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Iterative Refinement
- Thread starter Spydertrader
- Start date
I too admit to nailing the FTT and getting 3 points, then getting sheepish and missing the bulk of the move. When the move was over, I had only made 5 points. I believe for me this is an issue of simming vs. live... I didn't have this problem on the sim. Now, I'm quicker to bank profits, but I know that after I get more live experience under my belt, it will be much easier to keep these hold decisions objective.
When I did "get back in," I managed to pick the VERY BOTTOM TICK of a 7 point bar that then retraced intrabar 3 points before continuing. When I was 2 points in the black I had had enough and decided to call it a day at +5.
While I would like to follow in cnms's footsteps someday and SCT it, I have some work to do before then.
When I did "get back in," I managed to pick the VERY BOTTOM TICK of a 7 point bar that then retraced intrabar 3 points before continuing. When I was 2 points in the black I had had enough and decided to call it a day at +5.
While I would like to follow in cnms's footsteps someday and SCT it, I have some work to do before then.
Got a short signal in BPHX today according to beginner level analysis and LBDU by 10:30am. Got short around 17.40. Im expecting increased red today confirming a BO of the current up channel. On my 30 minute chart I have just a tape formed with no point 3 yet on the down channel. Was wondering if its safer to wait for a point 3 before going short. Does anyone use this strategy? Comments and comparison charts helpful.
1-800-HOWSMYTRADING?
1-800-HOWSMYTRADING?
Attachments
Should have something to say re STR-SQU in the next couple o' days. In the meantime this AM what I have for offset considerations is as follows:
YMH8: 3:58 PM Close* = 12631; "Spyder" Offset (* - $) = 42
YMH8: CBOT Close = 12651; Indexarb FV = 46
Readjust offset to 48 ~ 10:15
Unless decimal is 0.5 +/- 0.05, am rounding to nearest digit. Note the obvious runup in the time between the 4 PM close and the official CBOT close. Hmmm. I wonder who could be doing that?
Anyone have any thoughts? offset numbers they'd share? bad jokes? good jokes?
lj
YMH8: 3:58 PM Close* = 12631; "Spyder" Offset (* - $) = 42
YMH8: CBOT Close = 12651; Indexarb FV = 46
Readjust offset to 48 ~ 10:15
Unless decimal is 0.5 +/- 0.05, am rounding to nearest digit. Note the obvious runup in the time between the 4 PM close and the official CBOT close. Hmmm. I wonder who could be doing that?
Anyone have any thoughts? offset numbers they'd share? bad jokes? good jokes?
lj
Please take this in the manner it is intended and from a huge fan of Frank Z.Quote from ljyoung:
...Anyone have any thoughts? offset numbers they'd share?...
Yes on the thoughts, and no on the offset numbers as once one arrives at the place to effectively use the STR/SQU, the 'offset' one uses is 'automatic'.
I will quote from another thread: "relax, you work too hard", by our friend nkhoi.
I have one request, since I don't recall ever seeing an ES chart posted, that you please post an ES chart with your annotations.
The fine tools and various details about this method, are immensely 'shadowed' by the 'simple' ES chart with only Price, Volume, proper annotations (price and volume), and the 20sma. This is the 'rock', the foundation. Without it all else is useless.
Fine tools are 'only' for getting a few more ticks, that's all. But one has to be proficient on an ES chart first.
Quote from LittleMac:
Got a short signal in BPHX today according to beginner level analysis and LBDU by 10:30am.
See attached.
While it appears you have 'all systems go' with respect to your current trade, make sure you keep a few things in mind as time moves forward. While Price clearly broke the RTL, the chart also shows a BO of a Flat Top Pennant (FTP). The next question needing an answer is, "Did the increasing Volume result from a BO of the Pennant or from a break of the RTL?" How can you know the answer? Watch Volume again tomorrow. In addition, when decreasing black Volume arrives, understand what influences are underway. You currently have a position as Price translates from Point One to Point Two. What clues might alert you to the fact that price plans on heading further in the current direction after reaching Point Three?
- Spydertrader
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1741742>
Attachments
Quote from Munck:
My BPHX for today.
My chart looks a little different to LittleMac's and Spyder's.
The trend is short, but for how long?
- As Spyder mention, we don't see increasing red volume.
Currently I have an increase in red volume for today compared to the previous day(1/8) which is a good sign but the way Im interpreting it for tomorrow is this:
In the case of an increase in red volume tomorrow, I should gain confidence that it is a BO of mine/spyders current up channel...... But I should be cautious if I see black volume tomorrow because it might mean it is more likely just a BO from the pennant in spyders channel or it could mean an R2L traverse is beginning according to Muncks channels which would make my channel incorrect?
Comments welcome.