An open invitation to the hot shots of ET

please, I go by the name of ..... Ill One

I was going to make a fool out of you by saying how I make money and you don't

but lets take it the other way

do you know anything about Out of Body experiences, I assume your posts are made out of ignorance

it wouldn't kill you to read few research papers on the subject of OBEs and NDEs

 

Here is a setup I look for in short term trading. It is important to follow the rules on this play. Like anything else it isnt 100% but is usually right enough times to make money.

When market is going down and you see a down bar, wide range, VERY high volume that closes on the high or near the high it usually means heavy selling took place but before the close demand came back in. Those that created the demand are the deep pockets. That demand coming in means all the selling has been taken up by the smart money. It is important to wait for the open at the next trading session. If it opens at, or near, or above the previous days high (the day the wide bar was made) then take a long position. Stay in and take your profits on any decent rally upwards (could be same day) or use a trailing a stop loss and get stopped out when the rally stops.

DO NOT go long if the open is way below the wide bars high. A low open on the next day after the wide spread down bar indicates more weakness. It could pan out but in such a case the odds aren't in your favor.

 

Here is another example of the above setup in my previous post.

 

Who was it who said 'The markets can remain irrational longer than you can remain solvent'?

 

u registered in 2004

and that is the best you can do.

hey that's better than 95% here

BTW when you use free charts of bigcharts . com

that really shows you are small timer

I just can't stop myself from seeing the obvious

 

Here is a third example. I would not want it to close any lower than this close to use this strategy.

 

Here's my free tset-up, and it is a psychological one:

Stop looking for the Holy Grail. If you have just started, turn back, before it is too late.

Stop tweaking those moving averages, Bollinger bands standard deviations, CCI periods. It does not make a difference.

Stop jumping from trading system to trading system, never satisfied with less than perfection, always wanting to get the drawdown to zero.

Stop trying to capture every single trend, only to get frustrated with yourself when you, being human, miss one.

Stop spending your evenings surfing here, trying to find the one method that will make all of your dreams come true.

Every system, every trader, and every set-up does not work, sometimes. Sometimes even bad methods succeed, for a while.

Successful traders have losing streaks--the law of averages guarantees it. Probability theory helps one get a grip on reality here.

Traders and dieters have about the same level of long-term success: small. Very small. Did you know that?

There is a new book out there on the psychology of dieters. Do you know what the 90-some percent of dieters who fail tend to have in common?

They keep switching from diet to diet, and never really stop.

The dieters who succeed go on a diet ONCE, and then stick to a practical, liveable eating style from then on.

Oh sure, they sometimes put on a few pounds, but they do not go on what people tend to think of as a diet.

They make the necessary adjustments to get back on track, without emotion, and with confidence.

Those who diet, and diet, and diet, ensure their failure by dieting. Likewise, traders who keep searching for what does not exist ensure their own failures by making trading more complicated than it is.

There are countless methods and systems that work. Not perfectly, of course, and sometimes work rather poorly. But over the long haul, they work.

When you find one that you can live with, commit yourself to it. Learn to love it, in good times and in bad, through sickness and in health.

 

Anek I sure hope you are learning from this one

ah you guys are hopeless, and I blew my freunds at pub to watch this on ET

boy I made a mistake

(nah not really, you guys rock )

 

I know the setup is simple but look for it on charts. See if it works. I like and keep things simple in trading. I am not really a TA person. Don't use MA..candlesticks..might occasionally use trendlines..... I have my own proprietary software which I developed that does some automated TA for me but I combine that with reading the volume, bar, open, high, low, close and the spread. You wont see me with any cluttered up charts. Neither do I do fundamental analysis. I call my type of trading a short term tape reading.