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Right, ammo, I approach it very scientifically knowing that odds will be in my favor if certain things happen over and over again and only fail occasionally. Gabfly, although I've recently added a lot of discretion to my trading, the core setups and rules are the same well-defined setups and...

This is a Holy Grail in the psychology of trading. Maybe you could be an effective mentor after all :cool:

Neke, have you ever made a good profit with a counter-trend option position on expiration Friday? It seems that these are always very bad trades, but I may just be having selective memory here.

BigHog taught me "expect continuation". I had a lot of trouble with that. Why would anyone want to buy "way up there" or sell "way down there"? Only dumb people sell low and buy high, right? Once you take a few trips on the right side of a trend, you become a quick convert! For me, the...

Come on, ammo, admit it, when you've got full size on and The Move hits the tape, this is you: http://www.youtube.com/watch?v=AHV2tWbVXOg&feature=related :p

One other thing worth mentioning. The 20-period EMA on a chart serves as a mobile S/R level. On the 5-min chart I posted with the parallel channels, notice that once price breaks through the 20 EMA and closes above it, long trades produce the greatest profits because that is a confirmed trend...

A measured move is when price makes a push in a certain direction then consolidates. Consolidation can be in the form of a flat range or narrow channel in the opposite direction from the initial push (flag) or a triangle formation (ascending, descending, symmetrical). If price breaks out of the...

First, I studied charts in my preferred trading time frame (5-min) and made notes about the price action environment leading into price pivots that led to strong moves. Why do price support and price resistance occur here and not there? At what point does a trend appear to be starting...

Posted a channel play from today on the PA channel thread: http://www.elitetrader.com/vb/showthread.php?s=&threadid=220303&perpage=10&pagenumber=12

Missed a clean little 1-min pullback entry while copying the previous chart, but used the previous R becomes S level to get in on the revisit using the 1-min chart. A clean 1-min measured move breakout to new highs followed.

I've been placing equidistant channel lines during periods of consolidation following strong trending moves. This was amazingly useful today when an apparent bear flag channel broke upside and price headed straight to the next line. There was a pullback to the 20-bar EMA on the 5-min chart...

I see these terms used a lot. Usually "gifted" and "talented" refer to abilities that express themselves early in life and result in rapid progress to a very advanced level with seemingly little effort. What are the "gifts" or "talents" a trader needs to attain rapid progress to a very...

JP, I got this book from the library and currently reading it. Well, not right NOW. But when I read it, it's NOW :cool: Thanks much for the recommendation!

Metal, great trade, great charts and many thanks for one of the best threads on ET. I've become a rabid channel surfer! :) ADD: Just saw your last post. I'm a "her" :p

What mistakes did you make that you could've avoided? Do you have rules that are designed to keep you from making these mistakes and you didn't follow those rules, or do you say you could've avoided those mistakes because after the fact you see things that you missed at the hard right edge...

Nice job end of day. There was a 5-min triangle forming and price had two failed b/o through the upper TL, probably taking out quite a few shorts and attracting longs. I was still confused about direction (I am annoyed by symmetrical triangles), but that third little weakass fbo through the line...

You're like my husband, always coming up with these strange MA periods for me to look at :D

I was in a short and I had no levels noted in that area. I tightened my stop as price was suspended in that region for a brief period before taking off. FWIW, I exited close to 10 ticks off that low via tightening my stop, but have no idea why price found ready support there other than "too low"...

I found it just the opposite. When I didn't use stop losses or used enormous disaster stops, I was trading without a true edge and took huge losses. Now that I have a fantastic edge, my stop losses are smaller than ever, sometimes only .05 in the highly volatile oil market.

Yes that was a key buy zone, price pulling back to the 20 EMA on the 5-min chart, which also coincided with a lower channel line off the pullback highs. I was bidding 99.13 as price came in to the 20 EMA and it found support just a few ticks higher higher, so I went long @ 99.30 and was stopped...