I got too excited and entered early to be stopped out. I guess thats where the experts end up taking the cash from the guys like me. hah It came back up and approached again, but I left it alone. You entered just after I got stopped there correct? This looks like one of those setups where price is approaching for the first time and you went against the trend because it slowed right before it was at an extreme from the BB.
I have a question for ESR... In drawing supports/resistances what kind of charts are you using, bars/candles or the continuous line?!? I believe that for this purpose the bars/candles chart can be tricky because of so many spikes, while the simple line is much clearer in locating S/R areas. Further, if I'm not wrong, the line chart is made of the conjunction of closes (max/min of each bar are not considered). So, it should facilitate the work and, at the same time, give a clearer picture. What do you think? Thanks for attention and forgive my poor english... P.S. By the way... 865 level is really doing great!!! Compliments!
I like to use candles because of the spikes, the spikes paint a very clear picture of the emotion captured in a candle all those trader who went long at the very top of the spike are being hung out to dry, and I am betting on the market memory of that level. However I will observe your suggestion tomorrow, I have never really used a line chart so it might be of some benefit. Thank for your message
Hi everyone Please find attached todays levels The S/R numbers are in the black column, the MP, Pivots, Fibs, Simple Moving Averages and Summary Numbers are for confluence and information. Always remember to use the numbers as a guideline for potential areas of high probability plays. Always use a set up based upon your system to enter a trade . Good trading all
hello Esr just a question about entering the trade: i think it is very difficult to enter with a limit order, after having seen the movement slowing, I speak about practical thing and the difficulty to place the order don't you miss a lot of opportunities, or bad entries? I guess the best way to place order with such an urge and accuracy is to have a "charttrader", in other words you must click IN the chart to place the order. What's your opinion, and what platform do you use? thanks a lot
I use Ninja Trader and trade only using limit orders. Its a very efficient and easy to use dome. Yes sometimes I do miss opportunties and its very frustrating to miss a 12 point turn by a tick. However with practice I believe you can consistently catch the market at the right points, because you have an idea where it is likely to turn and have a set up you want to see. Also and most importantly you have spent a large amount of time practicing order entry on your DOM. Mechanical order entry is a very very important elememt of trading it doesnt matter how great your method is if you cant enter the order quickly enough you will lose. Also bear in mind, that we are in a pretty volatile environment, many times over the last couple of months my charts have stalled because the amount of data being processed was so great. In calmer more "normal" environment it is much easier to catch those entries.
thank you very much. do you know the 'IB' dome (booktrader)? if so is there a great difference between Ib one and Ninja ?