I don't know exactly what he is doing, but it looks like a pretty simple trend determination, maybe higher lows and higher high, then wait for a pullback. Notice that he only seems to trade in the morning when his markets are active.
The difficulty is guaging the pullbacks in my opinion. Or you get stopped out or you miss the trade, or there is a trend change. Three factors that one must control.
Sorrry guys, I got busy with trading and then left near close. I will answer the posts in a bit, for the mean time I am attaching my EC chart for today. Just like AAA said, Trend, Pullback, Entry and Bam. However timing and right areas are important very much but I am showing an easy clear road ahead of you that this should be the approach. Fine tunning and all would take time but this approach is the basics of my system and it surly works!
Many traders try to pick tops and bottoms of market. For example when markets are going up they will try to speculate that it has reached its top and they counter the move and for down trending markets they will look for bottoms. My theory with trading these markets is, markets have no temporary pre-determined tops or bottoms, as long as trend is there and the path is clear its uni-directional, so why not to take advantage of those uni-directional moves and keep on making money without worrying when the unwanted obstacle is going to come upfront and haults-reverses the current move? Ofcourse if it haults-reverse, we will follow it other way around! While I am sitting here in Pakistan, I can put it in this way that the whole world is trying to copy Americans these days and follow its trend because America is on a trend, and we just have to follow the trend- We all know what happened to Afghanistan if u know what I mean lol! Trend is the ONLY friend! Same is for trading! Its not as difficult as it may seems like. Apply day to day examples and psychological wise you would be prepared for trading in no time! Trend is the ONLY friend! Period!
Well AAA, thatâs about right. But like you said thats just the basics. My trend watch stuff is more based on refined studies of various methods, which I have changed it into more advance form by incorporating various timeframes into one. It also takes account the higher high or lower low concepts as well as number of positive ticks + momentum/' volume and all mixed with tlb stuff all packaged into one visual indicator. Well I usually try to post my entry signals early morning and be done for the day but that is for ET ppl, I do trade almost all day long until i get bored and tired. Its true that morning sessions are full of volume and overall trendy then rest of the day.
Todays Live calls Only few trades today, after early morning winners i spent most of the time trading my ownself and writing few posts here related to trading concepts and all. BP: 1 trade, 1 winner, 10 ticks profit. Notes: 1 trade, 1 winner, 5 ticks profit. Bonds: 1 trade, 1 winner, 4 ticks profit.
Hi Harris, I just wondering if you could elaborate a little on how you determine your support and resistance levels. I know you use fibs to find these points. what I am wondering is, how you go about calculating them. Are you using the last swing points off that same chart, or are you getting these values off of a different time frame. Also curious about how you determine which fib values to use(38,50,62, etc). Forgive me if this all sounds a little ignorant, as I have not previously incorporated fibonacci in my trading. Thanks PS. Good Journal, keep those charts coming.
I would like more ppl to come forward and participate in this thread. I respect all sorts of questions as long as they related to improving trading and I am eager to help. I will be sleeping now as its late. Will reply to the posts during trading session now. For now, Bonds and Notes still looking very good and strong, so opt for longs ( but that can be changed anytime as I would be away and wont be monitoring). For example Bonds needs 22/32 to be broken and closed under it to be called as SHORT biased as I type it here. BP is a lil choppy and at no trade zone with SHORT bias, EC for sure is weak. JY and AD both look weak! All the best. Seee ya !