This argument should be dropped from ET. Every great engineer, artist, doctor, lawyer, mathmetician, etc. was taught by a teacher. Some teachers are good, some aren't. To say that great teachers are failures in the subject matter that they teach and therefore, there is nothing to learn from them is not an argument that stands up to logic. Bottom line is that some people are great teachers and some aren't. Some students are great students and some aren't. Whether Spanish is a great teacher or not, I don't know as I just starte this thread. Whether he is a great trader or not, I'll never know since ET is anonymous.
G'day Spanish. Good entry on that chart you posted. Why didn't you enter on what could have been two other head and shoulder formations leading up to the one you entered on? From what I can see both the earlier (failed) formations would have blown out badly. You're picking the formations before the right shoulder is complete. I use a similar 1-2-3 tech on larger time frames. The larger time frames give the opportunity to enter on completion of the formation, before the move runs away from me. Good thread. I hope we see some more 'constructive' criticism though.
Aloha and thanks mate... I didnt enter on the previous 2 formations as i like to have an ultimate minimum of 2.5dollars steep up move before i would be willing to sell on it. Since on those formations, maket had only risen 1dollar, and so i knew it was likely that if the market did keep trending up those formations wouldnt hold. And i also always keep the dow chart and gasoline chart up on my screen when trading, as oil moves in correlation with them, and as i saw they were trending up and hadnt formed reversal formations i knew there was no reason to sell oil sooner. I screwed up the move though, as i severely struggle holding trades for more than 80ticks max. That trade i only held for about 50 (12ticks spread so only got about 38ticks actual profit), and missed out on the next 8dollars crash (800ticks x £6), and instead got f***ked cos i bought way too early and held trade for too long.
Aloha people, soz i havent posted in here much since starting the thread, been posting my call and analysis in my main journal and on a chatroom i hangout in during the day cos of bordem from trading... This market has been really really seriously crap to trade since this year started, but especilaly these last 3weeks have been a nightmare of severe constant bordem cos all the volatility has gone now, and so move cycles and reactions that used to take seconds t minutes, now takes 2days t over 1week!! :eek: :eek: I had to wait 9days for my 1st entry, but i saw it coming and live called it in my trading journal from the day before right upto it... *Buy at 37.86* But more importantly than me just posting about a call i made, ive put a chart to show 'how' and 'why' i saw that that would be a very safe, low risk/high reward entry... Same as the standard method- *Drop your head to watch the market trhoughut the day everyday. *Lock your eyes onto the market when you see it has moved into an extremely overdone area. *Wait for the head n shoulders formation to form, and when it has engage the market hard n fast on the right shoulder with a stoploss just below the head (low of the day).
And today in the chatroom i saw the head n shoulders form and so advised to sell the right shoulder at 45.06 I really really dont like this market at all though, as its extremely drab and requires no actuall skill of entry, but merely pyschological endurance once you get in a trade to sit there and give it hours n hours t even days to move what it should move in minutes t seconds!
Aloha just a quick update to keep the thread alive and show the method working in these current markets... Ive made only a few trades calls over the last 2weeks, all extremely good, however none were held out for long enough by me. (And 2, the best 2, i missed entries on them due to not being able to but trades in overnight) However ive got a few more active trade opportunities that ive called and am now just waiting for tomorrow... And to show this drop-lock-engage method in action ive attached a screenshot of the trade i called and made today myself uisng the method.. (I called a target of 43.80, however i bailed out and cashed in at 43.23, at the bottom of that 1st spike down to it) But i got the sell in at 45.22, 3ticks below the top of the highest spike of the head, so was still pleased with 99ticks profit in 4minutes.