think of looking at the bug on the windshield and not seeing the road,you need to be aware of the other markets that are affecting yours,the bigger players you mention have a much larger position and are expected to be present at the larger timeframe s/r in all markets,not keeping an eye on those is similar to the bug/road scenario
Draw some trendlines on this daily SPY chart so I can see where price is going to go. I have a pretty big long position right now.
Out of the 4 angulars you have drawn only one is a trend line. After the help you have been specifically offered here and the examples in this thread you are still lost when it comes to TA. Revision is needed. Good luck with your long! I already posted where the market was likely to reverse weeks ahead of it getting there. See if you can find that.
Lost? I don't really use TA. I assumed you would correct my chart rather than just telling me I did it wrong. I assure you this trade will go well, although luck won't have anything to do with it. I'll look for it later. I haven't had time to go through this thread again yet. Did we bounce off of this trendline today? Or is this a random coincidence? Or is that not a trendline?
Hi guys and girls, NoDoji mentioned this oil trader in a post awhile ago. http://www.youtube.com/watch?v=muazMfl1w-U&feature=channel_video_title Just wondering what others think about his style of trading. From what I can see, he uses 55 and 13 tick charts, no MA or trendlines. He gets in to positions using stop orders with momentum, and exits using stop orders as well. The method of entry seems to be monitoring the HH HL, or LH LL. Enter with a break of the previous HH or LL. With a 3-2-1 position sizing. First enter 3 lots, as the price breaks another pivot, enter another 2 lots, and 1 final lot as the price continues. Apparently the uploader of the videos is a client of the voice you hear on the videos.
I've no idea how valid the videos are. Can you follow along in real time during the day? Or are these posted later, in which case they would be replays, right? Cherry picked videos The strategy he's trading is a core strategy that makes life pretty easy as a trader once you learn to trust it. I frequently enter positions with stop orders in the direction of price movement and often exit with stops, which is very helpful if the momentum is strong and key levels are breaking easily. Keeps you in winners longer than choosing a hard target and watching price run another half mile without you. When I first watched these vids, I tried scaling in and it's not for me. I'm an all in/all out trader.
Hi NoDoji, I don't know if they are cherry picked or not either. I think you need to open an account with them in order to see the live trades. This obviously is a trend following method. If you get a good trend going, you'll win big with the additional size ups. The hard part would be how to differentiate between choppy markets and trending markets. And not get chopped to death in a range bound market. What are your thoughts on tick charts? Overkill or an extra edge?