thanks it does, that was my original channel but my only question is why you didn't push the channel out when you got a second point 3? I thought we were supposed to but your chart seems to follow what others were saying today thanks again
Crescit, What you are pondering is what I suspect where the art in all this lies. I have no idea why today I didn't move point 3. I just knew not to. If I thought about it too much, I probably would have. I do wish I knew why, I'd tend to trust myself a lot more. Anyone care to comment?
so the 15m which has been the pace all day...finally leaves the rocket area...and the downtrend channel that has been there all day is broken...long at 984.00 that is how i saw this move that we are in right now. my 2 cents. update 3:51 turned into rocket...stalling at chart R 987.50...lower vol...watching closely... 3:54 vol comes in and pushes higher... 3:55 taking gain and calling it a day...out 988.25 +4.25
Scrap the innovation, got it. I have missed something about the rocket. I cannot seem to see it. I will go back and review.
Mr. Hershey: Was my question too specific to get a reply from you? Thanks for the opportunity to learn from your experience.
first off...days like this i usually struggle a great deal...slow moves are killer for me... mkt opens and clearly we are looking at a short rocket..i waited 15m...saw the lod b/d and entered on the pullback (not the best entry, but that is what i did) now the mkt is acting all herky jerky on the 5m moving this way and that, but still making lower highs not fast, but slow 996.25...994.25...993.75 it's this kind of action that makes me check the 15 b/c it's down but not fast. at 10:25 when we got the lod to 994.25 move (still in rocket zone on stoch)...you get the beginning of wide channel...it's this kind of action..wide channels, herky jercky that make me look at the 15m and it just looks clearer and more like a better description of the action...just a slow rocket trend down. the slower rocket trend is also what keeps me in the trade at 10:35-10:40 where it leaves the rocket zone, but still making lower highs and just on the right side of the channel...now it needs to roll over right here or i would exit (above 944.50) and it does...so stay with the trade. and now by lookin at the 15m you can easily see the rocket there and you stick with the trade as long as it is within the channel and the 15m looks good...and you expect channel traverse b/c it is a slow rocket. now here is what i did...i exited on the vol price/spike into the bottom channel and re-entered when it hit the right side of the channel around 11:30. at 11:20 it gets to the right side again and looks like it might be over, but the 50 is acting like a pivot and again it rolls over. so your short until either the trend b/u or the 15m rocket ends...and i would also be looking for macd divg on the 15 and 5m charts for trend weakness and always volume. compare 13:00 and 14:45 macd on the 15m...you have divg and then the rocket ends...boom...i am thinking trend change from short to long when the trend line breaks...b/c 15m rocket is over, 15 and 5 macd divg, and trend b/u...everything is lined up and pointing higher...worst case is wash/small loss. what i try and do is remember today's action and similar days like it and recognize similar action in the future and now you have a playbook or at least something to lookout for...oh the action is a little f-cked up but still down let's check the 15 and see if it clears things up...and today it smacks you in the face with its rocket short. i usually f-ck these days up or recognize it too late and wind up breaking even or small loss....you lose enough on these days and slowly it sinks in. anyways hope this helps.
Thank You You have been extrodinarily helpfull. It is great to be able to hear what someone was thinking when they sucessfully traded a day that killed you. BL
Thanks for the narrative. Everyone who is gaining a good and sensitive way to look at the market action is in a transition. As our objectivity or what ever it is, allows us to let go of past stuff after we have put something in place that improves a weaker part of what we do, shows us how we are progressing. You used to not get past a point 3 without extrordinary machinations. I feel that you really are doing a great job by going to the 15 to read the indicators during a slower pace trend. The fact is that it is great to nail short term rockets for a goodly number of points. When there is a slower pace, you simply find the rocket on the 15. And it is definitely a grind to bring in the chips. Today I tried a short synopsis of my feelings at the 984.2 place. I was trying to express that it is difficult to ride along. the turn on the support leevel was a two part sequence. The VDU at 15:10 was the final throws of the first part ending. we could have drilled out a couple of points below 985 going each way there. That is not too important though. what was important was soaking your way through the time that it took to end the trend,then play on the support, then reverse into the end of the day. We are getting to a place where pulling more than the daily H/L range is slipping into view. We saw today that the slow pace drove us to the 15 where the rocket was. we are noticing that we have timeto do stuff. we also notice that there are fewer and fewer times when we can't wash easily and where we get into places where we leave money on the table. Soon what represents the past similar situations to you will be a set of continuous pulling money out of the market episodes. All of this is showing up for you. Only discard stuff after you have a thoroughly operating sequence set that you can do an event check off as the sequence unfolds. To day showing the troops how to slip up to the fifteen and just reas the same script the rocket gives us was very very kewl indeed.
Okay Jack, Dawg, et. al. This is my chart from yesterday. All innovations have been removed. No 24 hour data. Setup as per the Catch Up and Tool Box Journals. I went back and reviewed the thread, I thought the Macd was the rocket, when it is actually the 3 point channel. The Macd is only to determine flatness. The Stochastics is showing an iceberg that lasted all day long. The first one is of the 5 min chart, the next one is the same chart at 15 min resolution. Please get out your red pens, if needed.