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And we end up with the best-case scenario and, as usual, the easy money is made in the direction of the trend :cool: Sadly, my brief departure was not very timely and I returned to find price way up there without me. I apologize to the CL crew for not announcing that I was leaving my...

So I took a short break expecting to have a little pullback action before continuation up. This snapshot is of the zone where I exited my long (just as the 11:10 bar was closing): Why didn't I immediately reverse to a short instead of taking a break? What are the clues that price will...

Futures trade pretty much 24/7 so I use a 24-hour chart. I use moving averages in the time frame of each chart. In other words on my 1-min chart I have a 20 EMA for the 1-min bars, not the 5-min bars. I already know the price at which the 5-min 20-EMA currently rests so I don't need it in...

Yes, it does and it seems like pure magic at times. In the words of Al Brooks, "If you want to compete, you must minimize all distractions and all inputs other than what is on the chart in front of you, and trust that if you do, you will make a lot of money. It will seem unreal but it is very...

The daily chart is pure indecision with continuation down being far more likely on a technical basis. A near term two-leg pullback to the 105-106 zone is not out of the question. If price were to revisit the 102.50 level and bulls overwhelmed, price would likely push readily to 105-106; if...

This is the best thing you ever tried to drill into my thick head. What used to be most counter-intuitive concept to me is now my most comfortable and highly anticipated trade. OK, I'll let you get back to the water cooler, now :D

A hard stop is used by traders who trade what price is doing in their trading time frame, not what they believe price should do. Averaging down is used by traders who trade what they believe should happen, not what price is actually doing. Both strategies can be very profitable strategies...

By 24 hr charts, do you mean the daily chart? I always look at the daily chart to get a clue as to whether a range day or a trend day is more likely. Just as price breaks out of consolidation on smaller time frames, it does the same on the larger time frame. If a key level is in play on the...

Scroll your chart back to the hard right edge and learn to recognize what you see and why there was no good reason for the trade. You will learn to avoid these mistakes. It takes a LOT of daily analysis.

On the "hazy brain" days, do you lose because you violate your trading plan/rules or because the price action that day is difficult? If it's the second situation, then analyze the price environment surrounding your trades on the easy days vs. the hazy days and identify the patterns to avoid...

When trading options, whether I buy them 1 strike ITM or OTM depends on the price and liquidity at the moment. I only trade options to speculate on a fairly rapid directional move, so the strike or two difference doesn't make or break the trade.

This is a common and dangerous thing to do. It will either kill you or make you stronger (and wiser) :cool:

The chart I posted doesn't show the bigger picture of the move leading into the up channel. Price fell almost 2.00 (2 points) from the twin top around 100.50 that was put in at 5:40am PST. So the up channel was a pullback (potential bear flag) in a strong down trending move on the 5-min chart...

You're welcome! I, too, was short and I covered quickly when that breakout was very weak. Normally I'm always thinking ahead, ready for the next trade, but when you're in a position one direction with a very strong trending move overall, it's tough to shift gears really quick. I covered on the...

Some channels I used today to play the chop instead of getting chopped :)

And so you don't think I'm cheating on you here, I'm including the chart I plan to post on metal's price action thread showing useful channels during chop. Draw your channels, don't get chopped! :cool:

Picaso gets the Call of the Day award, IMHO! That little poke to 97.09 was just a stop run setting up a failed final flag. No real sellers there. High probability long signal. For those who forgot their failed final flag setup, here's the 1-min chart where it's easiest to see during wide...

They had a good business plan at first, which is why they succeeded for quite some time. What they lacked is the ability to adapt to changing market environments. Same with trading. You can have a great business plan and it can work very well, but if the market environment changes, you must...

Yes, it's been done by ET member Neke: http://www.elitetrader.com/vb/showthread.php?s=&threadid=213286 He uses a retail platform and trades while holding down a full time job. My recommendation is to trade options. You can risk a very small portion of your account and still generate...

I think the fact that trends are respected more often than not, and you can wait until S/R is established and be the "second mouse" that avoids too many stop outs, AND the fact that a few small losses are easily paid for many times over when you catch the tending move, makes this method of...