Hi Mark, very interesting what you say there! When you use zones, as far as I understand, you take the trading signals (your system) when it is in the zone? Not only because in the zone you have to trade? No signal in the zone - no trade? There is a signal in the zone - there is a trade? Do you use only horizontal zones? If yes - isn't it limiting? Why trade only during consolidation periodes, and not during trenging periodes? Could you please comment?
Hi epetrov, If I have a signal (market experience or pattern) in a zone...it's a trade opportunity. Thus, I ignore all signals that do not occur within a s/r zone. Yes, I use horizontal zones only and they are not limiting because a zone can be a trending area or an area where there's no consolidation nor chop. Most of my zones were derived from areas that were not consolidation nor chop and that may be due to the fact that supply/demand analysis is a big thing in my trade methodology. Thus, I'm mainly looking at key areas where supply/demand has changed (confirmed) and not areas where there was a battle back n forth. As for my trades itself, they occur within strong directional price action, consolidation or within a range... Doesn't really matter to me. However, I am aware that there are profitable traders out there that derive their s/r zones from areas of consolidation and/or tend to take trades within consolidation at a s/r level or zone. Therefore, just another example of a different way to plot or exploit support & resistance levels/zones just like many different ways to use indicators. Mark
Good Morning All Todays numbers! Always remember to use the numbers as a guideline for potential areas of high probability plays. Always use a setup based upon your system to enter that trade Thank you all for your support
Hi all Some really great early morning action. Just covered a long at 36 from the 31.25-32.00 area. Taken a couple of trades this am. Both have earned well for me. So I am done for the day, and its only 6:18am EST. I will be around later. I love this business. Good trading all
Very much so and I do agree with you completely about dealing with your emotions and trading your plan. I believe the reason why around 90% of people fail in this game is their OVER RELIANCE upon indicators! A hammer is a tool to put nails into wood, used correctly its great for the job of putting a nail into the wall to hang up a painting. In trading some peoples overuse of indicators is like using a JACKHAMMER to put that painting up. Its just TOO MUCH.
Its really funny you say that stone, a while ago to test my management method i tried taking a trade every 15 mins with trend, only did it for a couple of days. AND was actually profitable! Only just....but nonetheless a very interesting point you have made.
Some news from LEH helped to get a lot of bang from your buck from the short at the 38.75 area. Im Long from 27.00 EDIT: covered 29.00
23.50 Got taken out. Nice setup using that level as a base at 22.00. I didnt take it however. EDIT Im short 24.00 based on old support becoming resistance.
Support Becomes Resistance, and Resistance becomes support. Our 31.25-32.00 area has worked nicely today as support and just now as resistance.
Is there any way that you could post your trades live together with the stop. EST time would be very helpful. thanks