Son of If You Can Draw a Straight Line . . .

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Quote from Gringo:

I was thinking, now that Db's on vacation, and not keeping an eye on us to keep us in a straight line, we could....!

:)
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Time to go a little crazy!! Goodbye straight lines!!

Had a little jostling after I misread support at the top of the TR but eventually was able to get on the right side of the market. Nice orderly touch of R at the top of the current channel though.

Still get nervous holding through congestion though, had the same problem last time with exiting on neutrality before any evidence of the sentiment changing only to miss out on continuation
 

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Quote from llIHeroic:

Time to go a little crazy!! Goodbye straight lines!!

Had a little jostling after I misread support at the top of the TR but eventually was able to get on the right side of the market. Nice orderly touch of R at the top of the current channel though.

Still get nervous holding through congestion though, had the same problem last time with exiting on neutrality before any evidence of the sentiment changing only to miss out on continuation
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Hero,

Did you change entry strategy, you are getting in way ahead. Good for you today.
 
Quote from niko:

Hero,

Did you change entry strategy, you are getting in way ahead. Good for you today.
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I've recently read through Spyder's Equity Journals I, II, and III on ET, and am also going through a lot of the old material at TL by DB.

Spyder's work on understanding volume has been immensely helpful, and DB's old work focuses a lot more heavily on Support/Resistance trading along with volume cues at those levels than the current method.

Both have been extremely useful in providing tools that I felt like I was missing for a long time, and allow for much earlier entries than standard retracement ones.

I would be more than willing to break down my specific entries or reversals if you see any in particular you would like to have expanded upon.

To answer your question more directly, I've been trying to shift from retracement entries into reversal entries and have been seeing quite nice results so far. DB has said there are three types of trades, breakouts, retracements, and reversals. The material on ET really only seems to focus on retracements, but the TL work on reversal trades has been a goldmine for me.
 
Here is a little sketch I made on spotting reversals. Also, related quote and chart from DB on the subject.

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Quote from dbphoenix:

Here, for example, when price comes back to 1966 the second time, the fact of the test is interesting enough. That it cannot make a lower low even with all the volume is even more interesting. The bullish boost at 1329-30 becomes more important because of what has come before, as does the volume recession when price pulls back to 1975. When another bullish boost occurs, beginning at 1352, it is significant, again, because of what has come before. And when price makes an attempt at a higher high at 1401 and volume isn't there, that again becomes significant because of what has become before and provides the "classic" double-top price-volume divergence setup for the short. Without the context, none of this matters, and volume is little more than traders going about their business. With the context, it becomes a high-probability short trade.
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what I saw today was a lot of chop so I went down to 330 tick chart and will look for smaller targets when we have this kind of day but with that being said still chances to make money if you follow the drill.
 

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Ok 5 minutes to the open and we are heading towards 07 swing low. I see 05-05 as my first level to watch and if that is taken 00.

If this reverses 14, 19 and 25
 
Awk! still working with house project, and they needed advice right at the open. ##@@!!

10 00 ret long


....I was lucky just not to be at the computer for the 958 ret short!
 
9:59 Live calls are getting harder for me.

9: 40 to 9:58 --- I took what I assumed was a RET after the BO (9:45) but it failed, SAR at 9:46 (my execution was crappy but still managed to get in the short). Closed at S at 08.

10:03 after SL was broken waiting for a RET.

Context: We could not make it above 17 or below 08. Will be cautious today and avoid entries until we hit the extremes. Hero, did you test your REV theory around 08?
 
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