Bars 1 & 2 of this morning created volatility expansion for the Green Point Three Uptrend from the previous day. Bars 2, 3 & 4 create a Point Three Downtrend - in effect a 'wider' retrace of this 'Previous Day' Point Three carryover channel. Some may have viewed this area as a lateral or an HVS. Bar Six (the 9:55 AM bar) breaks the right side of the Point Three (retrace) Channel indicating the end of the retrace and resumption of the dominant trend (created by the Point Three Channel from the previous day). Note the decreasing Volume during the first 4 bars of the day. One could have traded this morning's market action several different ways and still have been 'right' - catching the long move up at 10:00 AM. - Spydertrader
Spyder, what's the M.O. for scheduled reports that usually move the market? Are they ignored and traded business-as-usual, are they just something to be aware of, or are they a sideline type of thing? TIA.
Fed stuff is the one to be aware of... That gets 9/10 monsters. The other 1 you pick off with PRV... The money honey pulled one such stunt when she reported about a dinner she had with ben in which he said the markets misquoted his statement... You won't find any type of announcement bulletin with the money honey penciled in...
Let's say you blew the bernanke. Then you get a DKM chart and your pt3 around 11:10/15... One shouldn't kick themselves in the teeth for missing opportunities. These are not opportunities of a lifetime. There will many many more in the future. The objective is to take what you can. Become consistent at taking what you can take. Once you establish consistency, then you look for additional opportunities. In the same way that we add tools, it's acceptable to add opportunities but only after having acquired the skill to master more primitive opportunities...
This is the battle Spyder and I have been trying to battle from page 1. There are always things to add. Traders wind up killing themself by thinking the next thing to add is THE thing to push them over the hill which is not the case. Would you believe that there is the right side of the DOM and right side of the TAPE???! Consistency. Do not become a crackhead fiending for every little thing that looks like the right stuff. Crack kills. Take what you can at the forest level. Consider pulling down 2pts a day without fail. Thats 10pts a week. When you do something like that for 2 weeks straight, you begin to look at life very differently. Things get even crazier when you add opportunities... It seams as too many wann focus on the whole enchilada. What's wrong with the side items???...
One thing I am having a tough time w/ is when we have, say a down channel drawn with our 3 pts. Then a bar or two prints fully outside the RTL, but then price goes back and continues to traverse in the original direction (down). We then recycle pt 1 to alter the channel. How can we tell in realtime if this is a true breakout of the RTL or just one of those times where we lessen the steepness of our channel? Is this a "zoom in" question? I understand how to annotate the situation but cant seem to figure out in advance to annotate faster. As an example, lets use Spyder's ES chart from today and the final two down channels of the day (first we get red channel and then we get orange channel using same pt 1). Does anyone know the answer