reason: topping + random walk.
Son of If You Can Draw a Straight Line . . .
- Thread starter dbphoenix
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reason: topping + random walk.
I took 1 long at the open for 4 points on my 1st contract and 3 points on my second when the demand line was broken. The rest of the day the trend was down so only shorts the rest of the day, to me todays action worked really well with the straight line method not all trades were winners but a really good day over all!
You may want to notice the use of "+" instead of logical "AND", assuming you understood the latter.
A cautionary note:
People seem to think of the Bride thread as some sort of remedial class. It is not. If nothing else, it's for learning how to focus. Getting rid of the lines and departing from the drill is not a step forward if doing so leads to confusion and hesitation. One can in fact do quite well if he never leaves that protocol, better than most others who traded today.
No one who followed the lines and retracements should have missed the short at 14. Those who did miss it should vow once again to keep it simple. Forget about support and resistance, forget about trend, forget about volume. Focus on supply and demand and retracements. That's it.
People seem to think of the Bride thread as some sort of remedial class. It is not. If nothing else, it's for learning how to focus. Getting rid of the lines and departing from the drill is not a step forward if doing so leads to confusion and hesitation. One can in fact do quite well if he never leaves that protocol, better than most others who traded today.
No one who followed the lines and retracements should have missed the short at 14. Those who did miss it should vow once again to keep it simple. Forget about support and resistance, forget about trend, forget about volume. Focus on supply and demand and retracements. That's it.
You may PM me.
Quote from niko:
In hindsigth I missed the entry out of fear, and then messed up even more out of stupidity.my lost focus had nothing to do with the market it was ME and my fault. As Db said the entry was quite clear.
Even 40D said once a week or so he had a day he just wasn't focused enough to trade.
For me I enjoy thinking about the more or other than supply/demand and retracements, and those things make sense in a way... but it is the focus I'm working on. Somewhere Db said that trading is all about size. To trade size you have to have confidence and... I guess the consistency that comes with the simplicity.
The reason I am here in this thread is that I have traded with consistent profits sometimes for months, but then somehow I mess up. I believe I am not consistent even if I was making profits. Perhaps because I lost a simplicity and focus. Or I didn't have whatever that would carry through to size.
So I don't care if it takes a lot of time, I want that drill, that routine, that focus. My end goal is consistency and confidence and size. Even if the routine is boring. ...maybe especially if it is boring!
Edit: I hope it becomes more relaxed than boring. But focused either way.
Consistency is a function of profit factor, number of trades, edge value, money management, and the computation of a confidence interval. There are formulas that relate consistency as measured by confidence intervals to the above mentioned variables.
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