I would like to offer some encouragement to anyone who is at or near the same point of the learning curve as I am. I am very much a beginner here, but this morning's action unfolded as if I had drawn a road map for it the night before. I am not trading the ES yet, simply watching and drawing still. Often I don't understand what it being discussed. Partially it's because I'm not at a place yet to dedicate as much time as needed to this material, and partially it's because I am plodding my way through the learning curve at my natural pace. It's tough to feel like you're "getting it" one day, and then be completely lost the next. Today, however, both the dow and the spoos came down and bounced off of a RTL that I had drawn sometime around xmas. Not once, but twice, in both charts. The second bounce was almost to the tick (all four were no more than 2-3 ticks off anyway). The point I'm trying to make is that I think that the practice I'm doing is building up my knowledge at a much faster rate then I appreciate. I sincerely hope others are feeling the same way. On a different note, I've noticed that my dow charts (2 min fractal) seem to be MUCH more accurate than my 5 min ES charts. Is anyone else experiencing this? When I switch the ES to a 2 min chart my channels seem cleaner, clearer and quicker. I force myself to stay with the 5 min because as I said, I'm still a beginner, but I was wondering if anyone could offer some insight into the benefits of the 5 min over the 2 min. Thanks! TNG
Here is my right screen at present. Any suggestions to improve or add would be appreciated. My left screen has the 5 min. chart, PRV and TWS.
Mak thanks again for the illustration. In the thread you mentioned by Jack, I had a few ?'s about 4 or 5 posts below it. I don't want to clutter this thread by asking again, perhaps someone could shed a little more light there? ... I think I found the stalagtites on a couple of DOM's that are available, don't know if we can mention them here... I don't want to get banned when I still have so much to learn... I'm about 50% there erasing old mindsets...
I am not trading off this screen. I wouldnt be able to trade off it if I wanted to as I dont understand what its telling me yet. I am only using channels and volume on my 5 min chart to trade off. I am watching these things trying to understand what Jack and Mak are talking about. I need something to keep me occupied between ftt's.
I believe Spydertrader is right in stating that we should adhere to the syllabus as outlined by him at the beginning of the journal. Baby steps please.
Yes and wear a dunce cap, so we can all laugh at you.... bahahahahahahaha Then you can all laugh at me because I was an idiot today too and ignored 3 great trades that all worked beautifully .
Watching incorrect tools at the inappropriate time creates just as many bad habits as jumping ahead before one is ready. Think for a moment, What tools did Jack have available to him when he was hand drawing charts? Hint: It wasn't tic data or DOM. While certainly, how one proceeds with their trading education remains a matter of personal choice, I recommend spending time on the fundamentals before moving to fine (and super fine) monitoring tools. Good trading to you. - Spydertrader