Hats off to this scribble student for taking the time to post their thoughts that occurred through this trading day. What I think is important to note here, and the reason I posted this is the full-on subjective nature of the scribble method. This is part and parcel of the point that I, and others make, that the lines and method are arbitrary,
As pertains to the first thought, the student shows hesitation as they view the noise and attempt to discern "rejection". The second musing is evidence of the arbitrary drawing of lines, using the term "tightly" and then again conjecture as to where to hold it. 3rd bullet point indicates misunderstanding of what to do. Point 4 is definitive. Thought 5 shows the individual questioning themselves again. Signpost 6 is a frank and laudible admission of paralysis by analysis. 7, honest testimony of trying to understand why sellers might be doing something and recognizing that the trade was most likely wrong from the start (the "why" is unimportant as a trading tool). Observation 8--Trader feels that market is colluding against him when he states that sellers did not want this to succeed.
There is nothing wrong with what the trader has posted. In fact, he should be applauded for the honest and conspicuous manner in which he has revealed the facts. What we see here with the student's help is that even with much study, the SLA has people over-analyzing the data and attempting to read too many things into the information. In addition, they don't really know what to think. This indicates that the system is being presented as a much more complicated method than it needs to be. As you can see , the system is unenlightening and unremarkable. It is also confusing.
"Not really in tune with the market.
1. Long at the ret after the sl brek but it is inside the ov tr, so I hesitated. I was ready to exit-scratch if there was a rejection down at the upper boundary of the OV TR.
2. Exit of previous long: it is dubious. It is true that a tightly drawn dl would be broken, but I think that I should have hold it just below the upper boundary of the OV TR.
3. I still do not understand why I did not reenter long at 1st or 2nd yellow circle. I was not focused.
4. Short at ret after break of dl.
5. When it was not able to go south of prior SH and made a DB I entered long reversing the position. Market stayed there for an eternity showing indecision and this could be read as a hinge. At least a consolidation, indecision period. Maybe I gave it too much space till I exited at 6.
6. There is a not triggered short marked ( triangle down and NT). I was waiting for market clearly going below of previous SH. The fact of focusing-waiting for the short to trigger (and a certain bias instead of being open to any posibility) made me miss the posible entry long marked at the 3rd yellow circle
7. Long. Took it but not happy too enter so late in the wave and so close to HOD where some reaction from sellers could be expected. Exit with loss.
8. Long again. Since it did not go down and formed a micro DB I entered again but seller did not want this to succeed. I think that seeing the big volume that came there and the rejection of the new highs, I could have taken my exit for a scratch earlier.
End for the day."
