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Now it's definitely a "chop zone". So trade accordingly. I hope this answered your original question, @zghorner. BTW this chart is in REAL TIME! :)

Since I had the honorable mention in your post, allow me to clarify by simply saying that it wasn't the 2-bar trendline that I was disputing but the way you were describing looked too much like a hindsight analysis. So I asked you to come to ES Journal and post one or two of your trades in REAL...

So here's a perfect example. You might have initially thought this was a range, but it's looking more like a pullback. Suppose you shorted the top of the range and the candle closed above the upper channel, you should then consider the alternative of getting out or reversing your trade.

As I said, pullbacks are 3-touches and range is 4-touches or more. It's still considered a pullback so plan ahead for any changes.

In continuation to the previous chart, here's a possible channel (aka chop) in play.

I don't mind, but how many times do I need to remind you that you should grow them balls? You're too thin-skinned.

Well, you did clearly stated "When it gets close I'll post what the trailstop/reversal will be." So I figure if you are able to follow up and fill us in with the stop, you would surely be entering your trade at the same time. Or do you enter your stop day (or two) afterward? In any case, my...

Not to worry. My gripe was with @Good1. He must think some of us are noobs at this game. What the hell was he thinking when he told us that he would sell short 60 points below where ES was trading? Either you get in now or you don't. Otherwise, as the convetion for posting trades around here...

Wuh?? At the time of your post, ES was trading at 4417. 4355 is ONLY 60 points below that. Heck, ES ususlly don't even trade that much in a day. If you're so damn sure, why don't you just short now and then cover at 4355 instead? (Or simply post your trades in REAL TIME when it gets there, which...

"My Insider's Playbook for Making a Fortune on Wall Street", eh? I'm interested, but having seen his Youtube vids, I'm skeptical at best.

So the best thing for you to do is discern whether this is a pullback or a sideway chop. Not easy at first, but with practice, you can do it. Yeah, easier said than done. You could then use trendlines to hone in on your trades. But then again, without first knowing that it's a range, this would...

What's important to distinguish here is WHEN do you call something a range? Somtimes, it's difficult to say it is a chop when it's merely a pullback. Here's the difference.

Compare the two charts... It's also worth noting that you wouldn't have known at the time that would turn out to be a range.

Thanks for the feedback but this smells too much like hindsight analysis.

Sounds like you're not happy with the answers. :) I too had some trouble trading on Friday. The range you see below tripped me up and I fumbled pretty badly. What would you have done? Let's also not forget that oftentimes you wouldn't know it's a chop until it's well over.

Don't be so obtuse. THIS HAS NOTHING TO DO WITH LOGIC OR WHETHER THE MARKET IS IRRATIONAL OR OTHERWISE. What the piker is saying is that he himself belongs to the lucky 1%, whereas you and me are clearly in the other 99%. The idiot should be dragged out and flogged.

Well, he was always mentioning how he will "crack" the system, be it blackjack or wall street. So I was vaguely hoping he would spill the beans about his covert operation.

I'm on page 158. So far, there hasn't been much to chew on. It reads more like a memoir than about Wall Street. But I digress. I did get sidetracked and did a little search on Gupta the trader on Youtube, and this came to my attention.

You really should ask what the members of ET think of your asinine questions? I mean what the hell is this? This place ain't no Jeopardy.

Unbelievable. The dude's a parrot, doling out the same damn answer every time. Don't you have any imagination? Be creative for once, huh? :rolleyes: