You are correct. Please give me the title of the book. O would like to buy. Does db have a website as well? Please give details. Thanks
This book thing is getting out of hand. I've never mentioned it, but when the subject came up anyway, I contacted Magna to delete the post which introduced it since vending is taboo. He chose for whatever reason to leave it alone. Now it's becoming a continuing subject of conversation and a distraction from the business of the thread, due largely, and ironically, to those who are so derisive about it. I'm happy to provide it. Otherwise I wouldn't have assembled it. But it is very much off-topic. Since I don't have moderator privileges here I can't delete these posts, but I'd appreciate it if anyone who's interested contact me in private rather than provide the fodder which so many in these forums require for sustenance.
The guy working on how to trade asks a good question and dbphoenix has nary an answer so what does he do? The instructor rebukes and scolds to avoid saying he has no answer. Then fortydraws chimes in and posts the 3 charts on how to play "PICK-UP-STICKS". Very childish if I may say so myself from Laurel and Hardy tag team. vendors for sure claiming a play by play reenactment is the key....... TOO FUNNY!! http://www.youtube.com/watch?v=ECAeXQ-_ml0
I'm sorry, DbPhoenix. I think I was the one who brought it up. I did not foresee the way its mention would be treated.
he refuses to fail. Those were your words......now he wants the answers to "then do what's necessary to succeed" You are supposed to be the answer man correct? Where are the answers aside from "then do what's necessary to succeed" Scolding, rebuking, reprimanding is not the way to teach. Fortydraws will probably answer with 3 pictures of kindergarten charts. PS: there he is.......he knows in a court of law if SOMETHING gets in and is supposed to be disregarded.........it still got in..... that is OLD OLD trick...
No, you weren't, but the reaction has been predictable. Perhaps the tumult will motivate others to begin their own instructional threads. In the meantime, back to work?
The process really started for me when I noticed the phrase "damaged trader." I finally decided that, OK, I want to get better as a trader, and I could go there. So I put that hat on and sat with it. I told a friend who posts on ET that I was taking this in, an he said 'whoa!'... like don't put any negative thoughts in your head? But the next logical step was stopping trading and just observing. I went back and forth a couple of days and it was obvious to me I was learning more not trading. Maybe I was unlearning! And of course, any rumors as to any books I am reading... I deny everything! How this all turns out, time will tell.
Hi all, I'm currently in the process of back and forward testing and would like to share a trade I just took during the european morning. Not always the best idea but from time to time it provides great opportunities. The point I possibly want to make is that it is the context that matters - and how this can be taken from top to down. After missing the best entry near the demand line of the hinge at around 76 I took the retracement entry at 79. The "level of trust" I marked there was broken and the potential target of a move was the midpoint at around 91. On the 5 second chart one can apply the same principles we all here try to absorb. Shift of buying and selling pressure, in this case the return of buyers by showing strength through longer waves. Also the old support becomes resistance stuff can be applied. All in all as mentioned I'm somewhere in between within the whole process and comments are appreciated.
Nice job, tim. Good to see you're not freaked by a tick chart. You might also note that the rally in the NQ from 64 to 84 retraced 50% to 74 before rallying back to 84. This is all good, at least for now, so you may get that 91 after all. As for trading the European morning, those hours may be unavoidable. Many of the best entries have been taking place overnight for months now. Why people are suddenly interested in the NQ is a puzzle, but for American insomniacs, this presents an unexpected opportunity.
Early thoughts for today: I've attached a chart with the levels at which I will be looking for trades noted. It is still early, and there is news coming out and things could change, but here are what my immediate thoughts are. If price trades up to yesterday's high, I will look for indications of a reversal to short. However, we are now seeing a series do higher highs and higher lows, so any apparent reversal at that level might be just a pullback before a breakout. In the case of a breakout, I would usually wait for a pullback to get in, but depending upon where price is and how it is behaving at the open, I may be placing a stop above the market to pull me in in case price moves quickly higher after a brief probe down. This has happened how many days in a row now? 10? 15? Even on Tuesday's big down day, the trade at the open was a long trade right after a quick pullback. In addition to the HH's & HL's, there is something of "the dog didn't bark" going on in that Tuesday's 3052 low undercut last week's 3055.50 low by three points for less than 5 minutes before trading back above that level, and then yesterday, the best sellers could do to provide a test of either of those levels was overtaken by buyers at 56.25. So there is potential for the buying wave that started on Tuesday evening/ Wednesday morning may continue. Below the market, we are in close proximity to 77.50 +/-, which I marked as 76.50, the approximate midpoint between Tuesday morning's high and low. All price activity since then has been within that range. Just a reminder to anyone who is following this out of genuine interest and not because they're a crank or just plain cranky, these levels represent areas for me where I will watch for a trade. I do not blindly buy because price has reached support or sell short because price has reached resistance (that is what I was doing back in June or July, for one day any way). But I also do not blindly buy a HL or sell short a LH. To perhaps oversimplify this somewhat, I am looking specifically for a HL near anticipated S or a LH near anticipated R. Also, I am not trading the bar intervals themselves. The LH I see that induces me to make a trade may be visible on a bar interval chart, but often it is not, because it is buried within a bar. Same thing for a HL that causes me to buy. That is why I show tic charts from time to time, to show what was going on at S/R that may not be easily visible on a bar interval type chart.