Quote from yoohoo:
THOUGHT FOR THE DAY: DELAING WITH EMOTION
Precision trading is what we are moving toward and that requires strict rules, tight stops and high probability trades. There's no averaging in/out, averaging a loss, target setting etc. Those rules are a must for a different style of trading but are useless for us. This is much too fast and too fluid. You are either right or wrong so back it to the hilt and get out fast if it doesn't do what you expected. There's no fear of big profits i.e. take off 33/50% at a level because you don't know what's next. We look to catch a trend and for the passing of a set-up from one T/f to a larger T/f recognising the bigger signals brings in bigger traders.
We want to learn to identify the end of tradable chop and the beginning of a run or a creeping trend and trade as best suits the move... swinging or positioning. No reading psychology - you either read the market or you read psychology to help you overcome the mental damage inflicted from neither understanding the trend nor what a quality set-up is.
Failure often means reverse and the earlier you can recognise it the more likely you reverse with a scalp profit resulting in close to âalways inâ trading. But for now it's a step by step process to recognise how timeframes talk to each other and this comes back to where we began... drills on clear signals and especially taking entries that fill other traders with fear that we now understand to be the safest, highest quality for traders.
If you must get attached to a trade or your market view in spite of what PA is telling you, then you need a less demanding method of trading and thereâs absolutely nothing wrong with that â we are all in this for a profit. But if you sit in a trade for 6 hrs while itâs running against you with style, become convinced the trend is set in stone and decide to âjoin itâ, you are going to be expelled penniless form this game.
Iâve shown a few charts where we can use emotion to draw T/Lâs and even project Time & Price projections using emotion. Emotion is to be harnessed by strict rules and reading PA â then you can ride the waves easily.
Iâm taking 10-14 days off to a white beach island resort so Iâm getting things I need today. Will pop in and out of the room. Remember, catch the trend on the 1 hr and make a killing. Today was a gift!
Study diligently and enjoy!
Quote from yoohoo:
Just want to remind you to look at Bar & Candles on the 1 hr.
To get the best out of the 1Hr note things like tails, fluid moves, Doji, Knives, Engulfers, Piercing Lines, Boxes, K/R, Inside Bar takeouts, time, emotion (bottom T/L is EMTL), T/L's, PP's and tie in where possible with 4 Hr and Daily.
Use break of Hi/Lo daily yesterday and prior day as triggers.
Quote from Willleung:
Hello YH,
sorry to say when I really join this tread activly around 80 pages ago, that I do PA, but had no sense of direction, and levels etc..
1/10
PA yes, but priority should the sense of direction shown on the higher TF, but I ended up foucsing on Divengences, which as YH points out, it's not the key..
1/10
Sense of Direction, High TF channels, movement, and Levels; and implement PA as it develops (and in relation to SOD....
6/10
Played PA as a long/short game, while it is a long/short game within another long/short game (major direct, SOD)..
9/10
suddenly felt that in da 1min PA, the exact entry is not as important, as long as you as long as you can keep it low risk..
4/10 (unless you are using the 5 min chart)
YH, looking at the charts posted last night, suddenly have a feeling in my head, what if tomorrow it open high, and goes up? a reversal PA in 1min TF might show up on around Friday's high level.. or it might just sail pass previous' high of day, and go to the channel, and I expect to see that hitting the channle tops, and show a reversal PA, but before, there will be signals from 1min TF to go continuation....
1/10 (for asking)
And it keeps going in my head, is it normal?
Tomorrow, will see how da index goes, and applies what I learn...
