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

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Quote from dbphoenix:

The short, yes, the long, no. There are no longs since price is falling. A long would shove you into chop.
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But my SL is gone, no LL and no losing trades so far. I am sorry, but I cant see the chop, what am I missing?

Is it because buyers failed to make a HL?
 

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Quote from niko:

But my SL is gone, no LL and no losing trades so far. I am sorry, but I cant see the chop, what am I missing?

Is it because buyers failed to make a HL?
More...

You're going long without waiting for a retracement?
 
Quote from YMOCA:

Hooti

When you say TOS does that mean Think or Swim, and you have a TD Ameritrade account?

If so you could try Quotetracker.

See the thread here on ET titled "QuoteTracker To Be Finished End of 2011" for more info. (there are a few things you need to do to make it work now since TD Ameritrade has discontinued it) May not work with a new TD account. (see the last few pages of the thread, as there was a discussion about this)

It's a great platform and free, if you can get it to work.
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Yes I have a TD Ameritrade acct, and trade futures with TOS. Never heard of QuoteTracker but will look at it. I don't have any monthly fees, and my in and out fees are relatively low... tho some others are certainly better and one may need less money in their acct to trade more contracts...
The "OnDemand" replay with TOS often doesn't work when you try to place trades, but is fine for observation.

But we should have this conversation elsewhere and get back to learning to trade! Then as Niko says... I'll work at being cheep cheep cheep /laughing/
 
Thank you Heroic and Niko for posting your annotations, much appreciated.

I am paper trading today to get a feel for how this method works on a real time basis.

I took a short below the bar at 10:09 (on Heroic and Niko's chart). My reasoning was that price had broken the demand line, retested up, failed to continue upwards, and then broke below the prior low. Price tested back up to around the 50% level and then continued downwards. I exited at 3352.75 above the hammer bar at 10:31 (which is not the right thing to do, I should have let price show me that it was not going down anymore).

As DB mentioned, drawing real time supply and demands lines is such a different ballgame than drawing them after the fact in a review session. Market replay is the only way to accurately and reliably practice this method.

Thanks everyone
 
Quote from niko:

But my SL is gone, no LL and no losing trades so far. I am sorry, but I cant see the chop, what am I missing?

Is it because buyers failed to make a HL?
More...

niko,

I wasn't really seeing any strength there at the time. Here are some quick thoughts about the situation. Although the down-move has been temporarily halted, it definitely seems quite pre-mature to be entering any longs at the time.

See attached chart for more detail.
 

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Quote from dbphoenix:

You're going long without waiting for a retracement?
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I considered the whole movement from 10:21 to 10:23 a RET. The chart shows what I was thinking in real time.

attachment.php
 

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Quote from niko:

I considered the whole movement from 10:21 to 10:23 a RET. The chart shows what I was thinking in real time.
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Are you trending? Are you above 62? Or are you trading within a range?
 
Quote from llIHeroic:

niko,

I wasn't really seeing any strength there at the time. Here are some quick thoughts about the situation. Although the down-move has been temporarily halted, it definitely seems quite pre-mature to be entering any longs at the time.

See attached chart for more detail.
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Thanks, Interesting way to see it, you definitely have the dynamics clearer than I do.
 
Quote from niko:

Thanks, Interesting way to see it, you definitely have the dynamics clearer than I do.
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You are looking and SL and DL to make decisions right now. As your understanding of this increases then you can start incorporating this subtle thinking of price really not breaking DL or SL with strength but just breaking it with sideways movement in time. This will take some screen time but should eventually become clearer and more obvious. Keep it up.

Gringo
 
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