Intraday FX Player
- Thread starter CFerret
- Start date
- Status
THOUGHT FOR THE DAY - TRADING IS LIKE CATCHING A BUS
I forget to say the reason I posted the oil chart at that time was because of the posts on ET about going short for an oil crash. My first experience of a Crash was Monday Oct19th 1987 and when you experience one you never forget it - or the date and the time.
Guys this is a vital time in your learning curve because most traders don't last thru crashes and don't know how to trade its approach, turn and the crash itself. Most institutions have young inexperienced traders that have no idea how to trade at this time and will make the same mistakes as the last bunch that got sacked because they made the same mistakes as the ones before them!
When posts on ET were thick about the stock market crashing I was posting âWow This Market Eats Negativesâ and saying longs were no-brainer trades. The next reversal down and real short was a no-brainer too but I decided not to post the reversal or continue with the thread because of zero responses.
Guys, commodities are going wild and stock markets are getting shocks - what an education to get. Usually treasuries, stocks or properties in times of uncertainty give you one thatâs real bad, one that's flat or getting wobbly and one that is the safe profit centre. This time, for the unskilled, there's nowhere to run! They are all sick.
Look at the updated oil chart. If you have a crash mentality you miss the no-brainer reversal bang on prior reaction support.
Chatting with another trader this weekend reminded me of my learning curve and one point discussed was missing the trade of the day - the key turning point. I remember the sinking feeling that I didn't take the trade and waiting for it to come up again only for it to run and run.
My mind and emotions were poisoned as I beat myself up for missing the ATM. Some of you are asking about the best session, best time etc.
All I want to say on that point was that when I learned trading was like catching a bus... miss one and another is coming soon, I began to relax and take the next trade. Before I knew it the market was reversing, then swinging back again and I was riding the waves.
Just catch the next trade regardless of when you start or what has happened earlier and you will find more and more the market moves belong to you. And in doing so you will develop the skills to trade youâre way thru any crash.
Quote from yoohoo:
ANOTHER LOOK AT OIL - $145 BLOWOFF... OR WHAT? Pt2
...But this is looking sound.
A blow off has big oversized pushes but this is well structured and civilized. ⦠but it just doesnât look finished in the kind of nasty way it should with all the fundamentals.
What's my take?
So what I'd look for is a badly structured frothy blow off on the daily that mimics the weekly.
But for all the news headlines I think thereâs not enough froth â more suckers are needed. In any event, it's one to keep an eye on because the lessons learned will be of value for the rest of your life.
Enjoy
I forget to say the reason I posted the oil chart at that time was because of the posts on ET about going short for an oil crash. My first experience of a Crash was Monday Oct19th 1987 and when you experience one you never forget it - or the date and the time.
Guys this is a vital time in your learning curve because most traders don't last thru crashes and don't know how to trade its approach, turn and the crash itself. Most institutions have young inexperienced traders that have no idea how to trade at this time and will make the same mistakes as the last bunch that got sacked because they made the same mistakes as the ones before them!
When posts on ET were thick about the stock market crashing I was posting âWow This Market Eats Negativesâ and saying longs were no-brainer trades. The next reversal down and real short was a no-brainer too but I decided not to post the reversal or continue with the thread because of zero responses.
Guys, commodities are going wild and stock markets are getting shocks - what an education to get. Usually treasuries, stocks or properties in times of uncertainty give you one thatâs real bad, one that's flat or getting wobbly and one that is the safe profit centre. This time, for the unskilled, there's nowhere to run! They are all sick.
Look at the updated oil chart. If you have a crash mentality you miss the no-brainer reversal bang on prior reaction support.
Chatting with another trader this weekend reminded me of my learning curve and one point discussed was missing the trade of the day - the key turning point. I remember the sinking feeling that I didn't take the trade and waiting for it to come up again only for it to run and run.
My mind and emotions were poisoned as I beat myself up for missing the ATM. Some of you are asking about the best session, best time etc.
All I want to say on that point was that when I learned trading was like catching a bus... miss one and another is coming soon, I began to relax and take the next trade. Before I knew it the market was reversing, then swinging back again and I was riding the waves.
Just catch the next trade regardless of when you start or what has happened earlier and you will find more and more the market moves belong to you. And in doing so you will develop the skills to trade youâre way thru any crash.
I expected it to pop up for 1 - 2 days duration but not 3 days as that once again brings cycles into conflict, so the jury is still out However I have posted a chart showing where we left off, where we are now and a weekly chart with red monthly and white quarterly lines added.
The pink line is an very long term ABC showing we are running up the same incline as the last long push and it tops out at about 1.70 (not shown). You can see the red monthly lines and this is looking like a strong well-based structure.
I had posted a joke thread about 1.666 but this is looking like a real initial target. So I have a longer term view, a daily view but it's "trading the intraday buses" that keep me right when my longer views prove incorrect and is where the real money lies.
When you are lost on the 1 hr or any bigger TF... catch the next bus!
THOUGHT FOR THE DAY - WHAT HAPPENS WHEN YOU DON'T LEARN HOW TO TRADE EVERY WHICH WAY THE MARKET MOVES?
I remember the guys crying and doing lines of coke in 1987. I remember being so stressed out I lay on the floor and almost passed out. Now it's the new guys' turn!
http://www.bloomberg.com/apps/news?pid=20601109&sid=ayIvmRwa4t6E&refer=home
Bummer! We didn't have our own hospital then.
I remember the guys crying and doing lines of coke in 1987. I remember being so stressed out I lay on the floor and almost passed out. Now it's the new guys' turn!
http://www.bloomberg.com/apps/news?pid=20601109&sid=ayIvmRwa4t6E&refer=home
Bummer! We didn't have our own hospital then.
- Status