If one is going to follow the elephants, he is going to have to monitor the weekly and daily charts. Even if elephants were to trade off MAs or trendlines, which is unlikely, they won't be trading off what one has drawn himself. Therefore, if one wants to make important trades, trade off important levels, i.e., the extremes.
House of If You Can Draw A Straight Line
- Thread starter dbphoenix
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Db I want to give you a big thank you as amt/sla has turned my trading around. I have read the pdf countless times and will read it many more till I get every bit of it. I find it interesting reading the different posts what people look for to enter/ exit trades and how there somthing worked for them. Today was by far the best day I have had. In my morning prep I knew 66 was 50% of wed move so that was my trigger point, when I saw 66 would not hold short I went. Im working on keeping my charts/ trading as simple as possible as this lets me see a clearer picture of PA. anyway just wanted to say thanx.
Those who rely only on price for decision making are an endangered species. Welcome to the clan. It's always good to know when someone gets to see speculation in a different light. Once the foundation is there more screen time will solidify those correct habits and build on that foundation.
There's also a freedom in not getting swayed by all kinds of news from all kinds of sources. For me the fact that I don't have to scour through tonnes of information to identify whether to buy or sell and when and for how long is in itself liberating enough to use this system. And Db of course is the captain aboard the Enterprise.
All the best.
Gringo
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I'm glad you've found it useful. I learned that providing too many details overwhelms practically everyone, but even though they think that's what they want/need, it's better for the sake of understanding to keep it simple. They can then plug in whatever makes them most comfortable with regard to stops, scaling in/out, bar interval, etc.
Of course, if one wants details, God knows there's plenty, and there are people who've read all the posts I made to the TL forum (they ought to receive some sort of prize). I'm just not sure all that is necessary.
XLE could go down below the channel or it could bounce off the channel.
Db, Does the low volume at the top of the channel in June vs the high volume now at the bottom have any significance to you?
The low volume at the top doesn't mean much to me other than that there weren't many transactions. The lack of demand is shown by the failure to break through the upper limit.
As for the climactic volume at the low, yes. The lower volume in December suggests that the selling was/is done, at least for now, and the increase in volume on the bounce up off the lower limit suggests demand. However, there's no particular need for volume. Either price bounces off the lower limit or it doesn't.
There are also the stocks that constitute this sector if one doesn't want to trade ETFs. Both XOM and CVX bounced nicely.
As for the climactic volume at the low, yes. The lower volume in December suggests that the selling was/is done, at least for now, and the increase in volume on the bounce up off the lower limit suggests demand. However, there's no particular need for volume. Either price bounces off the lower limit or it doesn't.
There are also the stocks that constitute this sector if one doesn't want to trade ETFs. Both XOM and CVX bounced nicely.
DbPhoenix.
Now I am practising SLA with single stock futures in my country.
I trade 1 contract with real money.
Could you recommend some criterions that I should get before I add another one contract.
Thank you very much.
..............
My problem in SLA now is lacking discipline in entry and exit.
I often open position too quick and fear to hold position so I get out quickly too.
But I still try to correct it.
...............
Apologize to my poor English.
Now I am practising SLA with single stock futures in my country.
I trade 1 contract with real money.
Could you recommend some criterions that I should get before I add another one contract.
Thank you very much.
..............
My problem in SLA now is lacking discipline in entry and exit.
I often open position too quick and fear to hold position so I get out quickly too.
But I still try to correct it.
...............
Apologize to my poor English.
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