trading the momentum cycle

padutrader said:
you sound like Brooks....according to him...there are trades every 5 min ....i caught all of them ...only problem in 10 years i blew 50 accounts...maybe more...so ...i appreciate what you are saying but once bitten twice shy
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I don't know of Brooks other than as referenced by other ETers. I wouldn't espouse "a trade every 5-minutes", but there are at least 1 or 2 playable "day-swing" trades a day most of the time.
 
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Al says there are several good trade setups a day. However, no offense to padutrader, this is not one of them. If he had waited for the double top and took Al's reversal setup he would have been much better.
 
cafeole said:
Al says there are several good trade setups a day. However, no offense to padutrader, this is not one of them. If he had waited for the double top and took Al's reversal setup he would have been much better.
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can you indicate on chart where i should have shorted? just for discussion..and thanks for taking part...Baron may give you too a gift
 
_eug_ said:
im guessing on FOMC minutes there will be a big move...
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yep thanks for that...... i closed my short for a small profit.... i do not want to risk a position during the minutes....i am going to sleep peacefully
 
padutrader said:
yes i could...and should that is a sensible idea thanks:thumbsup:
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I’ll add, that there are 2 things that can happen after momentum dies. The second is basing. From a base, price can do anything. I’d wait for the confirmation.
 
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padutrader said:
you sound like Brooks....according to him...there are trades every 5 min ....i caught all of them ...only problem in 10 years i blew 50 accounts...maybe more...so ...i appreciate what you are saying but once bitten twice shy
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He’s actually telling you the opposite. He’s telling you to get comfortable with a bunch of setups and only trade the high probability ones. Not every one. The 200 day one is money. I’ve caught a few knives on the 200 day.. I just don’t catch knives anymore.
 
padutrader said:
can you indicate on chart where i should have shorted? just for discussion..and thanks for taking part...Baron may give you too a gift
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I can't see the prices on the chart very well, but there was a double top just after you entered. If you had waited, there was a head and shoulders later that lead to a selloff.
 
BTW, you just showed an example of one of Al's biggest beliefs - 90% of the time (i.e. no large BO), you can pretty much place a trade anywhere and make a profit IF you manage it correctly. Trade management is WAY more important than entries.
 
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