If You Can Draw A Straight Line . . .

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Quote from NoDoji:

Hope you don't mind Ms. Buttinski's comments here :p
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I don't mind at all, and I thank you. Until this time, I day traded stocks exlusively, and I did one thing: I watched stocks that gapped open higher, watched to see if a hinge or coil devleoped, and then bought as price left the coil, presuming it did so, and then only to the upside. I only traded long.

I have not worked out a "buy the pullback/sell the rally" entry. Your comments are and will continue to be appreciated. Thank you.
 
Both the NQ and the ES appear to be resting at the midlines of their respective trend channels, as if they were hanging out at the local pub after having sent out scouts to the peripheries of their neighborhoods to see what the rival gangs are up to. Until they decide whether or not to rumble and, if so, when, there's not much to do.
 
Quote from fortydraws:

I don't mind at all, and I thank you. Until this time, I day traded stocks exlusively, and I did one thing: I watched stocks that gapped open higher, watched to see if a hinge or coil devleoped, and then bought as price left the coil, presuming it did so, and then only to the upside. I only traded long.

I have not worked out a "buy the pullback/sell the rally" entry. Your comments are and will continue to be appreciated. Thank you.
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I like that strategy!

You're tackling something a lot more complex here, but it will start to click over time.
 
Quote from dbphoenix:

You're beginning to lose your child-like innocence and instead work -- unintentionally, I'm sure -- toward demonstrating what a nimble trader you are (no offense).
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Well, I had thought I'd be "joe pro" in six months, but I am certainly still learning, and I am three days away from my first anniversary. At this point, any resemblance to proficiency is hopefully a preview of things to come.

Quote from dbphoenix:

If you've pegged resistance of some sort, remember that that resistance is in your head. Even if buyers and sellers have created what appears to be resistance through their own trading activity, that doesn't mean that that resistance can't melt like a Popsicle in July if traders choose that it should. So as long as price is rising, don't short just because it's approaching what you believe is resistance. If you're going to short, wait until resistance has proved itself -- again, if necessary -- and then short the reversal -- or at least what appears to be a reversal -- or the lower high. Until then, go long or don't trade at all.

_________

Edit: What I meant to say above is wait until resistance has proved itself, or proved itself again, if necessary . . .. In other words, make sure it really is resistance before committing funds to the decision.
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Got it! I do often think of resistance as something real, which then turns it to concrete (unfortunately, "in my head"), when it is in fact really an ether, "in my head."

Quote from dbphoenix:

Regardless of what I or anyone else says, you'll note that when you do it right, the trade does what you expect it to do. When you don't, it doesn't. So if you have any facility for inductive reasoning, collect those instances and draw whatever conclusions seem useful and appropriate.
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Yes. The one thing that has quickly become apparent today is that when I am right, my trades last much longer than they do when I am wrong. That is, it does not take long to discover that I am in error.

Today is my last day for trading this week, as the next three days I must continue to toil in my former world. I will do some replay tomorrow and Friday in the evenings, and I will post what I come up with. I'll be back trading live on Monday.

Thanks again for everything. I know you don't have to do this for me or for anyone, so I want you to know that I appreciate your help and I do not take it lightly or for granted.
 
Quote from fortydraws:

Well, I had thought I'd be "joe pro" in six months . . .
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Actually, compared to some people we both know . . .

Be that as it may, as regards price doing what you expect it to, pay special attention to support and resistance. Note that when you peg it right, price busts out of it like a SWAT team breaking through a door and never looks back. Study the characteristics of those levels to determine what you got right, which can benefit you just as much as reviewing losing trades to see what you got wrong.

And if you've only been trading half-weeks, it's been only six months . . .
 
A reminder, from the weekend:

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Quote from niko:

9:35 No REV, the BO was to the upside, buyers trying to overcome R as of now.
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Not quite. Since the trendline is diagonal, the upper limit is now closer to 40. Tomorrow, of course, it will be even higher.

And you may want to reduce the size of your charts a bit. They'll be easier to read.
 
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