A down was 94.55. But the real sale was the failed A up around 95.40. As long as we are below that QTR A down, the failed A entries are great sales and great risk to reward trades. The monthly A down is 92.30. That could be a nice long entry though for a bounce.
Absolutely. You can take almost any failed A trade just because the risk to reward is usually very attractive. My only rule is I won't take them in a confirmed number line. Natty's number line was flat going into that trade so the price action was NOT confirming the weakness in price.
Thanks Mav. Honestly this is like the only useful thread on ET. Sometimes I wish you would just stop posting because I feel your giving so much away. Then I realize most people just wont put in the work to become successful. I was one of those guys at one point but this frame work is just so powerful... the greatest benefit for me personally is the fact that it keeps my 'stupid trades' at small size. Fisher talks about this in the book its really helped me work on my discipline.
Yeah I've had guys ask me on here why I would give this away. And my only response is...give what away? There are no secrets here. No magic formulas. No Illuminati. All you really see here is a lot of really hard work. And you'll notice I try to re-enforce that vs giving out magical levels. Usually the hard work part scares people off.
Haha ya. The longer I do this the more I realize that most people just don't want to put in the work necessary, take the time to get over the learning curve, and live the lifestyle required of an independent trader. I always tell people, look it took PTJ, Marc Fisher, all the Market Wizards etc. at least 2 to 3 years on average to start making money in the markets. Do you really expect to just walk into a market and make money right off the bat? Do you think you can learn a methodology and apply it successfully in 2 months? If trading was easy everyone would do it. Kudos to Mav because this is the best thread on ET. Even though I don't use ACD my method is similar and I feel like I always learn something from mav's posts. This is one of the few threads with "real trader" talk imo.
Imagine you could just walk in and make money for years. You could.. but I bet you would come overconfident and screw it up BIG TIME. Discipline comes when you have felt pain by not following the discipline. You must have pain, then even bigger pain and then maybe. I asked one my friends who is an old option floor trader who's 30 years in this business: "In your career, did you ever thought about quitting?" His answer: Every day.
Let me add my 2c to the chorus. Great thread and Mav contribution is immeasurable!!!!!!!!!! Mav, you most probably do not remember, but we met during one of NY trading expos. It was right before your meeting with Mark Fisher. If you ever in NY and have spare evening, dinner and drinks on me.