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DbPhoenix
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Everything posted by DbPhoenix
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Is there a reason why one must log in twice in order to view the charts in the Traders' Logs?
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Zoning out, then being jolted back. But the trade is gone.
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I can't help directly bec I don't have moderator privileges here. Tell me step by step how you do it. Or contact this guy: edgararakelyan. His log is just below. Whatever he's doing works. My edit window is still open. Can you see a thumbnail sketch or just the link?
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Will you be serving drinks? Wine and cheese?
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RULE #23: Learn how to avoid a losing streak... First, watch for any clues that you might be getting cold... One answer is: You weren't there until you were there. And then it was too late.
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It might be, given the major support at this level. Fortunately I don't have to care, if I set a buystop above the price rather than just jump in. If it triggers, I'm "judging the market by its own action" rather than by whatever biases I may have. If it doesn't trigger, I'm still in the short.
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. I don't know if a chart of this trend channel has been posted. If not, here it is. There was first the "oversold" bounce two weeks ago up to the midpoint of the range. And buyers did a nice job of pulling price back up into the channel on Friday. Now, however, we just have to wait and see. Since the long was never triggered, the short is still in effect. That may prove to be the case tomorrow as well.
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This is a chart I posted in January. At the time, few people wanted to acknowledge the downside, and yet here we are. AAPL could reverse in this area, or it could continue to slide to 350. There's so much support there, the odds of price holding are quite high. But it could slip to 325. Who knows? Just be careful and wait for clear signs of a reversal before committing to the long side.
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Problem with the 4 Cardinal Rules of Trading?
DbPhoenix replied to kuokam's topic in Trading Psychology
While I hesitate to respond to a question addressed to Mitsubishi, I have to wonder why you'd bring this up so much later? If you hadn't, I never would have bothered to read your old posts. Having skimmed most of them, I'm going to assume that Mitsubishi picked you out because (a) you're a vendor and (b) you've shown no particular competence in coaching. This is not a personal attack, just a summary of the facts as you've presented them. There are, of course, your shortcomings in trading, but one can be a competent trading coach without being able to trade. Look at Van Tharp. If you think he's a competent trading coach. So perhaps you could offer your vits and explain why you think somebody would want to pay you to be their coach? Have you ever done it before? If so, are there any clients who can testify to your competence? If not, then the "criticisms" are fully justified. Because if you are not competent, you could easily set someone back far enough that they might never recover. -
Since these dustups will likely continue until there is a fundamental change, you ought to consider saving what you think you may want at some point, perhaps to repost it. Just click Thread Tools, then Show Printable Version, and save it somewhere, like Word.
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Depends on what it's lower than. If lower than the previous day, yes, though that's not necessarily important. If it bounces off support, go long. If it doesn't, keep your short, assuming you went short in October, or at least November.
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What about the lines from 11/11 to 12/11 and 2/12 to5/12? Are they not as beautiful? Or are you allowing yourself to be influenced by confirmation bias?
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Unless I'm looking at the top or bottom of a trading range, I don't do targets. I never know what traders are going to do since they don't know themselves, so the idea of targets doesn't really enter into it. Same with reward:risk ratios. But instinct? No to that as well. But then I don't trade like most people trade. My charts are as naked as they can be. Not even a moving average. So if I'm coming off support and bars are expanding, it isn't instinct that tells me that buyers are in control. And if I'm approaching resistance and the bars are contracting and are beginning to roll over, a short looks pretty good. In any case, I would not encourage a beginner to allow instinct into his routine until he's showing a consistent profit. Otherwise he may even be set back. I never bring this up, or at least I haven't in a long time, because the big problem among beginning and not-so-beginning traders is fear. So that's my focus. But the money is made not by precision entries or precision exits or even superior trade and risk management; it's made by size. Nobody is going to make a living trading one contract. But trading enough contracts to make a living requires a security in one's trading plan that is completely outside the experience of nearly every trader.
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Cover Your Ass. The hero worship of so many of those who post here aside, "professionals" haven't been doing all that well, so they're more likely to be cautious rather than go out on limb. Translation? Trading ranges, waiting for something to happen. Given an environment like this where so many instruments are in TRs, it helps to be familiar with the behaviors of at least several instruments in case something is being set up for a breakout, or a reversal. Gold, for example, looks good, at least for Monday. But don't jump into something just because it looks good. Watch it, and find out how traders trade it. It may or may not be good for daytrading.
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If it does provide a trading opportunity at some point in the future, that would be fine. But as for trading the opportunity that's presented in the moment, a Wyckoff trader would I hope see that price is testing the level reached the previous day during lunch and look for a shorting op.
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This is good. However, I caution you, as I've cautioned others, many times, not to get too wrapped up in boxes and lines. If you're going to follow them at all, the most important is the box that you're trading in, if any. And the most important levels are the bottom and top and midpoint of that box. Previous ranges may also be important, but remember that those people may not be there any more and whatever interest they might have as a result of something they're holding is at least somewhat removed because they're not holding it any more. On the other hand, everybody can see these ranges and may act on them even though they have nothing at stake at the time. The ranges show that traders earlier found value in those ranges. Maybe that value is still there. Maybe not. You'll find out soon enough. A large part of the value in being aware of these ranges is to avoid being surprised. You want to take advantage of the confusion of others; you don't want them taking advantage of yours. Of course, if we were trending, it would all be much simpler and easier. But we're not. The big firms are so into CYA mode that getting any sustained action becomes more and more problematic. If you're following just TF, add at least three or four more so that you're not forcing yourself to trade something that you really ought to leave alone at the time.
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I agree up to a point. However, strong feelings and instinct are nearly always (always?) based on something seen or read either in the moment or previously that is prompting the feeling. It may not be conscious and the trader may even not be able to verbalize it, at least not at the time, but the feelings don't just "come". And if they spring from his work and his training, that's fine. However, these feelings too often also stem from fear: fear of taking the trade, fear of missing out on the trade, fear of not holding on too long, fear of not holding on long enough, fear that one really has no idea what he's doing. In that case, the trader ought to stop trading until he's addressed these issues. Then he will have more confidence that the "strong feelings" are protective and constructive and not an instrument of self-sabotage.
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Unfortunately, not everyone profits by doing what they want when they feel it's a good idea. They will more likely benefit from a structured approach, which is what W offers. Here, for example, you have what may be a climactic sell-off followed by a rebound of sorts. Three days later, however, you have a test of that low. The entry, then, becomes the upmove on the following day.
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Too bad we don't have Post of the Month anymore.
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Depends on what you consider to be confirmation. Consolidated ticks make a bar, and the bar isn't necessarily better unless one knows how it was created. Similarly, a 5m bar is just a bar unless one watched it being created. Then it may be of some use. One can, of course, consolidate ticks in his head into bars, but if one is going to do that, why use a tick chart at all?
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Not unless a transaction takes place. Not trying to be argumentative, but an intention is not the same as a transaction. But if one wants to equate the two, that's okay by me.
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Yes, there are many ways. But I don't trade the ES and I don't use 200t charts. I used a 1t chart. As for foreseeing the future, I don't try. I look only at what is, not what might be. But if you believe these tools give you an edge and you're making a living at your trading, there's no reason for you to trade any other way.
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I'm sure they don't care about chart patterns. Neither do I. As for what buyers and sellers are actually doing, I follow that as well, i.e., what they're actually doing, not what they intend to do. I'm not suggesting that you're lying or deluded. If you're making a living trading this way, great. What I am suggesting is that scalping is not the only way. If you disagree, that is also fine.