The Foresight Thread
- Thread starter dbphoenix
- Start date
4470 would be a shame since The Squiggler would be back in the hole after all the effort of the past week or so. Scribblers, on the other hand
As for the short, that would depend on the DL. That's the halfway level, so the jockeying will at least be interesting to watch.
The ES rejected its halfway level about an hour ago. Whether that implies anything for the NQ remains to be seen.
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Well, I guess pokito gets the Golden Nail award two days running.
You were asking about trading the hourly. This is an excellent opportunity to gather some data.
The buy here would be the first retracement after the break of the SL, which might occur Sunday evening.
Think about where your buystop would be. Trading this interval, you shouldn't have trouble with a stoplimit, unless you want to babysit in order to place a market order.
You will also have to decide how much MAE to allow and from what point you will begin to measure it as well as by how much you're willing to tolerate a break of the DL in case price does so before resuming the upmove, assuming that it resumes the upmove at all. You should also think about how many contracts you're going to trade and what the target for the first should be.
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DB, this may not be the place for this if so I appolige upfront. A few months ago I posted to you that amt/sla had turned my trading around, well I was premature, I still had bad habits I needed to get rid of so i paid attention to what you and a few other people on ET have said about observation, observation, observation. My dad always told me keep my eyes and ears open and my mouth shut and I will learn somthing. I kept observing price action till I felt like I was some what comfy with it then started working on ranges, I have looked at many of your charts and they have helped me understand this busness of trading as it is a busness not a game. IMO. In this busness a person will learn somthing every day as I have anyway. You have always said that if done properly the loss's will be minamal and the profits, well they will take care of them selves. My trading plan is some what simple but works for me, I will only take trades at the extremes or a breakout of a range period. I went live this week monday was a b/e day, i think I was still a little nervous, T/ F were all green and I only traded 18 cars all week with a gross $ 725.00 week. I shouldnt be posting my earning but just wanted to for any of the nay sayers. If this old man can do anybody can if they will put there nose to the grind stone. Many thanx to you and the other P/A traders who post to ET.
The idea was to alert anyone short at the time (about 1140 hrs) or about to go short (4450-4430 shorts) to take another look at the charts to see if there is likelyhood of NQ running up to 4470 or so.Well, I guess pokito gets the Golden Nail award two days running.
58 is old?
You needn't share your plan if you don't want to, but if you don't mind, did you go through the process of (a) defining a "break" for yourself, (b) determining how much leeway to allow the trade entry to go against you before exiting, (c) determining where to exit a trade after it's proved successful? If you did, what were your results?
And with regard to whatever results one gets, those who are exploring this should understand that these results are dynamic, that the MAEs and MFEs may change from week to week, or day to day, or even morning to afternoon. But that's what comes from reading price instead of indicators.
And, incidentally, traders all over the world are trading this successfully. There's just no reason for them to post here. The comments made by those here who are not fans of the approach mean little, if anything.
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old, figure of speach, lol, on the trade plan thats what works for me and as I get better I might make adjustments to it but for now it stands, on the b/o trades I use a 400 tick chart and enter after the 1st ret, so far it has worked well,
sorry not done, hit post by mistake