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Well, sure enough both longs and shorts got vaporized off the break both directions from that formation. It looked like a ray gun, seriously it did. :p

5-min chart has the classic "Ray Gun" formation. Meaning, whatever side you take, you will be vaporized...

I'm sure the moderators will consider my commentary a valuable addition to this thread: Aaaaaarrrrrrghhh!!!

Good morning traders! Looking to go long @ 69.98 :D

Schizo taught me to let those simulated winners run. Another +$72,500 toward that sim Ferrari :cool:

08-16-10 05:52 PM Looking at Sal's broken crystal ball, I see a continuation down to 1052-1055, where some support should hold, followed by a pullback to 1080 and a break back down through 1050. That's the problem with those broken crystal balls; they have the right idea but are always...

I'm all excited now. My geeky boy ran the updated mini-me (that would be the automated version of me trading CL without the cumbersome handicap of having a human brain). It netted $1300 in the overnight session (simulated account, of course, because this is brand new code) and I'm about to find...

He uses a 20-bar exponential moving average.

Picaso, I know you were kidding. I was in a very dramatic mood today. Please criticize me any time you want. It's healthy. Builds character. :) That usually means it will have an urge to ooze over to the lower Keltner and flatten out there for a while :p

"Trading in the Zone" assumes you already have an edge. He makes it pretty clear it's not a technical book in any way. The book is all about developing a trader's mindset that allows you to confidently trade every setup that fits the criteria which defines your edge, and avoid the common...

+$507 Evil CL took me out of the first trade by 4 ticks and commenced to pretty much fall directly to my target about 30 ticks lower. Other than stepping away from my desk and missing a good one, and not taking several signaled trades, no other complaints :eek:

Picaso, look at the 1:30pm ET bar and then tell me my dream was overly dramatic...

Yeah I thought the same thing till it stopped out my short b/e, destroying my dreams of a new low :confused:

Ha ha, just saw this! Actually I got 31 ticks :D

Ha ha! Sorry I'm targeting 1052.75 :p

When I clicked on the link there was a discussion of Fib levels. I started trading PA rather recently, yes. When I kept my journal I never really understood what was meant by PA. I didn't understand a lot of things, like trend behavior and breakouts. It wasn't until this year that I really...

Limit to sell 60 @ 1077.00 :p

OK, I got it! Thanks for all the detail. This is basically a failed breakout (fbo) play which I also trade at times when I'm focused and catch it in time, also cross-referencing a 1-min chart to get in really quick with a tight stop. It's a very high probability/low-risk play, both with-trend...

Using Fib lines isn't actually price action trading. Pure price action is really nothing more than where price is going right now and what price would have to do to signal continuation of the current move vs a change of sentiment (direction). So if price is moving up, that means buyers are...

K, I can see that, counter-trend pullback swing, but how would you handle a further push down before the pullback? Would you add to the position, or stop out and re-enter later? Averaging down is always tricky because if price moves too far against you, there's a tendency to bail just before the...