S/R Emini Journal

[MiniDowTrader]

Here's what Linda Raschke says about flags:

"Listen, all you need to do is understand Bull or Bear flags. If you can recognize those on a chart and understand that those points have the best risk-reward of any technique out there--where you can get the most bang for your buck in the least amount of time and use the most leverage--you don't need anything else."

btw, I shot 76 and couldn't find a fairway!

 

[4re]

Quote from MiniDowTrader:

Here's what Linda Raschke says about flags:

"Listen, all you need to do is understand Bull or Bear flags. If you can recognize those on a chart and understand that those points have the best risk-reward of any technique out there--where you can get the most bang for your buck in the least amount of time and use the most leverage--you don't need anything else."

btw, I shot 76 and couldn't find a fairway!

In a way I totally agree. As I have stated in here before those flags and congestion areas that have today and yesterday form the basis for my S/R levels for tomorrow. But if I didn't trade by my S/R for example if I was late and missed my entry. I have, and still do use flags and pennants to trade with. As long as you wait for the breakout of the pattern.

Now here is the million dollar question. How do you know if it is really a flag or reversal? If anybody knew for sure they would be rich beyond belief. But trading the breakout of these patterns is relatively safe and easy.

Gary

 

[MiniDowTrader]

Quote from 4re:

Now here is the million dollar question. How do you know if it is really a flag or reversal? If anybody knew for sure they would be rich beyond belief. But trading the breakout of these patterns is relatively safe and easy.

Gary

Yup. Breakouts also allow for a tighter stop. That's how I play 'em.

MDT

Actually, for myself that would be tighter stops compared to some of my other breakout strategies.

 

[4re]

Quote from MiniDowTrader:

Yup. Breakouts also allow for a tighter stop. That's how I play 'em.

MDT

And BTW, I couldn't shoot a 176 in golf anymore. I haven't been able to play in about 5 years. Sux to be me, huh...

 

[yvberj]

Quote from 4re:

We don't exactly have to have a pullback just yet. Like Volente said we have options expiration this week. Looking at the put/call ratio it looks like a lot of people had been buying puts lately. So, when the market makers look at that they are going to try an inflict max pain on those guys. Running the market up and making those contracts expire worthless. They will lie and say it doesn't happen but it does, every month. Sometimes it is kind of difficult to tell where max pain is but they tend to tip their hand a little early at times. I sure hope that is what happens this time.

That being said I still remain market neutral, so I don't have to be right about which way the market goes. I just want movement.

I don't expect the mkt to turn dn., but I do expect a PB to at least 1257, which would be to the 50EMA on the 15 mn. I just picked up a couple of those pts. Sht. @ 1266 out @ 1264. I could have held, but I don't like holding overnight if I can help it.

I'm still trying to attach a chart, but I don't know what I'm doing wrong so if you all see any wierd attachments from me just ignore them.

Thanks,
Alex

 

[yvberj]

Lets see if this attachment comes up.

 

[4re]

Quote from yvberj:

Lets see if this attachment comes up.

Yee Haw, It made it.

 

[yvberj]

Thanks. I have no idea what was going wrong. I did this the same way as the others that I tried.

 

[volente_00]

 

[volente_00]

Quote from hpeganz:

Volente - what about the rule of 10 ? Just want to understand - Thanks

Notice the 50% retracements in between.