The Foresight Thread

[damnpenguins]

View attachment 151127

So basically what you've done is distill 400-odd pages of Wyckoff, 73 pages of SLA AMT, countless online threads and journals to now 1 post on ET.

I'VE READ ALL OF THEM DAMMIT! WHY COULDN'T YOU HAVE POSTED THIS 6 MONTHS AGO!!!!!???????

Jokes aside, this is the most succinct distillation of trading wisdom* I've ever come across. It is the haiku of trading plans....

Love it

* troll bait.

 

[dbphoenix]

Someone long ago said that if you can't put your trading plan on a 3x5 card (without the pictures), it's too complicated.

 

[damnpenguins]

My 'cheat sheet' Trade Plan - with pictures, I love my scribbles - is getting down to a printed A5, so at least I'm on the right path then...

 

[dbphoenix]

I should change the SLA/AMT to "Scribbles"

 

[pokito]

Who wants to take NQ=4390 today?....give me a show of hands.

 

[txpoker]

today pre market range is 4355-4380?

 

[dbphoenix]

 

[dbphoenix]

today pre market range is 4355-4380?

Sorry. A clear-cut R level today, but not S. I was waiting as long as I could to see if it would settle. The key here is R. If you already sold it, hold it. If not, wait for whatever opportunity you see for yourself, a reversal off 78, a BO thru 78, ditto with 70.

0902: And there's the break below 70.

"Where you lead,
I will follow,
anywhere,
that you tell me to . . . "

 

[dbphoenix]

You appear to be interested in this, so I'll point out that if you had planned to enter a REV off 70, the mkt would not have given you the opportunity. If you had entered long at the market at that level, you'd be in caca.

Those who have no idea what this is all about are forever asking how do you know which way it's going to go? If you don't "call it", then you're always right. Scribblers, on the other hand, know quite well that price could go either way, so they bracket their entries, long above 70, short below. Who cares which way price goes? What is more important is to be prepared for either contingency.

In advance.

Ahead of time.

 

[dbphoenix]

Incidentally, as long as you're looking at it, that plunge thru 70 is the market's way of telling you that it was important. It may not be important now or at any time in the future, but clearly there was something important going on there. One doesn't necessarily need to know the details of the why, only to recognize the what. That to a large extent is what trading price is all about.