Welcome back. It's good to hear about your success. Your well on your way to my dream...hey, wait a minute!
No problem. It's always a pleasure to see somebody applying the approach as written . The instrument is of no consequence.
I wanted to share something and I hope it's OK here. I've been studying, analyzing and working on my method using Wyckoff principles. This chart demonstrates something I've learned and I hope it helps others. This is from this afternoon. I like to watch the afternoon action when things pick up before the close. Price came down to the 3220 area and made a db on the 1 minute, followed by an aggressive move up with a controlled pullback. I placed an order to go long, got filled 2 minutes later and immediately failed. I stopped after the 1425 bar closed at the bottom of it's range. Some will say my long setup wasn't valid since the supply line had not been breached, and this is true. I wasn't sure if a 1 min db at what I deemed to be a support area should override that. I took a shot. Here's what I've learned. When a setup fails, waste no time lamenting it. Often, there's another trade in the direction of the failure. I went short 1430 and held until price started vacillating. The dots are where the orders were placed. Charts are Central Time.
Thanks for the chart. I was racking my brain wondering why & how DB went short at 8:58 & how he made so many ticks. It just made no sense to me. Obviously I misunderstood his post.............didn't realize he made multiple trades. I should have had more coffee today. By the way thanks for all of the posts DB. It's nice to read something informative on this website.
Those who are interested can start with my first trade and, after having read the first five posts in the thread, determine what I did when I did it and where I did it and why. Perhaps if I show people what can be done in a limited session trading only one contract (though certainly not all that can be done) they will at least make an effort to put the approach into practice. As written.
Here's my thinking in how you might have played it. I don't know if you played the the range during the first 29 minutes. Doesn't seem like your style. The first short here is the first retrace after the break of support. The longs look pretty textbook.
Here lay the seeds of success - where most traders fear to trade - at the extreme edge of the danger level where risk is minimized yet the weak are afraid to act. That pretty much summarizes what the Straight line threads are all about, doesn't it? Great post, Gringo!
That's pretty much it. And if you add up the ticks . . . If you want to do Monday, the number of positive ticks was 167 and the number of negative ticks was 19.