Spyder, would you mind explaining briefly how the 10:55 is indeed a stall bar? Thanks.
Spydertrader's Jack Hershey Futures Trading Journal
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Then you need to immediately change this mindset. This type of thinking unknowingly places a hurdle in front of your progress. I'm not one of these 'New Age', touchy-feely, sit around the campfire singing Kumbaha, Oprah-watching type of guys, but you cannot create your own obstacles to success.
Take a look at the problem from a different angle. Go back and debrief the market. What did you miss? What did you monitor that you should not have been monitoring? What or How could you have seen things differently? Did you monitor too closely? Not close enough?
Ask yourself the difficult questions and form honest answers to those questions. Only then, can you begin to 'see' how everyone can end up profitable on day's like today.
The above post isn't designed to 'bust your chops' over your comments. Rather, I intended the words to provide a 'wake up call' for how one can unknowingly plan to fail in all areas of life - not just trading. Today presented a difficult market for some - agreed. But not impossible. Obstacles represent nothing more than opportunity. As such, I recommend applying the necessary adjustments needed to develop a similar viewpoint.
Good Trading to you all.
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Getting better and better at separating the HVSs from the FTTs etc. Here's a sequence from this morning that was good practice--hopefully I got through it correctly.
1) we have a retrace of the green channel, bounded by the thin red trendlines.
2) price is oscillating in this retrace channel on decreasing volume... thus we assume HVS.
3) HVS = flaw, so we should see continuation downwards after the flaw is over, UNLESS we get an FTT.
4) we get increasing red volume like we wanted, but it FTTs. time to reverse long!
<img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=1483517">
1) we have a retrace of the green channel, bounded by the thin red trendlines.
2) price is oscillating in this retrace channel on decreasing volume... thus we assume HVS.
3) HVS = flaw, so we should see continuation downwards after the flaw is over, UNLESS we get an FTT.
4) we get increasing red volume like we wanted, but it FTTs. time to reverse long!
<img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=1483517">
Thank you,
It did turn out profitable after all. Afternoon was much better.
It was cool to know about 10 minutes before point 3 up at 15:35 that the market would resume upwards after the FTT of 15:15.
- First of all a decent point 3 had not been formed yet since the breakout (around 14:45) so I was expecting it.
- There was decreasing volume after the FTT but not decreasing red, it was decreasing red and black (also YM gave a good clue)
- Price did not break the RTL (of that moment) with increasing volume.
regards,
Ivo
It did turn out profitable after all. Afternoon was much better.
It was cool to know about 10 minutes before point 3 up at 15:35 that the market would resume upwards after the FTT of 15:15.
- First of all a decent point 3 had not been formed yet since the breakout (around 14:45) so I was expecting it.
- There was decreasing volume after the FTT but not decreasing red, it was decreasing red and black (also YM gave a good clue)
- Price did not break the RTL (of that moment) with increasing volume.
regards,
Ivo
Today's ES. Spent much of the day playing around with QT. It has some nice features. But I'm so use to TOS for my charting... maybe I'll use both for a while. Have been focusing more on flaw identification. It is interesting that since flaws are found only on the dominant traverse, they (flaws) act like a leading indicator for change. Pr0crast and I were sharing our thoughts on this today.
05-29-2007 ES Chart
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05-29-2007 YM Chart
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