Wyckoff's Monster

I'm not really interested in debating whether trading without ego is the right path, possible or whatever. I believe that it is right for me.

I agree with Siuya that you cannot suppress emotions. This is like trying to use willpower to fall asleep. You can become much more aware of your emotions as they begin to manifest. I have found that with the help of regular meditation it is possible to create some distance between yourself and your emotions. It all starts with observation.

With poker players you have guys with very big egos and guys without much ego. Generally the guys with big egos are much more likely to blow up an account, to lie to themselves about their results, to play in games they have no edge in etc. The ego is a great deceiver. The way to improvement isn't to have your emotions kick your butt. It's brutal honesty. In my experience the ego isn't a big fan of brutal honesty.
 
ego-emotions-, just words to describe whats in there,no one knows really,but there is something, think you hit the nail with brutal honesty,everyone knows the difference between true and false, you're trading against insiders,bots,algos,multi bilion dollar funds,fed's trillions, even a 5 mil acct is small against that, so a retail trader is a sniper, hiding and waiting for a clean shot, that eliminates overtrading as a viable option, that eliminates being part of the herd, some of the herd will get away like a school of fish at a shark feeding, a few swim away, .. what are the odds on being the few,

The first rule in business is to stay in business (you're trading against insiders,bots,algos,multi bilion dollar funds,fed's trillions, ) and to do that you need to know where these guys are at, so it would make sense to learn macro first, then work you're way down to the minutia, these guys trade size and leave footprints
http://i.imgur.com/eFhTFgV.png
http://i.imgur.com/zt5krBu.png 94 supp
http://i.imgur.com/FGrqI1B.png 02 03 sup
http://i.imgur.com/4whaO3r.png
http://imgur.com/lL1G0Wi
even if a new person starts here and doesnt get a lot out of it, doing it over and over it will sink in,this is the same as the 1 and 5 minute bars,works on all time frames, diff is, when you see a tide change its a lot easier to trade with a strong bias rather than an either or bias, a new guy can start anywhere they want,but if in the biz for any duration, that person will eventually learn and trade off the macro, see the bigger pic and wish they hadn't wasted all those small accts by not starting there in the first place
 
Prep for the week...

I'm including a monthly chart. We haven't visited the lower part of this channel since 2010 but the mean is around 3250. Next comes the daily. Again - whether the blue channel is back in play is unclear. The last two swings did go from the mean to the upper parallel before moving through the mean. I suspect the 3415 level will come into play before we have to worry about the bottom of this channel. Lastly the 4 hour chart. We are currently in an oversold position in this channel. We could plunge through but I think a move up is more likely. 3515 is currently the mean of the channel. The SL on the 4 hour has not been broken (not drawn). We are pretty darn close to major support. That support also coincides with a monthly low or two so pretty much everyone has this line on their chart. It should give a good trade one way or another.

So for me - if I want to go short I need to make sure there is enough room between where we are and 3415. We have a hinge in play on the hourly so the true exit from there be our only real concern. I would prefer "up" because there is likely more upside potential but you get what you get.
 
I've decided to switch back over to tick charts. I know this isn't pure SLA. I've done a week's worth of testing on it and it still looks like it is working well. I'm just much more comfortable watching a tick chart. The peaks and valleys tend to be better defined and I've found myself stopped out less. I also find it much easier to see ranges.

I'll still use a daily and hourly in the analysis stage. I've replaced my 1 minute and 10 minute chart with a 200 tick and a 1000 tick.

So this morning we rallied into the open. I had 5470 marked as a possible level and I got short pretty soon afterwards. I got stopped out once before exiting for 4 points. I saw the 50 percent level was holding but was more cautious with my entry and didn't get in until 66 and exited at 78. I kept trading past the usual quitting time and got short at 77.75 and was stopped out. I got short again at 75.50 and got out at 61. I re-entered short @ 59.50 and exited at 59.50 and stopped trading for the day. I had 38 marked as a potential level and price did turn pretty close to there.

I feel like my pre-market analysis was much better today and I ended up taking less trades than I normally do. I know Db recommends only using 1 chart (most of the time) but having a longer term time frame up helps me not jump at every little twitch.
 
green.green said:
I've decided to switch back over to tick charts. I know this isn't pure SLA. I've done a week's worth of testing on it and it still looks like it is working well. I'm just much more comfortable watching a tick chart. The peaks and valleys tend to be better defined and I've found myself stopped out less. I also find it much easier to see ranges.

I'll still use a daily and hourly in the analysis stage. I've replaced my 1 minute and 10 minute chart with a 200 tick and a 1000 tick.

So this morning we rallied into the open. I had 5470 marked as a possible level and I got short pretty soon afterwards. I got stopped out once before exiting for 4 points. I saw the 50 percent level was holding but was more cautious with my entry and didn't get in until 66 and exited at 78. I kept trading past the usual quitting time and got short at 77.75 and was stopped out. I got short again at 75.50 and got out at 61. I re-entered short @ 59.50 and exited at 59.50 and stopped trading for the day. I had 38 marked as a potential level and price did turn pretty close to there.

I feel like my pre-market analysis was much better today and I ended up taking less trades than I normally do. I know Db recommends only using 1 chart (most of the time) but having a longer term time frame up helps me not jump at every little twitch.
More...

Tick charts are much easier to read especially when you have a decent sized move in a small amount of time the tic bar will be several small bars instead of 1 large bar
 
Can some explain why there is a noticeable difference between the same channel drawn on different time frames? I'm including a daily and a 4 hour chart. More importantly - when determining the mean of the channel should which chart is king?
 
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