Those are all good points. And the timeframe issue is maybe what's wrong with his real-time add on. And then if you're looking at longer timeframes you don't need it to be real-time. And you're right, they're best used with other indicators. Even he points this out.
You're welcome. I finally got around to watching the video and it's great as expected. He really understands the basic principles behind the psychology of trading. I have Trading in the Zone too. Never did get around to reading The Disciplined Trader which I hear is also very good.
Also, last time I looked around Steve was not trading his stuff either. That may have changed by now, but if the teacher won't touch his stuff with his own money... then you know what value is actually there.
http://www.marketwatch.com/story/oi...n-electronic-trading-2011-02-13?siteid=YAHOOB I previously read this somewhat bullish news release. After I finished I checked CL and I saw a good TA setup that I use with 2 confirmations on both indicator and candle setup. So I went long. My main concern is that CL moves slowly around this time, so I was just going for a scalp. Also, my other concern since it was a scalp I needed to use a standard stop which is not below what I call a chart stop so if we are in a tight range, I could get stopped out. However to achieve at least equal risk / reward, I needed to stay with this stop. As price moved in my favor, I moved the stop a tiny bit up to make my reward a little better than my risk. I watched TV downstairs for awhile, and then went to check back on my charts. At this point, I see that I missed my target by 1 tick. So I decided to move my target down 1 tick, and I also moved my stop a little bit up so I would take a small loss if for some reason price decided to reverse right before hitting my target. My target did get hit, and right after price did continue to go up 2 more ticks so that in fact my original target would have been hit, but I am happy enough with my profit. I feel I did everything right on this trade, and this will be the only one for this night to not over trade. My goal on Mon will be to take a long or short and wait for similar double confirmations before entering a trade. I think this is the hard part of trading, being willingly and able to patiently wait for setups, then wait for the target or stop to be hit. The other hard part is not to get emotional after the trade by taking another trade too quickly without similar setups.
UPDATE 1-China Jan crude oil imports up 27 pct on yr http://af.reuters.com/article/energyOilNews/idAFTOE64607F20110214?sp=true Mon Feb 14, 2011 5:08am GMT_Print | Single Page [-] Text [+] *Jan crude imports +27 pct on yr at 5.13 mln bpd *Jan imports fourth highest on record on daily basis *Jan net fuel imports -17 pct vs Dec * BEIJING, Feb 14 (Reuters) - China's crude oil imports in January rose 27 percent from the year-ago level, preliminary trade data showed, as refiners showed a burst of production ahead of the Lunar New Year holidays. China brought in 21.8 million tonnes of crude last month, or 5.13 million barrels per day, the General Administration of Customs said on its website www.customs.gov.cn. The rate, the fourth highest on record on a daily basis, compared with December's 4.91 million bpd and stood 1.1 million bpd above the same month in 2010. The higher imports were made as China's top oil plants raised their operations by about 4 percent last month, according to a monthly Reuters poll. [ID:nTOE70505D] China, the world's second-largest oil user and crude importer, wrapped up 2010 with a record incremental demand increase of nearly 1 million bpd and record incremental crude purchases of 710,000 bpd. Crude imports last year grew 17.5 percent to 4.79 million bpd. China remained a net importer of refined fuel in January, with net fuel imports at 1.71 million tonnes, 17 percent lower than in December, the data showed. (For a table of china's preliminary January commodity trade data:[ID:nEAP307115]) Analysts have predicted that China will log growth of 5-7 percent in total oil demand this year, around half the 2010 pace but still the fastest among major consuming countries. [ID:nTOE70G05Z] (Reporting by Chen Aizhu and Jim Bai; Editing by Ken Wills)