Trading those point 3's present a couple of challenges especially if just using the 2 charts. Tapes can help often. Actually the real problem for me is being early often leads to early closure. Price ticking against me causes my mind to do strange stuff. On a course level we are still not necessarily on the wrong side of the market we just haven't been proved to be on the right side yet. When I am finally proved to be on the right side that's when the ego working away in the subconscious and says close. This is despite knowing that the correct course of action is hold. Cheers.
Hi, I have the same problem. If you are early the trade always looks like failing at some point or worse: you reverse. Besides this if you've been in the market for 10 minutes it seems an eternity and staying objective is then kind of hard. Being early and gaining points quickly after putting on the trade is a contradiction. It doesn't exists. Just being 5 minutes early can be a big disaster. You just have to be exactly on time or a little late. I am early but I really prefer late. The best position to monitor, analyze, decide and act is to have no position. Once you have a position everything changes so better have a gain quickly thereafter. If you make a mistake later on maybe you sell at a 5 point profit and it could have been 10, who cares? There's just nothing like this feeling when you are in the green one point 15 seconds after putting on the trade and PRV is increasing big time. I am recalling yesterday the last hour or so We are early and if we keep on trading like this we will always be early. So how do we deal with it? The point is that the moment you want to take the trade you have to assume that you are early and take a deep breath. I noticed it helps to stay relaxed. Don't be afraid to miss the boat, and if you miss it, so what? Do something else while price is slowly heading from point 2 to point 3. A point 3 is usually not 5 minutes after point 2 although the market is doing its best to fool us. Remember Spyder wrote he calls people during trading hours, going outside to take a smoke etc. This thread mainly deals with technical issues. Controlling those is a requirement but just a part of the puzzle. In my opinion your mental state (staying relaxed, recognizing a new opportunity right after a loss and act!, etc.) is just as important. These go together. regards, Ivo
Looks great cnms2, nice work ! I will add to this, I really like the way you show when the signal crosses the 50 % line it picks off the B2B's and R2R's. Yes it can show an Fbo also, but it does show the b2b ans r2r's. There are other ways to do this and when I have time I will share that. Thanks cnms2.
Ivob, One thing I have to disagre with is this "... The best position to monitor, analyze, decide and act is to have no position..." This kind of implies that you have resigned yourself to behaving differently when you have a position on. Unless you are talking about how things are now. What needs 'fixing' is behaving the same way when we have a position as when we don't. There is no good reason why we should not. Of course at the next level reverse enters the equation and we will end up with a position much more of the time. Obviously its critical to be able to MADA effortlessly with a position on. Cheers.
Hello, Hello, I haven't resigned myself to anything. It's just a fact that I perceive things differently at this moment when I have a position on and I think this is the case with almost everyone. I don't want to but it happens. Therefore I state that the most objective position is no position and objective we need to be to be succesful. Of course we should all behave as if we don't have a position on and this is what we are trying to learn. It is just not always the case. Not 100% regards, Ivo
It appeared as the Dow began to shift in volume towards a down channel. Why was I incorrect in predicting this increasing red bar as a down channel PT. 3
Hi, Check my chart. Each traverse (channel within the forrest) should have a directional change before it's a channel. In general the breaking of the tape in the opposite direction. There is intra bar change at the 10 am bar. (first continuation down then decr black). The same should happen in the other traverse (my blue channel). You first wait for a point 3 up. 10:10 - 10:15 form a downtape it is broken to the upside at 10:20 then the same bar has change again. At this very moment we wait for a point 3 down. (I still have to adjust purple channel). IMO we are going from point 2 to point 3 after the blue channel BO. (10:45 = pt2) regards, Ivo
Here is my work for the day, off to work. There may be some miss annotation because I have not checked my work.