Hooti's Journey
- Thread starter Hooti
- Start date
And thanks Jas,
I was thinking about you this AM, haven't seen a post in awhile.
Hope it is coming together for you.
I do have trouble reconciling Al Brooks and my class. The classes are so... much into adding Keltner channels, etc., and Brooks is so whatever he is that is the opposite of that. But the more I study one, the more I understand the other. Huh.
We have been looking at the elliot wave thing since July... I have class tonight and we will review it again I'm sure. I forget right now if they think we have finished the 1-5 waves and are in a correction or if we are still in the 5th wave. I've been watching to see if a new set of waves are begining, the market may hare off in a new direction?
All those waves...
I"m getting dizzy....
time to nap a bit.
I was thinking about you this AM, haven't seen a post in awhile.
Hope it is coming together for you.
I do have trouble reconciling Al Brooks and my class. The classes are so... much into adding Keltner channels, etc., and Brooks is so whatever he is that is the opposite of that. But the more I study one, the more I understand the other. Huh.
We have been looking at the elliot wave thing since July... I have class tonight and we will review it again I'm sure. I forget right now if they think we have finished the 1-5 waves and are in a correction or if we are still in the 5th wave. I've been watching to see if a new set of waves are begining, the market may hare off in a new direction?
All those waves...
I"m getting dizzy....
time to nap a bit.
For me elliot wave is not very usefull for day trading .Waves can extend or fail or just be very unclear. For the bigger picture , daily and weekly time frame, I do like it.
I expect at some point after all your studying you'll throw out a lot and stick with what works for you.
I expect at some point after all your studying you'll throw out a lot and stick with what works for you.
Yes Jas, I think I erred in my first trade because I had maybe elliot wave or something giving me a bias the market would go down...
I was thinking the opening gap might close and then trend down the rest of the day. So I was looking to short.
But I also made the first entry error in a couple of weeks and entered two contracts. SO of course it went the other way!
Trade #1 Thinking 3 legs up, now maybe 3 down, and I'd get in on a retracement of the first leg down.
8:37 short at 1264.75
8:48 out at 1267
-2.25 pts
Trade #2 It moved above the overnight High, so reversed & went long.
8:51 long 1266.75
9:39 out at 1271
+4.25 pts
Trade #3 Approaching Prior high at 1271.50, so I got out early...
10:08 long 1271.25
10:31 out at 1272
+.75
I was thinking the opening gap might close and then trend down the rest of the day. So I was looking to short.
But I also made the first entry error in a couple of weeks and entered two contracts. SO of course it went the other way!
Trade #1 Thinking 3 legs up, now maybe 3 down, and I'd get in on a retracement of the first leg down.
8:37 short at 1264.75
8:48 out at 1267
-2.25 pts
Trade #2 It moved above the overnight High, so reversed & went long.
8:51 long 1266.75
9:39 out at 1271
+4.25 pts
Trade #3 Approaching Prior high at 1271.50, so I got out early...
10:08 long 1271.25
10:31 out at 1272
+.75
Hooti,
After your entry price tried twice to take out support and held. Did you consider tightening your stop to 1269 ? I'm not saying that it's the right strategy (although i may have done it) but just wondering . Certainly above the swing high is a logical stop.
After your entry price tried twice to take out support and held. Did you consider tightening your stop to 1269 ? I'm not saying that it's the right strategy (although i may have done it) but just wondering . Certainly above the swing high is a logical stop.
Hooti, that was my thought exactly. When price tried twice to break break that higher low and couldn't even get to the low, time to bail and reconnoiter. No point in even waiting for another try.
Strong support like that, especially at a higher low, is a long signal or maybe the new the boundary of a range.
What you said in the first quote on the right track. Early in the game (when you have little knowledge or experience and nothing much on which to base a system), every trade and every hour or day feels like it's the most important thing in the world. You will be tweaking major parts of the system on a daily or even per-trade basis.
As time goes on, tweaks get less frequent and "trial runs" of a given system extend from days to weeks, months, and significant bits of a year.
All part of the natural evolution. You are at the start of a process that will take many years, the important thing is to keep thinking, analyzing, and experimenting. Eventually you'll eliminate everything that doesn't work and be left with only the good stuff.