I do not advise jumping to the 'Action Step' before one has completed the 'Monitoring' Phase - which includes having the ability to thoroughly annotate a chart. Sorry to hear about your change in employment status. Time now to focus on the big picture. Do not attempt to trade while your mind focuses elsewhere. The markets will be ready and waiting while you sort out future plans. Nice idea to place News Reminders right on your chart. Nice work. You might consdier double checking your up channels for accuracy. - Spydertrader
Current Final Universe ANW BEXP BIDZ BMTI CALM CAVM CRY CSIQ CSR CXO CZZ DDS DLB EBS FSYS FTEK GIGM GSOL LAZ LDK LULU LXU MEA MELI NTRI OME OPTM PERY PNSN PWRD RICK RVBD SCOR SDXC SNCR SOLF STAR STEC STV SWS TBSI TESO TLEO TSL ULTR VDSI WX YTEC ZOLT ZUMZ
I value your guidance immensely. I would not attempt to take action in areas that I do not understand. Frankly, I did not post further questions because of the answers others have recieved for asking the type questions in areas that cause me difficulty. I'm at a loss as to how to proceed. Are you suggesting that, Callmate's (for example) journey is not a viable one? I respect what she has accomplished immensely, so this is to be taken in the light of that respect; upon reviewing her charts, they often appear to be incomplete to me and the gaussians didn't come close to matching the channels. I say this absolutely in no way to diminish her or you, I sight it as someone whose journey seems to have worked well in spite of not being perfect. Afterall, perfection is an illusion and you have stated that there are many correct ways to annotate. Did I misunderstand you?
Currently, Gaussians provide an area which you find challanging. I encourage you to overcome this obstacle before focusing on SIM Trading. In addition to this one aspect of Monitoring, portions of Analysis and Decision making may provide other areas where you need to improve your skills. One must develop a rock solid foundation in these areas before attempting to tackle the Action portion of the process. In callmate's case, she spent hours and hours doing drills on charts, giving up weekends and time with her family in order to achieve her level of success. So you see, callmate's success did not come from skipping ahead. Callmate now enjoys consistant profits due to the work she put into the learning process. A trader must always know where they stand with respect to the right side of the market. Without a complete and thorough understanding of the fundamentals this basic tenent cannot be achieved. - Spydertrader
Got short LULU today at the 2:30 bar when PRV showed increased red and a BO of the blue channel. Doing good so far. Daily shows a pennant on increased volume. I see this as a point 3 forming from a Pt 1(5/20) and Pt 2(5/28) channel on my daily. Comments welcome.
Thank you for responding, ticktrade! that's exactly how I saw the sequence, except I missed the outside bar signal due to the fact that I was narrowly focused on whether or not it was going to BO formation that I forgot to take off my "horce's blinds". IRV on 1050 due to formation BO is one of the cases where increasing non dominant can be found during pt2 to pt3 traverse, so I was continuing to wait for pt3 up. Everything seems to be in proper context once the carryover channel pointed out by Spydertrader is considered.( what was thought of as pt1 to pt2 move was a traverse in CO channel that ended with an FTT, followed by an appropriate sequence ) It was successfully hiding from me in plain sight waiting to teach me a lesson: http://www.elitetrader.com/vb/showthread.php?s=&postid=1894285&highlight=carryover#post1894285
Thank you very much. I will cease simming and just monitor. Are there any specific drills to which you refer? I would gladly invest my time in doing this. I do believe practice makes perfect, in my case I've become somewhat frustrated from a sense that what I've read in the journals don't always match my experience (context being the answer I suspect, but not knowing how to even tell what that means sometimes. Any guidance toward specific drills will be followed to the letter.
See this post, then review the M-A-D-A posts from November 2007 in last year's journal. - Spydertrader
I will have a daily chart posted as soon as I can connect to data feed. Having some problems tonight with connection. Daily bar did make a LL and a LH on increasing volume. Point 3 down confirmed today.