Thanks for the comments. Right now I'm still trying to learn the setups. I see people entering all the time, and I'll look at the chart and see nothing, so I think I'm missing a lot. I'll definitely be working on the discipline part once I have the method down, otherwise I realize I'd just be gambling.
Thanks for the chart examples. On the Piscuy setups I see them everywhere. Why did you take those 2 at the beginning of your chart, but not others?
m, If you look at the higher timeframe chart, opening bell is at resistance level, so it is why the market is choppy to make up the mind. Eventhough you look at failed H&S up to 12:30, but it is an ascending triangle formation from 9:55 to 12:45. As we learm from suri book (also other classic books), ascending triangle break out will lead to upward price movement. Therefore if we have all the patience to observe this ascending triangle breakout, it is a good uptrend movement for 14 NQ points. We all need a lot of screen time. Master tells us we need at least 6 months. Chiu ps : It is easier to look at the chart formation after it has been formed, it is a great skill for all us to gain this skill real time.
Hi Macattack, "I would probably go insane waiting that long. A quicker style suits my personality more. I can wait 3 hours for the AHG style of setup. I just don't know if I should be waiting that long or if there are things I am not seeing." Mac - There are all sorts of patterns from just after the open including :- double tops/triple top, symmetrical triangles, failed H S,including a confluence of signals. In all probability there was also indicator signals telegraphing possible continuation/reversals,in these cases a Three Bar Reversal or something similar is an appropriate tactic! PLEASE BEAR IN MIND THAT NOT ALL SIGNALS WERE PROFITABLE. I think that it's important to always be aware of the timeframe you are working in, otherwise it's very easy to become disoriented To me AHG = Strategy where as Piscuy/ Three bar reversal,scalping techniques, etc are tactics. There is a wealth of information available by simply going through HWKaiser's summary. Once you develop a frame of reference conducive to your personality coupled with the information available, the whole picture will become far more clearer. P.S. I have found that used appropriately, indicators can be effective at INDICATING a possible trade, but they can never replace a well foundered trading technique! Best Regards Johno
That describes me perfectly right now---disoriented. I don't know what the hell I'm looking for anymore. I see small patterns, large patterns, small patterns within large patterns. I'll enter a trade on a large pattern, but then exit on a small pattern, but then the large pattern continues. I don't know what trades to take and what not to take. I'm going to read my notes some more..........I have lots of them. I think I have information overload, so maybe I need to reread the basics. Thanks for the tips.
See the 100k share volume chart on the kind of resistance. At the cross road of one horizontal and another downward trend line. http://img241.imageshack.us/img241/9756/nq100kv071227anq3.jpg
Hi Mac, The KEY is CLEAR THINKING. Once you develop a "frame of reference" conducive to your personality coupled with the information available, the whole picture will become far more clearer. Best Regards Johno
After that you should've been in longer term non-scalp trades due to other patterns like ascending triangle breakout, channel bounces, double top, and double bottom. Although if you missed seeing those other patterns, definately 123 setups were embeeded in those patterns as well and you could have only trades those and nothing else of course as well. Also in my previous post I had incorrectly mentioned that 123s were like flag patterns but that's incorrect in certain cases such as when you don't have a pole and is doing a counter-trend trade, etc. So ignore that comment.
Well........I don't know if it's going to help or not, but I just picked up a very large bottle of "Oak-Aged Yeti Imperial Stout". Not sure what Stout is, but I'm hoping it will help me turn the corner. See you when I sober up.......a new man.....reborn. All hail the Yeti Stout !
I have a question for Anekdoten or anybody who feels they can answer this question with confidence Will A 100 percent mechanical simple trading system with the following rules work with enough consistency for day trading for a living. 1 You scan the 4 index futures in any time frame until you find A no bull shit unambiguous trend - 2 hh and 2 hl. - We all know what those powerful- trends look like 2 An order at the 50 percent fib 3 A stop lose right below next fib level( if there is some swing low closer then below it. 4 You measure the risk and schedule moving your stop to brake even, should the market move in your favor the size of your risk. 5 You apply the HAL MA and chose the highest time frame wherein the Hal MA has turned of the fib bounce and trail the market with a 7 period setting. Your exit one tick below the bar it changed color . 6 Money management: You alternate position size based on the index value you found the trade in and size of the stop lose, so you can keep your bets at approximately same size. You are only allowed a another short position if current position is long. For another long you wait until you are flat. Can it be that simple