Thanks for the reply. After re-reading through the journal, i found an example that spy used which didnt use DU and FRV in OMRI. For now, I am just looking at stocks on my 30 min channel that are near the Right Trend Line and looking for traverses to the left. Scrolling through the final universe list that spy posted a few weeks ago, I had PRXI and TBSI that were possibly riding the right trend line IF i drew the trend lines right. PRXI did happen to bounce off and go up 3% after riding the RTL.......anyway, hope I am not inventing
Just an FYI, on the 16 Aug 07 we hit a low of 15.40. The best entry on the stock on 10 Aug 2007 would have been 14.15 or if more likely on 13 Aug 2007 it would have been 15.50. Both of those ideal entries are the low which is impossible to get. Bottom line, as a beginner I don't think you would have remained in the trade to get 19.01. As a matter of fact, I believe the more experienced traders with this method would have taken the 2 or 3 dollars offered and exited way before 19.01. So, yes, it is a great call. Unfortunately there is a big "BUT" that needs to be mentioned.
As the "book" says: ftt defines the point 1, enter at point 3. And I agree with you: it's improbable to get the best entry, and also, function of your trading fractal, you might capture only a part of the price swing (when you shoot for larger swings, you get larger "small losses" too).
Are these points valid FTT's and would I be shorting the first point and longing the second two? Also, if someone can annotate other points on the chart that would be great.
Hey, I was just asking for comments on the chart. Actually, if it was a call, it was a little late. The signal of impending reversal shows on the 30 minute chart the afternoon before: see volume and fast stochastic 50 crossover (divergent). I'm not on my trading computer so can't post the chart, but I recall realising this at the time of posting: aha - there's the signal. It's interesting that the best entries can look absolutely horrible to someone else (especially if they are someone else's idea - e.g. I dismissed NVEC earlier this year) - it's the way our brain is wired to expect direction to continue (think hunting) when in fact change has occurred (think how a tennis match swings - with experience you can identify the specific big points where one player gains the advantage even if he is down on the scoreline). This one really jumped out at me, so the re-wiring is taking effect (slowly).
Hey I'm amazed at the call. Most excellent! I don't recall a post where you detailed your reasons. Would you be able to elaborate in a bullet fashion what you saw? If you've already done this I apologize. Also, I don't recall if MTOX was an official stock to watch that day you posted or not.
Final Universe Additions BONT GSAT SPAR SIGM (another former Final Universe member returning to the fold) - Spydertrader
Hi, this is my first post, although I've been studying the journals and other documents since the beginning of the year. Opened an account in June, and it was a bit up and down. Felt a bit like a sailing ship on the ocean with not a lot of wind. But it looks like the wind is picking up. I got my first 10 percenter this week. Bought VDSI at 29,00 on Monday, and sold and at 31,90 on Thursday. Thanks to everyone for their generosity, and especially to you Spydertrader. - Mikel
Hi all Great thread! can anyone post a current universal list please thxs in advance EDIT: i also see that there is an option for public watch list in WL. Does anyone here that follows this method has a public watch list avilable on WL?