar to those two springboard cases but Wyckoff didnot use the term springboard. Maybe springboard is reserved for simple one-leg secondary reaction ending after climax? Wyckoff talked about quite a few times climax or minor climax in the analysis but only twice springboard in the analysis. It seems he has much more strict conditions for springboard than for climax. I hope somebody could help me to understand springboard better. Thank you very much. Attached please find the chart with notes from the analysis. springboard 7/6/1931: http://i.imgur.com/2HnIwqh.jpg on not-springboard 3/25/1931: in next post. Imgur doesnot work now.
Week1 sim-trading ES Monday 10/07/2013 Two trades: one long, one scratch short. The first day of 15-day sim-trade, the purpose is to build good habits of following the specific action plan, trading plan and written setups. Context: daily: near TL in a up trend since last Nov; near TR bottom of 66 to 70. https://i.imgur.com/kVxOHLw.jpg 60m: down channel since 9/19 of all time high 1728.75. near bottom of TR from 66 to 86. last Friday BO above 60m down TL. 2am tested TR bottom again--3rd time since last Monday.https://i.imgur.com/981jd0i.jpg Possible future move? https://i.imgur.com/QL4izbi.jpg 5m: https://i.imgur.com/4GgV8Vu.jpg 15m: BO above small down TL, 6:32an tested TR bottom again. LLOR: is up. Need to monitor 1m chart. Time entries : 1m https://i.imgur.com/wZQ53qb.jpg 6:30 7minutes TTR, close in the middle of TTR after BO above TTR. 6:31 BO down TTR and close below TTR bottom with bigger vol than previous bar. 6:32: Tested TR bottom with good vol but close in the middle of the bar. 6:33: open higher and close above previous bar high. 6:34,35: good FT with good vol. BO above small down TL but close below small down TL. hesitating around the box again. A good entry near box low but i missed. Then decided to wait for PB long, limit long @72 at 7am. Today only traded 1ES. Exits and Trade Management: Stop: 2ps and conservative PT: 4ps. The trend not very strong, PB deep. Consolidation area 70 to 71 close in the below seen in 5m candle chart. After entry, it immediately tested bo point 71. Trade2: limit short@78. scratched out; should wait FBO and then limit short@78. DT PB short after major up TL break. Trades with entry and exit: https://i.imgur.com/Ue1ISNe.jpg Notation: blue cross: long entry or exit short, red cross: short or exit long Still no time to strictly follow trading plan by reading action plan and written setup. But i did recall action plan and check quickly the setup when it was testing BO point, telling myself still in PB no need to worry and never widen the stop. When forming a box with 71 as the bottom, i did say to myself:" if bo down 71, the trade will very likely be stopped out." Seeing it moving so fast reaching 76, i moved my PT to 78 and stop to 74. Then moved back to 76 again. After that i realized better to let trailing stop and PT work for me and seek to re-enter. When i was moving up and down, i missed the re-entry opportunity since no time to think of re-entry when busy on moving PT(need to think more and put it in the trading plan on trade management). What can I do better tomorrow? Prepare context better before the open. Follow the plan step by step such as writing down answers for why to take the entry and expectation before entry. A nice link: http://www.daytradingcoach.com/daytrading-technicalanalysis-course.htm I was hating 1m candle chart before because just too many bars therefore i was mainly focusing on 5m candle chart, clean and only 81 bars. Now i am starting to like 1m bar chart, giving lots of clue on demand and supply. Still i like to watch 5m candle chart from time to time for big picture; one year watching mainly 5m candle does have a deep impact on me.
Clarification: I found out the above link from NoDoJi's post. I like it very much, to share with other traders.
Week1 sim-trading ES Monday 10/08/2013 The second day of 15-day sim-trade, the purpose is to build good habits of following the specific action plan, trading plan and written setups. Context: daily: near TL in a up trend since last Nov; near TR bottom of 66 to 70. http://i.imgur.com/mMvQdVb.jpg 60m: down channel since 9/19 of all time high 1728.75. near bottom of TR from 66 to 86. last Friday BO above 60m down TL. Yesterday BO above 60m down TL again and lower high. Now hesitating near the bottom of TR. http://i.imgur.com/meSqxdR.jpg Possible future move? http://i.imgur.com/FU3H876.jpg 5m: http://i.imgur.com/fzA1wVu.jpg 15m: failed BO down several times in AMT. LLOR: is up but it may BO down support. Need to monitor 1m chart. Time entries : no entries yet . just watch the market. need to leave the screen for 35 minutes.
Entries and Exits : http://i.imgur.com/9Dzf7J6.jpg & http://i.imgur.com/XgKouu3.jpg Missed BO sharp down move. the first long is 2nd PB long after breaking small down TL. But the entry is below small up TL, bad entry. I should exit based on PA but not wait until being stopped out. Automatic initial stop: 2ps. 2nd short: short after BO down 60. Automatic initial stop: 2ps. then 3 longs, at the middle of TR bad exit. http://i.imgur.com/exLAGLW.jpg then 3 longs and 2 shorts trades 2.jpg. Today i am long top of TR and short bottom of TR. I found automatic initial stop of 2ps is not wise, so i use swing h or swing l as initial stop. The biggest mistake today is that I did not hit exit when the market was moving in the opposite direction proving me the entry being wrong. The good thing is that I didnot widen the stops. all trades in 1m TOS: http://i.imgur.com/HpEJe7P.jpg 5m TOS: http://i.imgur.com/AEZYbDO.jpg need to modify setups.
This is the wrong path. You have asked for advice. Here is mine:- stop your journal, and stop communicating with traders you have contacted via the Internet. Stop reading trading forums. Don't read any trading books. Your beginners mind - initially pure, open, unprejudiced - is becoming polluted by the advice you are receiving. You are beginning to adopt the shortcomings of others, which will taint your approach leading to failure in a predictable way. Example: "I found automatic initial stop of 2ps is not wise, so i use swing h or swing l as initial stop." The majority fail, in similar ways, because they take similar approach and think alike. You can succeed by thinking intelligently about the problem, not by adopting popular myths and superstitions. Don't look for a guru - instead try to find your own voice - this is easier done in isolation without these distractions. You have no way to judge the value of the contributions you are receiving. Equally, you'll likely be reluctant to accept my view that some of what appears to be helpful to you now is likely to seriously damage your prospects. More cynically, perhaps the advice you receive from apparently "helpful" people is actually motivated by their need to present a successful image - as a substitute for real world success. There is a difference between having ten years of experience, and one year of experience ten times over. You are listening to at least two people from the latter camp - those who have not progressed beyond beginner (and who have perhaps even gone backwards by adopting faulty reasoning as fact). To succeed you must do better than imitating the thought process of those who are not successful.
lol ,.....so , are you the messiah in disguise ? every newebie seeks? http://elitetrader.com/vb/showthread.php?s=&postid=3807564#post3807564