Your link is nearly three years old. Just three months ago ETLURKER pointed out how channels and other annotations could be automated. Maybe he still can't make it profitable, or maybe, he did find a way through the fog, and it simply slipped his mind to send you a memo. In any event, it appears ETLURKER did accurately code automated channels and other annotations. - Spydertrader
Given the progress I've made in my journey so far, I'm convinced that coding up tapes and channels to auto-construct in real time is possible. For my case, what remains to be resolved is removing the question marks about the specific rules for building tapes. Those links don't demonstrate that ETLURKER has accomplished anything according to what we define to be tapes and channels. They just show an image where a couple of trendlines were drawn on the chart. RoughTrader
Really this is nothing more than an quick visual of a clean chart. Only used occasionally, as my main annotated chart can get so heavily annotated. So just a simple look at the forest that can be done on any chart, I just choose this one. For myself, I do watch the 20sma all day in relation to price, and this is an easy reference.
One of the many challenges I face in learning how to trade is to manage my expectations. Not simply the over arching expectation of being profitable, but my expectations during the trading day. I tend to see things in a black and white. If my MADA tells me the market is going up, then it should go up immediately and with some gusto. There is no room for any lallygagging or shallow down moves just to make things interesting. Additionally, the trend should move uninterrupted to some extremely profitable point where the exit signal is as clear as Lake Tahoe, which as the largest alpine lake in North America, is pretty darn clear . These expectations (or maybe they are really just desires) contribute greatly to the amount of anxiety and frustrations I experience during trading. Oddly enough this is generally not how I function outside of trading. I have an uneasy peace going with Murphy's Law that seems to help me keep things in perspective. My question is how do others develop the requisite amount of patience and understanding to deal with the indignities the market offers? Yes screen time is a part of the answer maybe the only answer, (this coincidentally will be accomplished in time .) But is there some mind set that is useful in taming this beast? Perhaps "Murphy's Law for Dummies and Day Traders" -guava
Perhaps indicators will be useful to your trading? Look up icebergs and rockets - there are some good rules re. MACD and stochastics which will keep you in the trend, when used intelligently with channels and volume.
and if it doesn't, what does that tell you about your MADA ? My question was not trying to make you look stupid... but merely trying to FORCE an obvious question on you... because you have written the words, but I don't think you have read the writing. I believe the answer lies in between your lines.
Lately I've found out that I feel more relaxed if I don't keep track of my entry / exit points, and obviously of my P/L of the day. The only thing I care about is: "Long or Short?". As an example, today I was thinking that I was probably just breaking even, when I actually made 3 points. And I frequently underestimate my performance for the day until I sum it up. Another thing: today when I took my last trade I remember thinking that in "my past life" I wouldn't have because the market seemed overextended. But I had only two choices: "Long or Short?". And obviously long was the way to go. It eventually proved to be my most profitable trade of the day: 2.75 points. SCT feels more relaxing than entry / exit trading: I don't have to set stops anymore, and I have only one choice to make over and over: "Long or Short?". I used to abide by the "when in doubt get out". Now I follow more "when in doubt hold". These may work for me, but might not work for others. They come from the fact that I'm confident that this method works. Why am I confident? Not because Jack claims that it works, not because Spydertrader and others say or think so. It is because everything I'm using is something I've judged and understood myself. Not because I've seen it working, but because I understand why it works. Obviously, it doesn't hurt that I've "backtested" it successfully (meaning "I've tested it on my back ..." ). And last but not the least: it helps that I know that in order to make all the money I need, I just have to be consistently profitable just 1 tick after costs. Then compounding and patience'll do the work. Looking forward to hear from others ...
One thing that helped me was capturing snapshots during the day and reviewing them after close. Doing this I found that I was trading a little too late, waiting for the obvious, waiting for too much confirmation. Do this not only when you take trades, but also when you decide to hold. Try this (paper trading at first ...): when your analysis concludes that the market turned, reverse! If 30 seconds later it concludes the other way, reverse again! Many times you lose lots of points seeing the market starting to go against you, but you hope that's only a retrace. Don't hope! If the market goes against you it means you're on the wrong side of the market. Reverse! If you see the volume, followed by the price, going against you, reverse! The volume always tells the story: decrease means change, increase or same means no change. Watch it on your trading fractal and see if these unfold as anticipated, if not you have to ... reverse!
Hello all, Have tried to absorb as much as I could since finding this thread a few weeks ago. I am posting my chart with a few questions. I am only using ES and volume. No YM yet. The early morning was hard for me to follow. Put in a Point 1 at 10am and followed the market/volume well until the point 3 at 10:20am. Next bar (10:25 am) broke RTL and I marked that as my new point 1. I was wondering how others viewed/traded that situation??? Also, the 10:45-10:50am point 3 was difficult for me to recognize in real time. It seemed to form very quickly without much warning. Any thoughts??? Only watched until 1:45 pm or so but here it is. FEEL FREE to critique!! Thanks in advance