I have bought Al Brooks' Trading Course

[londonkid]

Agreed... but if price is dropping, I would say the demand is weak. For sure somebody wants to buy, but if the next transaction is at an even lower level, then clearly not enough people want to buy.

we are getting into the realms of 'why' price moves. as such I will have to invoke omerta.

 

[wjk]

Al Brooks...TA...the "How to Books".,and even Market Wizards...aint the Problem---

Just step in front of the mirror...eyes forward...and you will see CRYSTAL CLEAR...where the REAL problem lies---

I've often thought (and I may have read it in a trading book somewhere), that the market is a mirror of your personality.

 

[k p]

we are getting into the realms of 'why' price moves. as such I will have to invoke omerta.

LOL... agreed... but I think this can be rescued.

For sure the reason of why a person buys here, while the other person sells here, is unknowable and pointless. But, the technical idea behind why price moves is still I think knowable. Its because everyone has a different idea of what something is worth, and everyone wants to make money, and everyone thinks they are right, so they vote with their transactions. If everyone thought the same, price wouldn't budge. So price moves because most don't agree, by why they don't agree is of course pointless debate.

 

[wjk]

... If everyone thought the same, price wouldn't budge...

Those are the times I least enjoy trading...when there is too much agreement about the current value of an instrument.

 

[k p]

Those are the times I least enjoy trading...when there is too much agreement about the current value of an instrument.

Agreed. Its funny to read that so many traders (maybe they are in fact just investors) don't want a volatile market. I'm sure the expert traders are just killing it in these past few weeks. I of course understand how most people just want things to go up, but this isn't realistic. (I personally just want it to go instantly in the direction of my trade... be it long or short. )

 

[wjk]

... Basically, I'm married to this until I find other options ops:

I'm trying to figure out if this is a pun. Brooks has a section where he discusses hedging larger swing trades with options, as you probably know. I'm guessing that as a supporter, you've read some of his material.

 

[Frederick Foresight]

...Just step in front of the mirror...eyes forward...and you will see CRYSTAL CLEAR...where the REAL problem lies---

 

[wjk]

View attachment 156757

So true! And not just in trading.:eek:

 

[k p]

Its party that, but also partly based on what is happening right now. I'm clearly not going to go too much into my patent pending price action system... LOL... but I've been watching this fucking thing for about 18 months now every morning and the same shit happens over and over again.

First example is this. Its a level I'm watching (this right here is key... its gotta be a level of some sort). Yes price drops below the level... but look at what happens next. Specifically, look at how the area I point out, where there is a little micro crash to flush out early longs just don't drop below the previous low. Seeing this in real time, expecting a reversal at this level, perhaps there is enough here to go on here to take a long.

View attachment 156725

As for the second example... I'm too lazy cause I know most people will think my 5 sec charts are crap so I don't want to bother. Once I make it work, I will start up my journal again to hopefully do some good journaling of consistently profitable trading.

As a follow up to my post yesterday, here is the same damn thing today, with practically the same setup using exactly the same "break above previous high that went really high but price came down again to this level" setup. Did I take this trade? No... but I am watching and making notes in real time and plotting trades. Would I have posted this if it didn't work out? Probably not... so huge bias here.. deal with it! Anyone else trade like this?

Edit: I should add that the volume is incredibly low today, and especially now, so its very easy to get pushed around. But at the same time, I do think that after a while, when you can begin to figure out how they push you around, you can use it to your advantage. I'm of course just a rank amateur, but I think there is something to it.

 

[Autodidact]

One thing is certain, Marketsurfer could not make TA work him, everything else is debatable but his failure with TA is factual.