Question for Grob/Hershey...
- Thread starter makosgu
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I don´t draw every traverse, I try to find a channel that describes the trend best, then I draw the retraces and delete them when they´re "used", don´t like to have too many lines on my chart, I dont do sct anyway.
Maybe your a pro and don´t need advices, I don´t know, but I think you should connect the tops and bottoms in the afternoon to get a bigger channel that shows how the trend flatened out (if you can call 12 points in less than four hours flat
). Makes things clearer. Apart from that it was good.
Maybe your a pro and don´t need advices, I don´t know, but I think you should connect the tops and bottoms in the afternoon to get a bigger channel that shows how the trend flatened out (if you can call 12 points in less than four hours flat
). Makes things clearer. Apart from that it was good.Sometimes I do the same thing as you do, but I try to focus on correctly drawing the channels in real-time, as this ultimately determines money making.
I draw channels and traverses in higher time frames too. In the attached picture the blue, red, green and purple channels are drawn from longer to smaller time frames (purple channels are traverses in the green channels, green channels are traverses in the red channels, red channels are traverses in the blue channels). It helps me better understand my trading time frame as well as improve the timing of my entries / reversals / exits.
I draw channels and traverses in higher time frames too. In the attached picture the blue, red, green and purple channels are drawn from longer to smaller time frames (purple channels are traverses in the green channels, green channels are traverses in the red channels, red channels are traverses in the blue channels). It helps me better understand my trading time frame as well as improve the timing of my entries / reversals / exits.
Quote from Stalker:
I don´t draw every traverse, I try to find a channel that describes the trend best, then I draw the retraces and delete them when they´re "used", don´t like to have too many lines on my chart, I dont do sct anyway.
Maybe your a pro and don´t need advices, I don´t know, but I think you should connect the tops and bottoms in the afternoon to get a bigger channel that shows how the trend flatened out (if you can call 12 points in less than four hours flat
I have reverted to my lazy ways, Im afraid. Constant monitoring just seems like too much trouble. Those one or two no-brainers a day are plenty for me. Only got two decent pullbacks but they were both good. I know sct is viable but maintaining the focus is difficult for an old fart like me. I can spot my "setups" from across the room.
Quote from easyrider:
I have reverted to my lazy ways, Im afraid. Constant monitoring just seems like too much trouble. Those one or two no-brainers a day are plenty for me. Only got two decent pullbacks but they were both good. I know sct is viable but maintaining the focus is difficult for an old fart like me. I can spot my "setups" from across the room.
What are you doing trading from across the room? No wonder you can't maintain focus on your monitoring. j/k
I tried to delete that post but apparently they have a new rule where you only have 10 minutes to edit your post which really sucks. I encourage everybody who feels the same to go to the feedback forum and vote in the poll. I wanted to delete it because, after thinking about it for a bit, I am afraid that it may discourage some people and I dont want to do that because I think studying sct and Jacks methods is time very well spent. Using channels and minimal attention to volume has taken my "edge" trading to a new level. I spend most of my day in my electronic "dome" but I like to watch movies and certain tv programs and play war games while Im trading which makes fine monitoring a bit difficult. Constant reversing I also find tiresome. It is so much simpler, for me, to wait for something I really like and pounce on it. Different strokes for different folks.
I laugh out loud. Tons of people are struggling like mad to learn how to daytrade. You hear that it´s really tough to make it. You have to be extremely focused, being able to process a lot of information, make fast decisions and so on. Most people fail.
I never imagined this tough job included things like playing games, watching TV and casting a glance at the computer once in a while!
Quote from Stalker:
I laugh out loud. Tons of people are struggling like mad to learn how to daytrade. You hear that it´s really tough to make it. You have to be extremely focused, being able to process a lot of information, make fast decisions and so on. Most people fail.
I never imagined this tough job included things like playing games, watching TV and casting a glance at the computer once in a while!
My setup is a bit different. No TV, no phone, no music, no distractions.
There was a device being developed in the '60s by a super secret spy agency that would be quite useful for me now as I sit face to face with my partner the market, but the technology was never perfected and I don't know what happened to it eventually.
Some people may know what I'm speaking of from this pic.
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