Check out the newer book, 24 Essential Lessons, which from what I recall presented things in simpler form. I gave away all the copies I had so I can't say for sure how different, if at all, the treatment of that particular topic is in the newer version. Keeping abreast of the longer term is more like extra credit than a homework assignment for a person operating intraday. Nonetheless, your post does raise the suggestion of discussing O'Neil's rally attempt analysis here among those interested.
Question for Grob/Hershey...
- Thread starter makosgu
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I agree. This is like xtra credit and I will start a new thread so this one can stay focused as it is.
I will pick up that book and after studying/researching, I will post my Qs and Comments in the new thread.
I will pick up that book and after studying/researching, I will post my Qs and Comments in the new thread.
I only trade the simulator now and gather statistics of different situations. One thing that is very clear is that if I win in the beginning of the day I can end several points +. If I loose in the beginning of the day I often end several points -.
If I trade a triangle, a point three, a flag or a retracement to 20 ema doesn´t seem to matter. On a winning day, I win 75% of the trades. On a losing day, I loose 75% of the trades.
Another thing is that a losing day doesn´t mean I couldn´t read the market. In fact it can be the opposite, I can anticipate every major change in direction, but if I´ve started the day losing I somehow manage to get in at the wrong place and out at the wrong place and I completely leave my rational thinking behind.
For some people this might seem ridiculous sitting with a simulator, but I don´t have my own account so losing for me is almost as painfull in the simulator. Since I gather statistics I have to look at those negative numbers at the end of the day. And I HATE failing.
Anyway, I´ve clearly improved over the last couple of weeks, market is at least whispering to me now. I seldom have that unpleasant feeling of being lost anymore.
If I trade a triangle, a point three, a flag or a retracement to 20 ema doesn´t seem to matter. On a winning day, I win 75% of the trades. On a losing day, I loose 75% of the trades.
Another thing is that a losing day doesn´t mean I couldn´t read the market. In fact it can be the opposite, I can anticipate every major change in direction, but if I´ve started the day losing I somehow manage to get in at the wrong place and out at the wrong place and I completely leave my rational thinking behind.
For some people this might seem ridiculous sitting with a simulator, but I don´t have my own account so losing for me is almost as painfull in the simulator. Since I gather statistics I have to look at those negative numbers at the end of the day. And I HATE failing.
Anyway, I´ve clearly improved over the last couple of weeks, market is at least whispering to me now. I seldom have that unpleasant feeling of being lost anymore.
On the swedish scrabble page where I hang they call me "the thread killer", cause my comments on different topics are so absurd so no one knows what to write after me. I often put an awkward end to most discussions. I tend to take pride in this, since people usually talk about stuff like their favorite tv-shows, Brad Pitt and pizza.
I hope I haven´t done the same here though
If anybody´s around I was interested in if you trade the fed announcements, or if you stay away? Do you have a specific way of handling them?
I hope I haven´t done the same here though
If anybody´s around I was interested in if you trade the fed announcements, or if you stay away? Do you have a specific way of handling them?
I dont know about the others but I havent been posting because I really have nothing to add to what Ive already said. Happy to answer any questions, though. I do not trade the fed move itself. Apparently Jack has a way to trade it but I dont understand it. Maybe Mak can fill you in.
Oh, puleeze! Say it ain't so! My favorite humor thread has gone moribund (look it up, non-native English speakers) on me? Did Jack die and I missed it? Did all of you run out of money and have to take REAL jobs? I was crushed by Stalker's admission that he trades in SIMULATION. That would be like Easy admitting that he jerks off. Please, please, SOMEBODY post! If I weren't making over a Kay a day (dollars AND the nice old lady of the same name), I would join you in this circle jerk. BA, surely YOU have something pithy (say that with a lispth) to say?
Early bird gets the worm my ass!! My single biggest problem is early entries. Every once in awhile it pops up to bite me in the ass but, I actually enjoy getting bitchslapped occasionally. (Thats for you mikey) It gets me back into the groove. I had a pretty good day but it coulda been a lot better. I slipped into amateur mode a couple of times. Just had to get that off my chest. Now excuse me while I retire to the bathroom with my Playboy.
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