Forgot CO's 'cause chart was done in hindsight. But here is my effort for the day with one "bread and butter" trade marked. This is the kind of trade where the gaussians have made it so obvious that a beginning trader simply should not miss it. One could make a living only trading these.
Haha, that was my big trade today too so far, sold 2 lots at 8075 @ 13:00:18. You werent kididng, that was a perfect pt 3 sell, gaussians led the way I used 12:35 as my FTT (therefore my sell was a pt 3 anticipated), I dont draw channels unless I have 3 seperate points, I can never make the gaussians work right for me unless I have 3 seperate points for my channels. To each his own I guess
I cannot agree more with the above post. SCT is a consequence of the learning process. Many individuals (who have never even posted to this Journal) either use the concepts discussed here in concert with their own methods, or use a subset of the whole in an effort to profit from the market. As I outlined in the very first post of this Journal .. It isn't as if this information disappears at the end of December. As long as the learning process continues, anyone can return, at any time, to review the information contained within these many pages in an effort to improve their performance. The key to success here requires the individual to find what resonates with their own understanding, and exploit that understanding to their benefit. I see no reason to set arbitrary or artificial goals as a benchmark for progress. - Spydertrader
Today's ES. While I haven't posted a chart in a while, I seldom miss a day. Recognition of flaws is getting much easier. For the last month or so, I've only used the ES, PRV and the YM. In hindsight, adding tools before one is ready may not be such a good idea. Having taken a step back, things are clearer and I'm much more relaxed.
09-06-2007 ES Chart Note the attached chart how ehn Price fails to break out of a formation (Price leaves the formation then returns to the formation) the next bar becomes the key to price direction. - Spydertrader
Yeah. Forget about SCT. Thinking you should always "be in" is ridiculous unless you have a lot of experience and always know what's going on. Collecting points is all that matters. Only take the trades where you "know for sure". Period. This is fun and automatically you will take more and more trades as time passes and you learn more and you even make good money. It's like a school where you learn to make money and even get paid for it.... I have made the mistake of thinking to know it all after a couple of good trades. Wrong. Don't change a winning strategy. Market will punish immediately and before you know it the profits are gone. Stick to the basics, zoom in and apply the same simple basics. regards, Ivo
Is this pm like a lot of summer days? 6 pt range for the last 3 hrs. Had trouble with a couple of bars - 11:00- clearly dec black over the last 3 bars then inc red. optimally, to show the "trough" of the Gaus, I would have connected the red to 10:55, cuz I saw it as being a reversal bar, but that wouldn't have made sense cuz the next 2 red bars were increasing volume in my red tape. I guess this is more of a labeling problem than not understanding what was happening.... 12:05 - this WAS a confusing bar. In another red tape, dec volume until the 12:00 bar, then 12:05 opens and goes black, a bounce, and stays lo volume throughout the bar for 3 minutes. Then starts back down and ends juuuust red on lo volume , so I was thinking ah ha, a flaw, and so red looks likes it's now the dom traverse. Then 12:10opens and goes black for 3.5pts on mod volume... 12:10 ym bars clearly back this up, but I've been sitting here trying to see it coming, but just can't see it. Obviously, it's wrong to call the 12:05 bar a flaw, but was there a clue I missed? Or is just one of those, if I were trading this, where we would just say "oops, I'm wrong, time to reverse"? 13:20 ish to 14:40 was also pretty choppy, but not trying to figure this area out, LOL....