Bearbelly asked why did you exit, you answered price was going to RTL and that you are still a beginner. Just my experience: I got in trouble several times by taking profits on just a few ticks and telling myself "I'm just a beginner" and "I'm just learning", not at all times applying the things I learned. Then what happened to me is: - By taking a few ticks profits you may think you did well in the end of the day so this negative behaviour is actually rewarded causing you to repeat this in the future. Of course having a few ticks profit each and every day is not bad but some mistakes will be made and the tiny profits won't make up for it. - frustration after taking profits on a few ticks and price going your way a great deal afterwards. All you had to do is follow the FTT signal and hold. - Then because of the frustration I started to look for new, bad, entries and doing all kinds of things we didn't learn. Instead I should have waited for the next signal of change. IMO it's just better to follow the rules. If you don't follow the rules you start to make up your own rules on the fly and you start seeing things that aren't there. No offense of course. It's just what happened to me and it may not apply to you. regards, Ivo
I couldn't agree more: early exits for a few ticks will lead to mistakes longer term. Good post I've printed this out.
Spyder, I have a question regarding a couple of FTTs marked "ftt?" and highlighted in yellow in the attached chart. Having noticed the pause in price prior to reaching the LTL and a potential gaussian peak, I felt that both qualified as potential FTTs. With hindsight, I realise that both were flaws but were there any telltale signs that led you not to consider them as FTTs?
Was under the weather yesterday, only say the drill this morning and decided to do a quick stab at it. Anyways here is a scan of my art work.
Absolutely. Yesterday I really concentrated on the volume gaussians, and this was exactly my 'breakthrough'. Bars are arbitrary divisions, and their coloring can also be arbitrary. In fact, you could have a series of black bars (C>O) while price steadily declines (C2< C1), and you definitely wouldn't want to stay long....