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

[niko]

Quote from dbphoenix:

Back in chop

10:33 Now, a feeble break below 22.50 could turn this into a TC, as I am not In on the short side, that would mean stay out for me.... But one could also trade it if one already knows how. Perhaps the down move will come with strength and it will be sellers delight.

 

[dbphoenix]

Quote from dbphoenix:

Back in chop

1036 New DL, new brk.

And back in chop again.

These "rules" make me think of a protective shell

 

[niko]

Quote from dbphoenix:

And back in chop again.

These "rules" make me think of a protective shell

That´s what they are. Thank you for the force field.

 

[dbphoenix]

Quote from niko:

That´s what they are. Thank you for the force field.

These aren't the droids (trades) you're looking for.

Okay, this has been going on for a half hour and I have things to do. May check back later.

 

[niko]

Quote from dbphoenix:

These aren't the droids (trades) you're looking for.

Okay, this has been going on for a half hour and I have things to do. May check back later.

Hehehe, a fan!! That is good to know.

Take care.

10:47 BO on the making. and around 50% of the downmove.
10:52 I am done, this is not going anywhere and even if it does go up, I wouldn't bet the house on a fast move at this hour.

 

[niko]

Quote from Gringo:

Considering it was potential S and price bounced getting out isn't bad. When there isn't an S around then 50% or LSL are ok. Price isn't continuing down here. So whoever is in so far could secure profits.

Thank you, I will consider this for strategy building.

 

[niko]

Quote from dbphoenix:

A reminder: if one had followed the drill, he'd've been short at 25. And he'd be out now.

Was this the entry around 10:23 after the break of the DL?

My entry on the chart.

Thank you DB and G for all your comments today.

 

[dbphoenix]

Quote from niko:

Was this the entry around 10:23 after the break of the DL?

Yes. And the DT is confirmation, if one needs it. That it didn't work out has nothing to do with the protocol. This has to do with a series of trades over time, not any given individual trade.

 

[dbphoenix]

Something I learned in an art class long ago has proven to be very useful in trading. The artist was teaching us how to see, and he did this by placing a simple object in front of everyone, in this case an apple, then telling us to study the apple as long as we needed to in order to draw it, but not to begin drawing until we looked away. If we couldn't come up with anything, we could look back at the apple as much and as often as we needed to, but we couldn't look at it while trying to draw it. This exercise had a profound effect.

When I first open a chart for the upcoming session, the results of this exercise inform what I see. I see first whether price is going up or down or sideways. I look to see where and how the various congestions relate to each other. But perhaps most important I look to see where traders are seeking value. No lines, no boxes, no zones. A Google EarthMap, if you will.

So I notice this morning that traders spent all night hovering around 34, then plunged this morning to 28, which happens to be the apex of the triangle formed yesterday afternoon. And now we're square in the middle of all that. What does it all mean? I have no idea. But it does provide me with a framework, a context, and prevents me from dragged around by the balls with no idea of where I am and where I'm going.

How long does all this take? Maybe 30 seconds. All because of an apple.

 

[niko]

Quote from dbphoenix:

Yes. And the DT is confirmation, if one needs it. That it didn't work out has nothing to do with the protocol. This has to do with a series of trades over time, not any given individual trade.

Sure, at the time my thinking was chop, that is why I avoided the short there.