I did too. Never did see the kind of pullback I like even when I dropped down the the 5k. Did ok on the down move tho.
The morning was choppy, no real sense of direction. Confirmation was the massive wedge formed afterwards that exploded to the downside. Followed by a double bottom that created a solid uptrend. Learn to stay out of the chop, when confused or undecided use a bigger time frame for better orientation. Anek
Hi everybody! This is my first post on this board, just to say 'thanks' to Anek. I've been following this thread for a while, and I also simulated the last two weeks, mainly ES. When I came back from work today (I live in the Middle European time zone), first thing I saw on the chart was the triangle formation. Without hesitating, I went live. I took 4 trades today (each 1 contract), and netted 480. (Like other people posted today, I also missed the run-up) I hope to continue like this. Thanks Man!
Learn to spot the following formations before you place a trade. Make sure you have done your homework. Begin with level 0. Level 0 (No Trades) Consolidation (It can be traded but for AHG purposes I would rather you would not, I prefer bigger better opportunities) Level 1 (Only on opportunity, no forcing no chasing) Uptrends Downtrends Level 2 (Only with confirmation, no guessing, ride them aggressively these are not scalps, these formations put food on the table) Double tops Double bottoms Level 3 (Only with confirmation ride them aggressively, target should be larger than your usual scalp) Wedges Symmetric Triangles Stay out of anything else for now use trendlines at all times. Hope it helps. Anek
Pax, Good stuff, make sure you read every single post on the journal. There is a lot of info as it grew quite unexpectedly. Trading is hard work, examine every single one of my posts along with genuine helpful additions by traders like ST and others. Discipline at all times, minimizing risk and protecting capital above all. The trend is your friend, always. Never ever forget that. Notice how people actually lose money when they try to decide the fate of the market. Razor comes to mind, sorry man, but you are a good example. This is the only holy grail I know and if you stick to the rules and increase your skills/experience as you go long you will reach prosperity. YOU ARE YOUR WORSE ENEMY, ONLY YOU CAN BREAK AHG, DISCIPLINE DISCIPLINE DISCIPLINE. Do not let small losses bother you, consider it tuition for learning how to trade. Bla bla, you know the rest or should know the rest Best of skill in trading. Anek
Sure miss those Anek charts....oh well all good things do end. But back to trading. A. what constitutes "confirmation" for the level 3 formations?
Pax, Good stuff, make sure you read every single post on the journal. There is a lot of info as it grew quite unexpectedly. Trading is hard work, examine every single one of my posts along with genuine helpful additions by traders like ST and others. Discipline at all times, minimizing risk and protecting capital above all. The trend is your friend, always. Never ever forget that. Notice how people actually lose money when they try to decide the fate of the market. Razor comes to mind, sorry man, but you are a good example. Bla bla, you know the rest or should know the rest Best of skill in trading. Anek [/] Anek, I've read all of the posts more than once. Some of the most interesting, I've kept in a separate document. Sometimes I add a chart or some ideas to the document, and I re-read it often. Today for example, I went long after hitting the bottom a few times. I got in a little late, mabe. Stop was 2 points. I got stopped out because of a spike down... I don't know what lesson to learn from this: - adjust stop to some where below the bottom and take more risk ... - redo the same trade (psychologically it didn't work for me ... my thought was 'not a second time') - best solution I guess: better entry ... And I KNEW the support was around 1435 ... (friday's chart) ... Damn ...
B, How about every day you save the day's chart and mark what you should have done following the rules every step of the way ? Don't forget to mark the losses. A symmetric triangle consists of at least two higher lows and two lower highs. When that pattern is convincingly broken, ride it. Don't forget to learn to use the APEX as guidance. This imho is a level 3 formation because stops can be tricky. Hope it helps. Anek