I saw the same things clearly today as most of you, but i couldn't execute the reversal from the failed rocket. (the initial rocket was a failure using settings of 12k vol, 80/20 stoch, +/-.4 macd, 9:30 chart start time....i think that's all the settings) ok so i washed out of the rocket with a .25 loss, and even reversed at 1193.75...but as i was sitting in the trade...irrational fears about 'what if it goes back up and breaks out' overrode objective reasoning which said ' you have a channel and the BO rocket failed...and now your volume is declining....what, you think you're going to get a BO NOW????' lol, ok so i didn't THINK those words at the time, i should have...i probably would have stayed in the reversal trade and rode it close/near the left channel line. as it was, the fear based response took me out at BE shortly after i entered. so here's the short of what i put together as some points what i know. 1. i can do washes pretty well, usually .25-.50 loss 2. I can SEE the reversals but can't act and stick to them (reason being old mental block regarding issues of entry/exits/RvR biases etc....old EDGE type mentality) 3. what i see is, to make 4 points a day, i NEED to be able to reverse @ the failure of the rocket to BO anyone have a solution? i was thinking paper trading till i can do the reversals and have built up the conscious and subconscious 'faith' in reversing...then go back to live with that faith/belief set.
Dantheman, I mostly papertrade, still just enter with real money once in a while. But I think it´s very difficult to reverse fast even if it´s not real money, it´s stressfull. Why don´t you just fade the rockets, just play them that way? in this market i think that kind of trade has a higher probability.
Do some four steppers!! I'd recommend using the debriefing instructions that I just posted for tx, but I haven't used them yet and don't quite understand them. I think they would be helpful, but, that's an intuitive feel.
bar 43... we just established a point 3 on the long channel, we are up against the RTL of the ST short channel, these two form a pennant, and we are hovering over where the LT channel began the day... can't wait to see how this plays out. It's noon CST so I will step away from the computer for an hour as I should have done yesterday...
Hmmmm... I think I'd have to post about 2 years worth of charts to show you what I'm seeing Seriously - it was one of those moments of understanding... I had that belief about overlap tucked away in my mind for a long time and now I can actually USE it. Like most of this stuff - you open your mind to the belief and then add a generous helping of screen time to "get it" -- at least that's the way it has gone for me. J
I was in and out doing errands today, so most of this is hindsight drawing. Interesting day... I think some more things are beginning to gel for me. Anthony