Thanks for that, RN. I've been beginning to wonder if that is how the game really works. These corrective patterns that drift lower (to pop stops of weak players), sometimes even spike violently down..... and then price hits a brick wall with huge volume, then gyrates inside a small box. Volume dies off and price smoothly drifts up, sometimes accelerating like an airplane. The best wave entry I've ever seen is the exhaustion inflection point - volume, volatility, and my attention span seem to all drop off right before the next impulse begins.
No trades today. A couple of close ones, but the risk was too high only by a little. A little doesnt fall into line with my plan, so no trades taken. No big deal
WT You are Very Welcome Sir You have a great set of eyes⦠they are showing you the truthâ¦. Trust em Few thoughts regarding the scenario you described; â The transition of control has already occurred â go back from this point and identify it (see enough of em you'll be able to identify them real time) â Some think those stop runs are fake moves â oh nooo there not â You've described what occurs â on one levelâ¦. Try writing it out so a dumbass redneck could understand it⦠Label who is controling which move⦠and why they are doing so (remember as my comprehension ain't so good - KISS ) RN
xburbx, First time reading your journal and Im very impressed with your patience.. That's something I lack and trying to work on.. I believe 80% of trading are emotions and you sir certainly has a leg up on it.. Great journal and would love it if you can write more about the mental aspects of trading..
Thank you. Lose enough money and patience is really just protecting your piggy bank. I don't see it as missed profit. It might be but cash is a position that I content with.
I think it comes down to who is fearful and who is faithful. Fear creates tails, faith creates turning points. When the positions of the fearful expire, the faithful remain. The fearful are very proactive (using market and stop orders to push trends along), the faithful are inert (limit orders, which stabilize the market). When all weak hands have made it over the cliff, when the tape has gone quiet.... faith has prevailed; the panicking herd has rushed headlong into a wall of limits. Or as it says in a certain Book: "the meek shall inherit the earth"...... and the profitable positions :eek: