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Question for Grob/Hershey...
- Thread starter makosgu
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I'd be interested in seeing how others are seeing this transpire. I wouldn't know how to term the different channels I have on here since the long blue channel on here has been in effect for 2 weeks now and the light blue traverses are 2-4 days in duration. Jack says ST is 5-8 days in duration. So is today a intraday lateral and the Greenspan may have just given us pt 3 of the next ST channel?
Red= LT?
Dk Blue= IT?
Lt blue= ST?
Traverses across the ST, lately 2-4 days in duration, interday or intraday channels?
Red= LT?
Dk Blue= IT?
Lt blue= ST?
Traverses across the ST, lately 2-4 days in duration, interday or intraday channels?
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that looks about right to me mgin, i don't know how to incorporate longer time frames into trading rockets yet, so that's why i don't have them up...guess that's just an excuse not to do it.
anyhow here's what i did today. the zero on the left hand side is yesterday's result, lol. np. i didn't trade the morning, would have been a +1 and 0 yest.
reading back through the threads about this stuff i am becoming firmly convinced that peoples' unsuccess was as a result of not getting down WASHES.
jack talks about washes all the time, but i haven't actually read people DOING them. (at least on a routine basis). i am attempting to do them.
also, if anyone knows of a journal or someone who was doing this, i'd love to read it.
anyhow here's what i did today. the zero on the left hand side is yesterday's result, lol. np. i didn't trade the morning, would have been a +1 and 0 yest.
reading back through the threads about this stuff i am becoming firmly convinced that peoples' unsuccess was as a result of not getting down WASHES.
jack talks about washes all the time, but i haven't actually read people DOING them. (at least on a routine basis). i am attempting to do them.
also, if anyone knows of a journal or someone who was doing this, i'd love to read it.
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Quote from Dantheman:
jack talks about washes all the time, but i haven't actually read people DOING them. (at least on a routine basis). i am attempting to do them.
Dan is there a particular technique to washing that you are using, or do you simply hold until you can exit without a loss when you want out of a trade?
I am doing an iteration of studying this week without much trading. Yesterday I did two in the afternoon for +.5 and 0. Today I waited for the FOMC and took +2.25 and then gave back a point.
I do washes all the time. When your entries give you the opportunity to wash then you are doing something right. What I mean is if the trade goes immediately against you there is something wrong with your analysis of the situation. When almost every entry gives you a chance to wash you are getting down with the game.
that looks about right to me mgin, i don't know how to incorporate longer time frames into trading rockets yet, so that's why i don't have them up...guess that's just an excuse not to do it.
anyhow here's what i did today. the zero on the left hand side is yesterday's result, lol. np. i didn't trade the morning, would have been a +1 and 0 yest.
reading back through the threads about this stuff i am becoming firmly convinced that peoples' unsuccess was as a result of not getting down WASHES.
jack talks about washes all the time, but i haven't actually read people DOING them. (at least on a routine basis). i am attempting to do them.
also, if anyone knows of a journal or someone who was doing this, i'd love to read it. [/QUOTE]
that looks about right to me mgin, i don't know how to incorporate longer time frames into trading rockets yet, so that's why i don't have them up...guess that's just an excuse not to do it.
anyhow here's what i did today. the zero on the left hand side is yesterday's result, lol. np. i didn't trade the morning, would have been a +1 and 0 yest.
reading back through the threads about this stuff i am becoming firmly convinced that peoples' unsuccess was as a result of not getting down WASHES.
jack talks about washes all the time, but i haven't actually read people DOING them. (at least on a routine basis). i am attempting to do them.
also, if anyone knows of a journal or someone who was doing this, i'd love to read it. [/QUOTE]
your right easy, today my loss could have been avoided if i had waited, and not straddle-bar traded the signal i was getting...
put me in a bad position i warrant.
also, most every entry DOES give me a chance to exit with a wash.
the question i am in the process of answering is how to take a reverse when i 'know' a wash is not possible.
i have as a confluence of indications:
channel break
vol. >< opposite color of entry vol.
MACD >< -.4/.4
stoch. (now the fast line IN is the signal to begin the wash sequence to me...the other factors coming into view is the determinent i am using that washing is NOT possible).
tx, no...see above ...all of this refers only to initial rocket entries and the flaws that appear afterward.
what do you think all?
put me in a bad position i warrant.
also, most every entry DOES give me a chance to exit with a wash.
the question i am in the process of answering is how to take a reverse when i 'know' a wash is not possible.
i have as a confluence of indications:
channel break
vol. >< opposite color of entry vol.
MACD >< -.4/.4
stoch. (now the fast line IN is the signal to begin the wash sequence to me...the other factors coming into view is the determinent i am using that washing is NOT possible).
tx, no...see above ...all of this refers only to initial rocket entries and the flaws that appear afterward.
what do you think all?
Thanks, txuk..good point. my (sim) trading day is split between work PC and home PC and my work pc has only a single 17" to fit everything on so I didn't have the 30/60m up at the time, just transcribed it to the 5m.
Right on easyrider.
Thanks, danth. see logs for yesterday and today attached. I think it was 8+ yesterday and 2.5-3 today.
Danth, you may want to work on your wash (and when/why you should take them) since its considered a "beginner" skill. Moreso than anything else it will keep you "in the game" by forcing you to sideline and reorient yourself. There are many times where doing everything exactly right puts you in a situation to require a wash, and you just do it. You need to be able to discern these situations from the other situations where you just entered for some singular reason and you need to wash because you're a moron. One says I was "there", then you typically remain on the right side of the market. The other says I was on the other side of "there". Reversing here will often find you whipsawed, because the correct reversal will soon follow and if you weren't able to take the wash when it presented itself, you may not be inclined to take the correct reversal. However, if you insist on this method, you would want to look up the IF2 reversal.
Right on easyrider.
Thanks, danth. see logs for yesterday and today attached. I think it was 8+ yesterday and 2.5-3 today.
the question i am in the process of answering is how to take a reverse when i 'know' a wash is not possible.
Danth, you may want to work on your wash (and when/why you should take them) since its considered a "beginner" skill. Moreso than anything else it will keep you "in the game" by forcing you to sideline and reorient yourself. There are many times where doing everything exactly right puts you in a situation to require a wash, and you just do it. You need to be able to discern these situations from the other situations where you just entered for some singular reason and you need to wash because you're a moron. One says I was "there", then you typically remain on the right side of the market. The other says I was on the other side of "there". Reversing here will often find you whipsawed, because the correct reversal will soon follow and if you weren't able to take the wash when it presented itself, you may not be inclined to take the correct reversal. However, if you insist on this method, you would want to look up the IF2 reversal.
Attachments
Washes are the subject I've been focusing on as of late. In my opinion, they are the lynchpin to trading successfully.
When you see the term wash, most people think "Enter a position. If it goes againts me, hold until it returns to break even and get out." At least, that's what I had in mind. But this type of thinking leaves too many loose ends - in the worst case it puts you in a position where you are against a fast moving market.
I think with washes, you use them just like all other components to trading this style. In other words
1. You know where you are
2. You know whats next
3. You know how fast things are changing
If you can't answer these three questions, you should be sidelined - not waiting for a wash opportunity.
If you can answer them, then you will know if washing is an option and if it's the optimal one.
As to reversals, Jack talks about using washes as practice for gaining skill with reversals - so it appears that you should be waiting on reversals.
Sorry if I'm over analyzing this - perhaps it is just as simple as the conventional wisdom. I have noticed though, that when I stop assuming I know what things are and start digging as to what they can be, I begin to think through a wholely alternate series of options.
My beginner thoughts and musings
Anthony
When you see the term wash, most people think "Enter a position. If it goes againts me, hold until it returns to break even and get out." At least, that's what I had in mind. But this type of thinking leaves too many loose ends - in the worst case it puts you in a position where you are against a fast moving market.
I think with washes, you use them just like all other components to trading this style. In other words
1. You know where you are
2. You know whats next
3. You know how fast things are changing
If you can't answer these three questions, you should be sidelined - not waiting for a wash opportunity.
If you can answer them, then you will know if washing is an option and if it's the optimal one.
As to reversals, Jack talks about using washes as practice for gaining skill with reversals - so it appears that you should be waiting on reversals.
Sorry if I'm over analyzing this - perhaps it is just as simple as the conventional wisdom. I have noticed though, that when I stop assuming I know what things are and start digging as to what they can be, I begin to think through a wholely alternate series of options.
My beginner thoughts and musings
Anthony
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