Back then I was lucky to not have widened my stop while praying that I somehow got back to break even. Key takeaway is that I violated my rules in which were in place to protect me. Regards, Tex
Mostly when you review charts price action follows logically, perfectly in most instances. Therefore unless you place big dotted lines at the times of news events on your saved charts, because that is part of your system, you should ignore news events (in real time) and just be prepared for the possible volatility at that time.
Here's my starting chart this morning with my S/R lines. These are basically the same lines from yesterday. Notice that we are mired in congestion between two of the S/R lines and they have both repelled prices several different times. These areas are key areas. If we break out of them, it should be a good move. Until then, I will either trade these two lines until they fail, or sit on my hands and be patient.
I am currently reading thru the AHG thread. Thanks for the ST recap, TK! Here's a helpful chart he posted. Hope it's not a repeat.
Hi Everybody, it's good to see that the PA journal is going on . I think that Anek not only trades well (as many others do) but he explains in a simple words the price action, with a lot of examples and so on. And this is a key for the new traders. Thanks for that Anek! I'll try to put some trades based on the Tripple screen, developed by amother great teacher - Dr.Elder. Basically we observe the market from the three time frames and we seek for a diffrent things on each time frame. Screen one: we want to see the market direction, and we want to see that the expected movement is logical one and is free from some obstacles, like S/R lines, etc. It's easy to spot possible set ups on that screen from "helicopter view". Screen two: we observe the current trend development. We seek the pull back from the current trend. This is our entry place - also according to the AHG. Screen three: we pinpoint the entry level and the stop loss level there, as well as we follow the market unfold basically on that screen. This is the screen for our main focus "under magnifying glass" during the trend execution. Some fresh examples will follow. I hope this might be of someone use. Cheers.
How on earth do you get a 2 bar entry when you're relying on the third bar for information? Chicken before the egg? :eek:
BoyBrutus, The reason I don't trade the ER2 right in front of big news is the volatility....only took one time of that horse blowing a full POINT through my stop for me to learn that.....now as soon as the news is released I do go back to trading...usually just wait a couple minutes....also look at bond futures for a lead on econ. reports (look at ZB)...also only hold off on big reports (FOMC, oil reports lately), trade right through the minor ones.... -traderTX