surf, i'm a big boater and when my wife just delivered a child ..the last thing i did was go on a fishing trip..and i boat year round ct and florida....but i have common sense. don't make this wife past tense # 2! edit: please i hope that was yet another "theater" post
You'll just have to trust that I trade this way, because I'm not on display, I'm trading for a living. Pull up a 5-min and 1-min chart of CL and annotate these trades. You'll see how intraday scalpers use S/R and pure price action to extract bits of moves from the active little instruments like CL: Preparation: Prior to the crude oil pit open I identify a channeling down trend in the overnight session and draw support and resistance lines, connecting the swing highs from the overnight session and placing a parallel channel line across the latest lower low (8:20am ET). I notice that the last new low came out of narrow range consolidation contained by the 7:45 bar. The low of that consolidation range is 106.24. If the down trending channel continues to hold, that price level just about coincides with the down trend line I drew connecting the overnight swing highs. That will be key resistance. Trading begins: Just before the open, I place a sell stop to trade to the short side off the 1-min chart (1-min with-trend continuation for a test of the previous low.) The pit session opens and price makes a bullish run up right through the significantly lower high that printed during the 8:40 ET bar. That was a surprise. I realize there is very key resistance overhead and since there was no pause or pullback for me to get long in that opening run, I place an offer to sell the upper trend line which happens to coincide with the narrow range consolidation low described previously. This is an anticipatory trade; Iâm using technical price analysis involving confluence of two identical resistance levels to enter a low risk trade (13 tick stop loss) in the direction of the overall trend (which is still down until that channel breaks out). My offer is taken and price immediately turns. Because price ran non-stop to that upper channel, I assume the pullback to the lower channel line will be interrupted by defense at every level, so I place a hard target just above the round number for a 21-tick profit. I see a 1-min with-trend continuation pattern setting up for a long trade, but price hasnât broken out of the down trending channel yet, so I do not trade this pattern by itself. I only trade this pattern in the context of a well-defined trend, which at this point is still down. By the close of the 9:11 bar on the 1-min chart, a 1-2-3 reversal pattern off that upper trend line is in play and I thatâs my signal to get short. Price comes within 1 tick of my offer and stalls. I pay a bit extra to get in at 106.12 because the R:R still fits within my plan: My risk will be 13 ticks and my hard target will be 15 ticks, with a bid to take profit placed 1 tick above the swing high that broke out during the opening run, the break of the 8:40 bar high on the 5-min chart. My bid is lifted almost to the tick which alerts me to calculate the R:R of a 1-min long entry from that level. I see immediately that thereâs congestion between camps, so I wait for clarity. Despite the strength of the run up from the open, the larger channel could still be very much in play, meaning more short setups coming. The price action of the 9:20 bar on the 1-min chart clears the congestion and I look for a long entry setup. The close of the 9:22 bar tells me further pullback will be unlikely if that barâs high breaks, so I place a buy stop there to position long, looking for a test of, and likely break of, the upper trend line. The trend line breaks, as does the previous swing high, but price stops short of breaking through the 106.35 R from pre-market. I give price a couple chances to try again and end up taking a 10-tick scalp. Price then pulls back to my entry price during the 9:29 bar and closes with that price as the low. This level is approximately a pullback to that previous down trend line resistance (previous R becomes S), and I jump in long again at 106.21. I have no target calculated other than âa break of 106.35â in my head and I quickly draw a 1-min channel across the 106.32 high and it looks like price should hit 106.39. I place a 20-tick hard target and prepare to take a scalperâs profit if it doesnât get there. My offer is taken and I call it a day. Now I've revealed all the price action trading secrets of the magic price action gurus. There's big edges in them there price bars. Take what you will and enjoy!
I have mother in law helping out for several weeks--- both are happy that I get a chance to get out for a couple of days. I love to boat also, but have been forced to scale back after divorce--- all i could get out of the house in 2 hours included some art and my watches--- otherwise, I am toyless. been working on rebuilding--- surf
nodoji...why do u go to such lengths to give out edge so much on a public board? i understand the share thing etc..but i would never give a road map if i was currently earning in this world.
Because he/she knows that most people will NEVER be able to emulate this. You give an exact road map and 90%+ people will still be completely lost.
ok, i get it..and lets just say..your mother in law did/is doing more than mine...by a long shot..and she's local. count your blessings!
i do not disagree with you..but man...i guess she can type fast. the only people i will share what i have learned and created is family.
Reality check...there are things that can't be measure (quantified) that has an enormous impact on one's trading results for discretionary retail traders... Discipline and Trade Experience. Most traders don't really talk about it but its there (or lacking) every trading day doing good or bad. In contrast, traders tend to talk about things that can easily be visualized and/or explained. That's why its easier for someone to talk about TA, fundamentals, breaking news, global economies but not so easy to talk about discipline or trade experience. Just go look at all the TA threads and compare them to all the threads about Discipline or Trade Experience. The TA threads are easily discussed, easily debated, easily visualize and easily get the most replies. Yet, although Discipline and Trade Experience are critical elements of someones trading plan...these two beasts take a back seat in comparison to TA. To continue debating someone that say they uses TA because its something they can easily talk about is just odd. The issue is YOU surf. Why do you not have the ability to see between the lines when someone says "TA works" in comparison to someone that says "TA does not work". If you're going to discuss quantifiable TA, you best stop arguing with discretionary traders like cornix and NoDoji and instead go find yourself automated traders to continue your debates. TA is just a tool amongst other tools and your continuing to get bent out of shape about traders discussing easy topics like TA instead of them really talking about what's in their complete trading plan (e.g. discipline and trade experience) is getting old around here.
I hear ya. I'm actually in talks with a small HFT operation, of whom I am good friends with the head guy, about taking my objective TA/Trade mgmt system fully automated and, despite being good friends, I'm trying to figure out how best to protect myself. This is a shady business, you cannot really trust anyone.