Thanks Tex! It looks like it has been quite here lately? Let's see those charts traders, as that's how we all learn. Good or bad, it helps to see where people make good decisions and bad. We can learn from both.
sorry for posting so late today guys...had some errands to run. Today started great...but something in me snapped this afternoon and I got cocky...and simply made HORRIBLE trades...I should have just taken my morning profits and ran....up 7.2 pts in the morning...just .8 shy of my daily goal...but no....I "had" to trade and ended up breakeven on the day! Lesson #1 of discipline was definitely learned today. Also, I got a little distracted this afternoon trying to put on some spread trades in the grain markets....so another lesson came out of this that I should have known....don't overtrade (trying to focus on multiple fast moving markets in this case).... Will get my pickup winch out tonight to extract my head from the dark confines of my ass and get back to business tomorrow...happy trading! -traderTX
MUCH better day for me today....done by 12:30 my time. Total was +8.5 pts....and a 75% win rate. Now off to do some more seasonal grain spreads....happy trading! -traderTX
Nice day TraderTX... congrats. It has been a very good day for trending, and I should have made a bundle. Unfortunately, I've been distracted all day. I didn't get to the screen until 9:30 AM, so I missed the big drop early. Since then, every time I get set to trade, I get another distraction. I finally got one short trade in for +3 points. I may try to get in some more action this afternoon if possible, but if not, today was another winner, but much less than what I could have taken on a day like today. Today is one of those days where you sell and just hang on tight. There will be plenty more trades tomorrow and next week, so I'll take what the market will give and move forward. I'll post my chart later today.
Here's my chart for the day. Not much to look at with only the one trade. I entered short at the red arrow, and exited the first contract at 6 ticks (Blue Arrow). It moved a couple of more ticks and started to turn, so I covered on the second contract, and got 6 ticks on it as well for a total of +3 points for the day. I tried to go short again at the yellow arrow, but did not get a fill by one tick. It was another good move that I hate I missed, but I'm going to stay disciplined and not chase the market. I would rather miss a trade than to do something dumb. I learned this the hard way unfortunately. It was a great trend today and hopefully everyone got a piece of this big move down. Wish I could have traded without all the distractions today, because it was certainly a great trading day.
Another good day...although when the market goes straight in one direction its hard not to have a good day! +8.5pts As I write this it looks like another good shorting opportunity is happening in the ER2...but its getting close to lunch and my daily goal has been met....so I'm taking an early weekend once the grain markets close... I wish you all good trading and a good weekend! -trader TX
Whenever you study the tape or a chart, consider what you see there as an expression of the forces that lift and depress prices. Study your charts not with an eye to comparing the shapes of the formations, but from the viewpoint of the behavior of the stock; the motives of those who are dominant in it; and the successes and failures of the buyers and sellers as they struggle for mastery on every move. Every upward or downward swing in the market, whether it amounts to many points, only a few points, or fractions of a point, consists of numerous buying and selling waves. These have a certain duration; they run just so long as they can attract a following. When this following is exhausted for the time being, that wave comes to an end and a contrary wave sets in. The latter may attract more of a following than the former. By studying the relationships between these upward and downward waves, their duration, speed and extent, and comparing them with each other, we are able to judge the relative strength of the bulls and the bears as the price movement progresses. When you are looking for an opportunity to buy, watch for the DOWN waves in the market and in your stock. After you have bought, you sit through a number of small, medium and good-sized waves, until finally you observe that it is about flood tide in that stock. Then watch for an especially strong up-wave and give your broker an order to sell your stock at the market. The waves of the market furnish a clear insight into changes in supply and demand. By learning to judge all sizes of market waves, you will gradually learn to spot the time when a rising market or a rally, and the time when a declining market or a reaction, has halted and is about to reverse. THESE ARE THE TURNING POINTS. Richard D. Wyckoff I good thread on Wyckoff http://www.aussiestockforums.com/forums/showthread.php?t=6496