The Trouble With Scribbles
- Thread starter Buy1Sell2
- Start date
I'm not worried about him either. And maybe he does do well in trending markets (which we've been in going on seven years). But that's not the point.
No plan.
No rules.
No sense of direction.
No risk management.
No trade management.
Losses that would be debilitating to a beginner (assuming he's trading at least 10 contracts, a 60pt loss is a nice chunk of change).
So where's the superiority of the "grail system" over the SLA, which took advantage of all those trends and counter-trends that the "grail system" ignored?
Here is the analysis of the 5 min chart. As you can see, when I posted that I had a made a countertrend trade against the 5 and the 15, that indeed the trend was up. This is why you don't trade against the trend. Trend had reversed with the RSI grail shown at the oversold level. The system misses some activity especially the late afternoon sell off. The activity could have been caught on the 1 min chart. Best time frames to keep open when daytrading are the 1, 5, 15 and 60. Need to keep all open to see agreement etc.
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Thanks--and there would be no reason to be worried--I appreciate the support--Izzy
If one knows the rules, there's no need to announce the trades. If one doesn't understand the rules, there would be no point in doing so. Hindsight charts have been posted, of course, along with the hindsight charts provided by the OP, such as those above. The difference is that the SLA trades are determined by rules; the "grail" trades are determined by who-knows-what.
And it's well to remember that since the OP has at least me on Ignore, he has no way of knowing what's been posted and what hasn't. And since he hasn't read the material and thus has no idea what the SLA rules are . . .
Anyone who wants to believe that the "grail" system is superior to the SLA is welcome to do so. Makes no difference to me. It's not my money. And if one can in reality tolerate the drawdowns, why not? But those who are tempted should understand that a rules-based system need not suffer any drawdowns at all. That the "grail" system does so indicates the complete lack of any sort of trading plan beyond Guess&Hope. As for "scribbles", what better example of scribbles than the indicators of which the OP is so fond. But at least they enable him to make notations regarding what he would have done, or claims to have done, long before the chart is ever posted.
Not impressed. But at least he's stopped pulling the posts and charts of those who are -- or at least were, before his trolling -- trying to learn the SLA out of their journals and reposting them here for the sole purpose of ridiculing them. That's progress of a sort (I'll assume that he was "encouraged" to stop this pre-school practice).
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As you can see, it's always best to have multiple time frames agree. This was picture perfect for that point today.