The Trouble With Scribbles

dbphoenix said:
There are only three ways to "play" a range: buy an upside breakout, sell a downside breakout, buy and sell reversals within the range. I posted a chart of the range. Anyone who doesn't understand "sell a downside breakout" or "buy an upside breakout" will not benefit from my saying "sell 16" or "buy 27" as by the time I've posted the "calls" the trade will be gone, which is the whole point of posting the charts ahead of time. If no one knows what to do with them, that is a far more serious problem than my not wasting the time to hold anonymous strangers' hands.

All of you need to grow up and take responsibility for your own trading. The key to success is not finding somebody to "follow" but to develop thoroughly-tested and consistently-profitable trading plans. The SLA is one such plan. Anyone who doubts that has only to study the material and apply the rules to any mean-reverting instrument. But study and application go for any plan. The SLA is hardly the only one, nor should the idea of trading breakout/retracements and reversals come as any sort of revelation to anyone who's been trading for more than a day. NoDoji's plan is based on breakouts and retracements. Is anybody using it? Has anybody even looked at it?

The fact that Trader X or Trader Y can't understand something this simple tells me pretty much all I need to know about Trader X and Trader Y.
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Why not take my challenge and shut these guys up? There is only one reason why you will not step up to the plate, and everyone knows what that is.
 
k p said:
I'm not anybodies fan at the moment, but just using logic for one second and your conclusion, can we not conclude that if you can't post one trade, then that should pretty much tell us all we need to know about you?


Are you kidding me? These two are hugely different! Its like saying telling someone to buy something when its low, and sell it when its high... sounds nice in theory, but not so much in practice.

If you actually gave us a framework for the entry method that you use (and not your SLA entry method since you clearly do not use RETs on a 1 min chart with 1 point entries), then we could actually test something. Without giving a firm number, its easy to say later that a breakout you didn't take, and that you treated it more like a reversal.

When price BO's by 2 points or 3 points, its very important to decide very quickly if you want to be part of the breakout, or part of the reversal back down since both of these happen just as often.
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Realistically it is hard for people with discretionary systems to make many real time calls, because of so much of uncertainty or contexts surrounding the potential entry signals; on the other hand, for the few that can handle real time calls consistently and without any hesitation, you can bet their systems are based on solid mathematical and quantifiable parameters. But you won't see those people posting frequently on ET. They don't bother, they don't need to convince anyone, why would they?
 
Just one trade identified on the 15 min chart today. There was no sell signal on the 15 which would have caught the early morning sell off. The sharp sell off and snap back from oversold conditions was a no brainer long however.There was no sell signal on the afternoon decline either. Those trades would have been missed on the 15
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One extra item of clarification. The stops are not moved to their new trailing position in the time that the bar occurs. One must wait for the market to move further in the direction of the trade in order to trail the stop up. It cannot be known at the time it is occurring that this will be the new stop. The only time that can be known is when making the initial stop placement.
 
So the "grail system" is down 40pts so far. Regardless of whether it reverses before the stop or not, if a 40pt downdraft in the NQ is within your risk tolerance, go for it. (Though I suggest you at least find out the criteria for entry . . . )

Risk management?

Trade management?

Que?
 
Buy1Sell2 said:
Long NQ 4523.25. Initial stop 4469.00
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Trade stopped out. This hopefully has been a good presentation of how to post an actual trade and not be worried about whether or not it's a correct one. In the next post I will outline what was wrong with this trade. It's items I posted when I took the trade.
 
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