Early in the thread Jack made a big push for us to annotate all of the channels on ES and YM, not just the major ones (also pay attention to the ST, IT, and LT trends). Here's my es/ym charts from yesterday with a lot of the traverses still annotated. This is probably like reading somebody elses handwriting and will look messy to you.
Thanks tx and easy - I think what tx means is, now that we have the number, what do we do with it? How does it work? Do you have a link/doc available where we can do some research on it ? Thanks
do a search on squeeze and stretch with Jack Hershey and Grob109 in the author space. Quite a bit of info on this site. To be perfectly frank I dont think you guys should even mess with it at this stage of the game. Master the right to left traverse. You get two or three of these almost every day, that is the first leg of this entire method. Just my opinion. edit: I honestly do not think it is wise to pursue sct unless you are already a consistently profitable trader who is looking to expand your base. You must walk before you can run.
Thanks Easy - counsel from someone who has been there is always appreciated. I just want to work towards understanding the sweeps because Jack keeps talking about "doing the drills." So far, the only drills I can determine that he is talking about are doing MADA, and part of that is the doing the sweeps. I have zero intention of trying SCT at this point - I'm 100% in your camp of learning to crawl before trying to fly a glider. So, the goal is to find something I can consistently and with low risk, do live (rockets seem to fit nicely) and at the same time, practice the skills needed for more advanced parts until ready to move ahead (i.e. taken initial capital out 2x, doubled contracts, doing icebergs, etc.) Heck, I crashed several rockets the first couple of days. No way I'm going to try something more advanced with my execution abilities at this point.
I started with rockets. They are doable when you learn the caveats which are many. I then moved to channels and found the right to left traverse to be easier and more plentiful than rockets. I am now working on reversing into the left to rights but it is slow going for an old brain like mine. However there is no hurry.
I think he is referring to all of the elements of his system that we should be doing through the day... pre-flight check, annotate charts, sweep, write logs, debrief, etc.
Easy, it would be interesting to know what you are looking at when price approaches the right channel line. What I find really really really really difficult is to see the difference between a temporary retracement and a new leg forming. Or - is the retracement gonna continue for a while creating a new point three wich means Stalkers gonna get whipsawed? Just looking at decreasing volume and volatility doesn´t seem to be enough. This is probably the 10 million dollar question, cause if anyone new the difference he´d most always be right So I´m basically wondering what you are looking for to evaluate if the channel line gonna hold and make a good entry. Guess it has a lot to do with experience... /Stalker
You are not paying attention my young friend. You never know if its going to go your way or not. All you can do is look for those situations where your r/r is favorable. You should be entering late and getting out early. Are you doing the trades I recommended? Are you gathering stats? I know there were three yesterday, all good. There were four today, three of which worked and one loser.