YM Charts

Discussion in 'Trading' started by mgabriel01, Oct 21, 2008.

  1. Tried doing this once before got too distracted

    -$35 today on 3 trades (paper money)
  2. your hammer mentality is oppositely wrong

    in fact if you think about it, if the downturn is short, then what does that tell you

    things to think about while drinking milk
  3. yeap - cant post a chart here without getting blasted -- comes with the territory

    the longer the downturn - the more likely selling interest will be exhausted - hence the likely hood of a reversal increases

    that was my thought
    I wont apologize for it

    whats your reasoning?
  4. Can I have a scotch and a girl with my milk if I promise not to tell my mom?
  5. 2 trades +$917 (paper)
  6. 2 Trades +$515 (paper)
  7. mgabriel, I sent you a privater messager. I use hammer as well, but in forex but my trouble is seeing so mnay and distinguishing good from bad and what not and where stop placement should be
  8. You could post 100 different charts, all of them profitable and someone on ET will rip you for it and find flaws in your methods. Wake Up ET. All trading methods have flaws.

    My take on hammers.....I watch for them closely on the 5-min charts and I have found they are fairly unreliable in picking the exact turns of the market but the moves beyond these highs/lows tends to be the last. If you want to improve your trading with hammers look for them, wait for the market to move past that high/low, and that's your trigger when that move turns. Nothing works all the time and your method may not jive with someone else's. Just do what works and good trading!

  9. I am reading Steve Nisons book

    The Candlestic Course

    its been helpful to me
    I got a used copy for 32 bucks on Amazon
    Its like 75 bucks in the bookstore
  10. Or.....take them as you are now and if they fail increase your size on the subsequent trigger provided it has gone far enough to trigger stops above/below that last high/low. Be sure not to tell anyone here you're doing that because they'll call you a martingale gambler and try and predict how fast you're going to blow up :D

    #10     Oct 27, 2008