I just don't want to break any forum rules....and get traders pissed at me. Hell....someone in another thread already accused me of being someone else....using an alias. Why? Because I put "...." in my sentences....like someone else....who he or she doesn't like. I type faster using "...." than using ","....and I have been doing that for years now. I have read a lot of post in ET over time....but only decided to participate recently. Actually....I go into the TradeStation Forum....but ET seems much better to me. I find the TS forum is kind of sucking lately. VSTscalper
Hey VST, Very interesting posts.. thanks.. Would love to see you start a journal with your method if you have the time.. If you do decide to start one please PM and let me know the title of it in case I don't catch it..
Welcome to ET, VST. Nice looking charts. Apologies if you already elaborated on this point previously, but on the first chart you posted you mentioned in the yellow type that your range breakout rule prevented you from entering on the fake (it's the fake break to the upside that I'm curious about). Can you please provide a little more info on the rules that kept you from opening a long there? Thanks, and keep the great posts coming. Regards,
JangoFolly, Well....my Rule states: "the first "Close" above the Range is usually a Fake Out....Wait for the next Candle" for Verification". I have that Rule....because I have seen this so damn many times....I made a Rule....to Protect myself. And....I NEVER break my Rules. Its all about a Disciplined approach to trading. The Next candle was a Down candle....then back into the Range. When you see the same Patterns over and over....then Set some Rules to follow....based on those Patterns....you become a more Disciplined trader. It is that simple. I have had just as many ups and downs as any other trader. But Discipline....based on a set of Rules....has solved my trading problems. Why would I enter where I show the Green Arrows. That particular Candle...."Covered" or "Engulfed" the 2 candles in the Yellow circle. Even at that....I....ALWAYS....follow another Rule for the Break Out. That Rule states: "I will never try to get more than 2 ticks on a Range Break Out" Also....on the Engulfing Candle....you see where it Bounced off the Extended Trendline....which I consider a Support line in this case....that helps Verify the move. The next Candle....after the Engulfing Candle....was basically a Doji....but the Open....Started....Above the Close of the Engulfing Candle. That....along with my indicator show the Price Pressure was still to the Upside....would convince me to get back in....and follow the Trend. Does that help? Here is a true story that has also helped me with my trading. I have it Framed on my Trading Desk. I read it now and then....helps keep me focused. It may seem like it doesn't have much to do with trading....but it sure has helped me. VSTscalper
Sulong said it all. Some of the ET participants keep track of selected members. Sulong did you a terrific favor by listing you profile and his pertinent words.
"Also....on the Engulfing Candle....you see where it Bounced off the Extended Trendline....which I consider a Support line in this case....that helps Verify the move." This part of my previous post above should have read: "Also....on the Engulfing Candle....you see where it Bounced off the Support line....that helps Verify the move." I was trying to draw on the charts....with the charts moving....because the market was open. I meant to put a Support line on the chart....from a previous Pivot. Plus....I was watching the Break Out....on the last Magenta Range Box....and thinking about "Extending" the Red Trendline up. I was in a hurry....because the Prices were moving into the Yellow type. So....I screwed up. VSTscalper