Great job. you have the begining part right about how the mkt moved today. The key is the prior resistance high. In this case it was the prior trading days high. once prices traded above this level that marks new support, i.e. the old resistance now becomes the new support. You would not have shorted today unless after the days huge run up the mkt collapsed back down through old resistance i.e. new support. Thank You T-REX
You will not rest your case .. until u just show us a snapshot of your p&l today. I want to see how many points u actually made. U can easily erase or delete the personal info part. Many traders have already done this.. if u dont know how I can show u how to do this.. w/o an type of invasion of privacy. There is no reason for me to show my personal p&l because i am not the teacher... The more u avoid this simple issue.. the worse u will look. --MIKE
(Todayâs BIAS) = âLONGâ + Momentum. (Swing Vix) = +.45 PulseScan (Overbought) *Look for a possible intra-day "RVSL" @ 2nd trigger handle. BreakOut: 1098.50 Resistance/Support 1096.00 / 2nd Short @ 1098.00 / 1st Long @ 1093.75 --------------------------------------------------------------------------------- T-Rex, ok I'm trying to make sense of your call. You said the bias is "long", you were right. I can understand if you meant buy if resistance becomes support on a break of 1098.50. But what does "2nd short @ 1098" mean then? How do we know if we are supposed to be buying or shorting based on what you said?
" YOU ARE DEAD WRONG! though about calling the market in realtime. It is NOT easy to do on a consistant basis. If it were then everybody would be doing it. " Calling a market in a chat room or message board is not the same as moving a $50,000 contract of ES. One is about ego and the other is about making money. --MIKE
In all fairness (which is difficult in this case), what you're requesting may not even be necessary IF he were to be specific about the setups and IF he were to explain why the setups are selected. Unfortunately, TRex isn't teaching anybody anything about how to trade. What he's doing is "teaching" people to take his calls and to rely on proprietary indicators which he refuses to explain. In other words, he's teaching people to depend on him. This is not mentorship, and I can't for the life of me understand why this journal is allowed to stand. Now if he were to explain how to code these indicators that he seems to rely on so heavily, OR use indicators that are available to everybody, OR to explain what makes a setup and why one setup is superior to another, either inclusive or exclusive of indicators, AND something about entry and exit, THEN he'd be at least in the ballpark of mentorship. Until then, he's just a guru wannabe collecting gimmees.
The answer is given in the rules section below. *RULES: (NOTE: ALWAYS trade in the direction of the BIAS/TREND. If 1st Trade is triggered then use 2nd Trade as a profit target and/or Stop&Reverse. The 1st trade was not triggered so the 2nd was not to be used a profit target/reversal point today. NOTE: If prices collapse below the âIntra-Day SUPPORTâ then use this level to catch the reversal on the âlongâ side. Likewise if prices rally above the âIntra-Day RESISTANCE then use this level to catch the reversal on the âshortâ side. Intra-Day SUPPORT = Long above 1091.75 / Intra-Day RESISTANCE = Short below 1100.25 If prices would have reversed back down below the 1100.25 then you would have then used the 2nd trade trigger as you short to catch the "falling knife" as it were. Sometimes you can use the "Intra-Day RESISTANCE as your trigger to get short. We will examine this closer with some live examples later.
NOTE: If prices collapse below the âIntra-Day SUPPORTâ then use this level to catch the reversal on the âlongâ side. ------------------------------------------------------------------------ T-Rex did you actually mean to say "if prices collapse below the support then use that level to catch the reversal on the short side"?
Trend Fader, You have made 6 posts today to this journal. It should be obvious to you that T-REX does not care to post his P&L. If that so thoroughly offends you then please do not read this thread, as your point has been made repeatedly. db, I can't argue with you that T-REX isn't truly explaining his setups, nor why those setups were selected at various times, nor the basis for his proprietary indicators. Unfortunately that's no worse than the majority of people starting journals. As to his further use of the word MENTOR in the journal title, that has been removed. And while I appreciate your self-appointed role as "protector of the newbies" I say to you as I said to Trend Fader, if this thread bothers you then move on, skip over it, there are plenty of other threads worth your attention on ET. As to everyone else reading this thread I urge caution and caveat emptor.
No. What I mean is that once prices collapse below the support then use that level to catch the reversal on the long side once prices begin to rally off the lows.
-------------------------------------------------------------------------------- Quote from voodster: NOTE: If prices collapse below the âIntra-Day SUPPORTâ then use this level to catch the reversal on the âlongâ side. ------------------------------------------------------------------------ T-Rex did you actually mean to say "if prices collapse below the support then use that level to catch the reversal on the short side"? -------------------------------------------------------------------------------- No. What I mean is that once prices collapse below the support then use that level to catch the reversal on the long side once prices begin to rally off the lows. ------------------------------------------------------------ T-Rex, OK trying to understand. You mean if 1090 is support and is broken then you don't see it as possible resistance when the market bounces back up to it? Instead you look to go long at 1090? I thought only if 1090 WASN'T broken but held then you'd want to go long there. Can you explain?