On the surface of it, yes. But of course one would have to exit the first long in order to enter the short, and one would have to exit the short in order to enter the second long. Which is where the SLA and AMT come in. If you're seriously interested, I'll go on. But I don't want to play Gotcha. I've traveled this road too many times.
Sure. I was thinking, Long at 4402.5 ish. Stopped for -3 or so Short at 4392 ish. Stopped for -3 or so Long at 4402.5 ish.Possibly stopped for +3, or maybe at 12ish for +10 if you rode out the first retrace
Good profit. Just a bit curious, Aug 24 and Aug 31 (2013) were all Saturday, how could you day trade? Unless these statement days are not the correct days that you placed your trades. Anyway, it is not important, and you don't need to answer that. That statement was two years ago, and I think you must profit much more this year as you increase your car size (10-20 as you indicated in some of the recent posts). I got to say that I like your posts/trading calls, as they were more straightforward, honest and clear than some other SLA guy.
It was a while ago, but why no short on the lowerhigh at that occured at your first pre-determined line, 40 ?
If exiting the trades at -3 doesn't freak you out, then fine. But not everyone will react the same way. When playing with various entry and exit scenarios, however, it is necessary either to watch the price move via replay or convert the chart to 1m intervals so that one can see what price is doing "inside" the bar. A static chart doesn't say much beyond the OHLC. For instance, you've chosen a 15m interval. That can be an eternity for a fearful trader who finds himself in the red within seconds of his entry. He may therefore want to exit immediately if his trade doesn't "go". If he can pull himself together, he will note on a 1m chart that price rejects the lower limit of the range -- also immediately -- and re-enter the short. If he's focusing on price movement rather than on the state of his trade, he will then note that the next bar doesn't make a lower low. This is a red flag. And this is when price rallies all the way to 96. This would be unacceptable to just about anybody. This rally attempt however fails quickly, and the trader who isn't thrown by all this back-and-forth can try again, this time getting all the way to 86.5. If he isn't scaling out, he can then exit on the break of the stride, which would put him at more or less breakeven and ready for the next breakout, either below or above the range. If he is scaling out, he's up 5+/-. This is what price action trading is all about: a continuous assessment of the balance between demand and supply. It is not just entering for one reason or another and placing a 100pt stop and hoping everything works out. When written out, it seems impossibly complex. In practice, though, this is all worked out in advance: where am I going to enter, how much price risk will I assume, what will I look for to tell me that the trade isn't working, what criteria will I use to tell me whether or not to re-enter and if so where? One reads the script and learns the lines ahead of time. When the curtain goes up, all one has to do is perform.
That's pretty close to my trading yesterday! lol Luckily a good globex trade saved my day, but I lost money after the US open.
At the end of everyday back then I would request a check for the day's profits. The dates correspond to the date I received the check, not the date the profits were earned. That is why I referred to them as "profits withdrawn." I had no problem learning from him, so I'd say I thought his explanations very plain and straightforward. In fact, I really do believe that if he were to teach this the way most here seem to think he should, it would have been far more difficult for me to have learned how to trade by price. I think he should continue to do what he does and to do it as he has been doing it. This way perhaps a few will get it. Imo, the masses want a trade calling service. I wanted to learn how to trade for myself. Most will no doubt disagree with me, but there is no benefit to the student of having the teacher call out entries and exits. Yes. Most will disagree. But this is a skill. PGA players who use swing coaches do not learn by watching the swing coach hit buckets of balls at the range. I no longer take golf lessons, but the way I learned to play golf was very similar to the way I learned to trade: I found someone who could give me information on how to start and feedback as to how I was doing. His method of trading and his way of teaching it may not be a good fit for you, or for many. But should he on that basis change? imo, it is the student who must change or move on, not the teacher. IMO.
Without having the ability to replay that day tick by tick, I can't say. If you were to insist on an explanation, I would think the most likely is that I didn't understand what was going on. I have always been very good at sitting on my hands and patiently awaiting a clear opportunity.
I traded it quite a bit differently, to tell the truth. I don't feel any good can come of saying exactly how I traded it. I will say I do not trade BO's the way you describe your entries, unless it occurs at the open. And by "at the open" I mean real soon after that bell- not 5 or 10 minutes later. But I will give you this much: Go back to the post you made in the Al Brooks thread about the afternoon's range, and instead of looking for a horizontal range, look for the downward sloping range off the AM session high. Draw the upper limit of that channel, then apply AMT to find the oversold reading above yesterday's high. That, imo, was the trade for the afternoon, with an entry anywhere between 5 and maybe 8.23/8.50 depending upon how one plans his or her trades according to SLA/AMT.
This is missed by practically everybody. If ever and whenever a trade enters a territory that he hasn't planned for and which he finds befuddling, he ought to get out. Without hesitation. Being out usually resolves tension immediately, at which point he can begin to observe and draw at least preliminary conclusions, thereby readying himself to re-enter.