Buyers refuse to surrender, but we are at a critical juncture with price making a HH on the 60 min. First the daily chart price has rallied above the mean of the channel and is now bumping against resistance , if buyers can lift price above the SL its possible the highs at 40 will be challenged. Failure to rise above the SL and a drop in price below 3691.75 will confirm weakness and lower prices.
Thanks to all who posted about the discrepancy in price. I am going to continue on the grounds that , trendlines and TCs are guides to price behavior, they aren't written in stone. My trading decisions are based on supply and demand and context , my thinking is a couple of points shouldn't make that big of a difference. If I am wrong I hope someone will point this out to me. Thanks for the comments
Well it looks like the SL on the daily chart is holding at least it is at the time of this posting. We did have some nice tradeable trends early today . Unfortunately I was on the phone this morning and wasn't able to catch some of the shorts off the open (I did see them really) but I am getting better at my entries I have backtested entries and forward tested them and I'm comfortable where I'm at. I have backtested scratching and am getting better not where I want to be but better. My biggest problem is staying in the trades, There could be a few reasons for this, but these are psychological not technical. I am going to spend the next few days trying to figure out why this is a problem and work towards getting it solved.
Hooti I wasn't planning on getting into this to deeply, but it is my journal and who knows where this will go so... I had read a post by redneck, an exercise to identify issues that hinder our trading. This turned into a 4 day excursion into some self analysis that I didn't expect but turned out to be a much needed break from looking at charts and pretty serious look inside myself. The exercise while looking fairly simple turned into a lot more work because every time I did it , the exercise would lead me to other subjects to explore. While most of the answers weren't earthshaking it was interesting and and after reflecting, very much true. I did several of the exercises on the same subject and while taking a different route got very near the same answer. Problems remain, but they are identified more clearly, and I think are solveable with a little effort. I know this post may sound a little cryptic , I don't want it to be and I will freely discuss this more in depth with anyone who wants to take this deeper. I had thought that trading is such an individual behavior that if we all did the same exercise we would all end up with different answers but they would be the right answers for you.
Until the lens of experience focuses information, it does almost no good. No matter how much the marketing machines of the Information Age would have us think otherwise, information by itself isn't power: knowledge is. And turning information into knowledge requires more time, experience, and effort than an afternoon spent staring at a screen full of facts. Information is passive. To make it knowledge, you need to assimilate it. Put it incontext. Understand it. Knowledge streamlines and focuses our relationship with information. Knowledge helps us avoid information we don't want or need and leaves us with the stuff we can use. In an age in which endless amounts of bits and bytes are always available, it's a daunting task to spot the worthwhile stuff. It's easy for the Net to overwhelm us or lull us into the misconception that simply having access to something is as good as knowing it. -- Michael Penwarden
Thank you for this timely post. At a time when I'm starting to grasp the effectiveness and simplicity of the SLA , and am beginning to understand my behavior and emotions. In my enthusiasm to do everything now, I am feeling stretched and tired from trying to do to much at one time. In addition to watching the market and sim trade I'm trying to read more than a few threads ,three or four books, journal and replay ,as a result I feel like I'm not doing any one thing particularly well. The threads and books aren't going anywhere, At some point in the future I will have the time to read them with better focus and concentration. I am going to limit my reading to one book at a time, instead of having a different book in every room of my house. I think I've learned much from the journaling and the exposure to better traders in chat so I will continue with that. And of course watching the market RT with the replay. I am surprised by my feelings for journaling. While I have been a reader my entire life, I have never been a writer of anything more than a few reminders to myself. I am grateful to those who "forced" me into it. I like to write my Journaling longhand then type it out , this seems to force me to think more . I've also come to think that I need to approach trading more seriously. Up till now I've been a student , and while I'll always be a student I need to take a more business like approach to trading, I have been somewhat cavileer insofar as thinking well I'm not live so if I don't do my premarket work I can catch up later, leaving the screen to get a bowl of cereal, taking calls unrelated to trading. I believe you become what you practice. I am starting to understand there is far more to trading than just buying and selling I'm grateful that I'm enjoying the growth and thankful to everyone for there help.