I took the trading advice off page 30 of this Journal that T-Rex has outlined, listed below. The bias was "long," got in, rode the momentum while trailing a stop, saw that the intraday cycle was shifting and took my big profit. I'm just a student, but I think of the intraday cycle in reference to those old two-cycle engines. It took a proper mixture of oil AND gas to run efficiently. Saw blue smoke, heard the sputter of a misfiring engine(cycle) and took the proper course of action - my big $$$$ profit. I don't think it is that big off a deal to recognize the cycle change. T-Rex covers it over and over again in this Journal. In this case I didn't stop and reverse. I'm looking to get back in soon here. Better to trade for more $$$ than to spend the afternoon idle with an easy morning locked profit.
The 5min on the 40EMA is setting up perfectly to go into the noon hour. There...on that close I'm in long. Will watch for the intraday volatility that T-Rex mentioned today since it didn't happen for the morining session. Time to make some more easy money $$$.
Praise God! Somebody's got it! yes.yes.yes. keep up the good work. I caught the initial sell off but decided to concentrate on my Euro Currency position from last night. 200 points and counting! gotta luv dis game. Hint. Be careful. watch for the failed attempt at a rally between 2:30pm EST and 3:00pm EST. One last attempt at a lift could come before we falter. Reversals can happen suddenly so be watchful. 2nd trigger should hold as resistance today from the 1st trigger that was never reached. sounds like a riddle I know but you will get the hang of it. Here's a big one for you swing traders: 1111.00 price level will be critical for a BIG short entry on swing trades. A close below here could signal a HUGE 50+ point pullback on a rather nasty correction. So HEADS UP!
Man 'o Man. This has been a killer day bangin' away on the 5min 40 EMA setup. It really is a sure that I got another 2.75 points being out at 1130.50. This is like playing Twister down at the old folks home on Sunday's where my Grandpa lives. Just follow the rules of "the game" and only fun and profits can follow $$$$.
Bruto, are you saying you are trading a delayed chart? Don't get too happy just yet because when a turn comes and you don't know it you'll get slammed. Plus how do you sell out at 1130.50 when the high was 1130.25 (regular hours)? We'd all love to know.
Well, I'll be a blue nosed gopher. The delayed charts had a bad print on the high for the day. Tough to watch a delayed 5min chart all day. It was still a classic 2BC setup that made me $$$ in my pocket. The zone continues into tomorrow for more $$$ setups.
Even if it was a bad print it doesn't mean you can get filled there. So don't say you sold at 1130.50. I think you tried to BS us all and you got caught.
BS? My integrity is only a couple notches below that of the keeper of this Journal. My trading accumen will be equal to, if not greater than, the vast majority here on ET as I contine to follow this Journal. It is a definitely a goal I have set for 2004 and, of course, will obtain. I'm the student and the teacher is who I'm following to learn trading for big $$$$ profits.
I don't get how you can think you have an edge daytrading with delayed data. The whole world sees turns before you. What kind of professional does not know this?