Quote from Chicken Little:
Here's the rundown from today if I am applying the rules correctly.
Bar 1 900 BO above previous hi Long 1239.00
Bar 2 930 move higher HOLD long
Bar 3 1000 inside bar HOLD
Bar 4 1030 equal low HOLD
Bar 5 1100 BO down REVERSE Short 1240.75 +1.75
Bar 6 1130 lower low HOLD
Bar 7 1200 inside bar HOLD
Bar 8 1230 lower low HOLD
Bar 9 0100 lower low HOLD
Bar 10 0130 BO hi REVERSE Long 1239.25 +1.50
Bar 10 0130 BO low REVERSE Short 1238.00 -1.25
Bar 11 0200 lower low HOLD
Bar 12 0230 lower low HOLD
Bar 13 0300 inside bar HOLD
Bar 14 0315 exit at close 1227.50 +10.50
Net ES points +12.50
OK any beginner could do this right ?
YES ANY BEGINNER and I WILL point out the reasons why! Thank goodness you got off the sidelines. Believe it or not, I had been eagerly waiting all day for you to run the course with your original post. At times it is unbearable for me to stay seated. Yesterday was the toughest with regards to your first post. So now, I will expand for you on how to bank this every time. PUT THIS INTO YOUR TOOLBOX!
If only the rest of your team could get off the sidelines. This is a positive post to you. To rapidly provide some pictures and beliefs into you, I am going to suggest the following since the previous post I touched on yesterday also applies. However, because you are correctly assessing "BEGINNER" activity, I will address your post as such.
What you have shown here is right smack on the head for 2 reasons. 1. The most important of all is risk, yesterday is the absolute best type of day for any beginner to simply HOLD & REVERSE from 2:15 forward and according to what you had posted. It is a beginner SCT activity. You might ask why this that and the third but I will need you to ask yourself this question. I can provide some guidance. I read numerous posts across ET yesterday that said I don't trade fed meetings this that and the other and for one reason or another the consensus you will see in their comments will be with regards to a prediction (ie. the fed will cut rates, housing blah blah blah, market wil go to... my target is blah blah blah). Why so many losers? Simple, their orientation is predicting and as you saw, if the prediction is off, the loss is substantial 10+ ticks quickly as you had shown. For you lets do some sorting of what's what and agree on what a target really is by anyone who uses it. What you had employed yesterday did not have a single TARGET. Note it and note it well. WHY? Because targets are simply one thing. A target is nothing more than a level that says I am going to STOP MAKING PROFITS at such and such point! How ridiculous. We are oriented to continue making profits, why then would you choose to stop making profits. No more targets!!! THINK!
2. Your actions, are in fact actions to keep you on the right side of the market. Since you are looking at price, the sequences you went thru are such. 2 other variables also corroborate where the right side of the market is. The screwup for a majority is believing that the right side of the market is keeping their position positive. This screwup is more about monitoring their position and thus winds up being the most lagging. I'll explain a bit by what I mean by this. Let's say you enter and you accumulate profits... OK, things are cool. +1 tick 2... 3... 7... Then things turn 7... 6... 2 ticks... DAMN... -1... -2 ticks.... REACTION! This is SOP for many. Why are they monitoring their profits. For them, Price will be a leading indicator. Volume leads Price so their is a level of improvement for you.
BRB... Conference Call...
MAK!
