Hi Anek, Big family is great ! I am guessing your kids have already become advance AHG-ers Also congrats on your 192% ! Anek, did you trade using the TMF today? Any Ninja users, you have the "Linear Regression Envelope" for Ninja, please post it. I appreciate it. Also thanks foxthorn for the today's TMF chart. Thanks DT
Ok guys last post for a while. I leave you with a potential massive Dragon formation on the NQ multi day charts. If this monster roars it will create one of the greatest short squeezes in the history of tech so pay very good attention to that trendline. Read about the pattern and make sure you split entries on both confirmations should it ever develop. Should it confirm, be very greedy. Note: At this point it is incomplete. Cya all Anek
Thanks for the nice looking NQ dragon pattern Anek with potential W forming near the bottom. Thanks DT
Yes, that was the first thing I noticed when I opened the charts. I can only trade from 11.30am. I also noticed the downward bias. That was good. But looking/trading on a smaller chart completly blurs my vision. I kept my cool for the most part. But saw to many (bad) opportunities. Most entries needed big stops, and I got chopped up big. 25 trades, so Yes, overtrading! I also lost me nerve after a few hours so a few revenge trades as well. For now I'm concentrating on entries. Spotting the setups is going fairly well but I have no idea how to interprete T&S. I think this gets me into trades without momentum and into chop. For instance, I got in after a nice PB, big strong candle, so I take a long. Turns out I bought a DT. Price reverses and stops me out. Second time the DT is broken and liftoff, but I'm not in (fear). Next time I buy the breakout, turns out to be a fakeout, reverse and stopped. Problem is a combination of psycho and experience I think. Both should be improve with more screen time. And offcourse looking at the charts posted on the thread, I learn a lot from them. Today my stops where to small. I try to put them above or below a prev high/low but today that was maybe 10 points. So I tried the prev bar high/low but that was even worse. And, as noted before, how can I know when momentum is in the trade? I took that move down, and the first move up as well. But only minor wins. Fear kicks in and I take my profit to soon. Also, I have no idea when a trend is going to end. That sudden reversal on 2036 did not make sense. When you posted that 2036 was big support/resistance it came clear to me. I'm still a rookie, and papertrading. No man overboard at the moment. But after 2 years of study, losing real money and papertrading you would expect better results. This week I did great, was about b/e and was determent to make a positive week (maybe the first one ever). So I got overconfident. I have been reading some books on trading & psychology and I'm working on it. I just had to "spill the bean" as you put it. After writing this, more things are coming clear to me. So thank you for you response (all of you). Can't post a chart now, I'm at work
Ok first of all, let's define a symmetrical triangle: from Bulkowswky's Encyclopedia of chart patterns: ******* Prices follow 2 sloping trendlines, the top one sloping down, the bottm one trending up, so that they intersect at the triangle apex, sometime in the future, The trendlines need not to be the same length. ******* Keep in mind that the smaller the time frame you are trading the fuzzier the formation (noise reigns supreme) Ideally you should see volume reduction going toward the apex, using volume bars you should notice a longer time to form new bars (also visible in the T&S of course), this signals indecision in the mkt, waiting for a clear direction, and when it makes up its mind.... booomm the surge of volume and spike of price...aaaalll aboooaaard, the train is leaving So I want to see a volume surge at the break out of one of the 2 trendlines, in this case you should wait a little longer for a confirmation and not be trapped in a premature breakout (I'm not telling you to wait for the close of the bar because to me it doesn't make sense, more on this if requested). This is what you usually see on the time and sale: Price breaking with decision 3-4 ticks from the TL, then a little pause, like people thinking "aaaaahh we made it we are out, yaahhooo ...and now!?!?!?!?" Price oscillates violently up and down 3-4 ticks then it goes on the original direction,.... enter now!!!! That's the little pullback you see on a smaller volume chart. Lol easy uh? Bottom line, till you have developed a skill for tape reading (you don't need to be an expert, I'm not for sure, just decent at it) sacrifice a few ticks for a clear confirmation of breakout... dang ..wait for the close of the bar.... ok I said it..I said it awww..
Guys, I have to say that i have difficult time with entry and stop order. When i entry i put stop loss order 2 point away from my entry but it seems to be to tight so i changed to 4 point. I get 2 times stop out with 4 full points . I had to work all day to get it back know the solution is in between, not to tight and not too wide but where?
Yes, that was the first thing I noticed when I opened the charts. I can only trade from 11.30am. I also noticed the downward bias. That was good. But looking/trading on a smaller chart completly blurs my vision. Let me tell you, you start trading right at the most difficult time of the day, with your enthusiasm all pumped up only to be confronted with chop action, not good (that's not always the case ofc , I'm talking about probabilities). Always keep an eye on the big picture, an hourly chart with a couple of weeks of data is just fine, draw your major TL, R/S and patterns as it was your base chart, but and this a big butt don't be overly biased by its look, it only represents the boundaries of your playground, the real game for you is inside, be ready to change playground (break of a major support for istance) if the market dictates it. Start placing your trades later, did you notice the big moves often happens after 14:00 NY time? I'm sure you did. Most pros just trade from 9:30 to 11:30 and from 14 to 16. Less work more profit. Trading choppiness requires great skills and I prefer to avoid it even though I'm often caught in the same mistake, see yesterday . I kept my cool for the most part. But saw to many (bad) opportunities. Most entries needed big stops, and I got chopped up big. 25 trades, so Yes, overtrading! I also lost me nerve after a few hours so a few revenge trades as well. That's something you'll avoid once you realize internally that there's nothing to revenge for. The mkt doesn't give a rat about you, revenge against who? The mkt is a mirror, you see what you feel, nothing more nothing less. For now I'm concentrating on entries. Spotting the setups is going fairly well but I have no idea how to interprete T&S. I think this gets me into trades without momentum and into chop. For instance, I got in after a nice PB, big strong candle, so I take a long. Turns out I bought a DT. Price reverses and stops me out. Second time the DT is broken and liftoff, but I'm not in (fear). Next time I buy the breakout, turns out to be a fakeout, reverse and stopped. Problem is a combination of psycho and experience I think. Both should be improve with more screen time. And offcourse looking at the charts posted on the thread, I learn a lot from them. Today my stops where to small. I try to put them above or below a prev high/low but today that was maybe 10 points. So I tried the prev bar high/low but that was even worse. You noticed the mkt was spiky, you can clearly see that your risk has increased because the pivots (your logical stops) ar far far away, long bars all the way,what do you do? you are in Sim mode so you practice because money is not on the line, it's like saying I'm training for tennis championship so I screw my training because I'm not playing in Wimbledon right now.(I can see Agassi , kicking your @ass, LOL). No you learn your discipline in Sim mode, you don't trade and you wait for a CLEAR, LOW RISK set up. No set ups today? Fark it , tomorrow I need just 1 big trend to make it up for today. And, as noted before, how can I know when momentum is in the trade? I took that move down, and the first move up as well. But only minor wins. Fear kicks in and I take my profit to soon. Also, I have no idea when a trend is going to end. That sudden reversal on 2036 did not make sense. When you posted that 2036 was big support/resistance it came clear to me. I'm still a rookie, and papertrading. No man overboard at the moment. But after 2 years of study, losing real money and papertrading you would expect better results. This week I did great, was about b/e and was determent to make a positive week (maybe the first one ever). So I got overconfident. I have been reading some books on trading & psychology and I'm working on it. I just had to "spill the bean" as you put it. After writing this, more things are coming clear to me. So thank you for you response (all of you). Can't post a chart now, I'm at work Keep working on your discipline and listen to what the MKT has to say and you'll see big improvements, and if this makes you feel better, after 10 years sometimes I still have no clue, and I will post my bad days when they'll come. Almost forgot, Think about implementing a daily and a weekly stop loss, say 1 day you are down 0.5 % of your account you stop right there, you close down the PC , that's not your day. That's it. Respect you stop loss ven though you are in sim mode, train your discipline in sim mode, that's vital. Nobody is watching you, you are your own boss when trading, be a smart boss or the firm will go pear shaped. They should invent a trading software just like that, which forces you to close down hehe, Button trader has a similar function I think.