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Niko
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Everything posted by Niko
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NQ levels: Back in the TR.
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My limited experience has shown that trading is not easy, but not because it it not easy, but because traders don't make it easy: 1. People start trading as if it was a video game, no training, just waiting for the screen to tell them they ran out of lives and they have to re-start. The problem is that every re-start costs money. 2. Once they thing they have learned something,( is ussualy a canned system that some friend told them about or they read in a forum, or got from a 2 day trading course.) they start trading without statistical evidence that the method works, and therefore no confidence on the method nor themselves. 3. Once the market has taken half their money, and theri broker their other half they understand that there is something missing and start looking for clues. 4. Once they find out all the work (technical and personal) that they have to do in order to become profitable, most ignore it and keep on gambling (casino without penauts and beer), some are smarter and give up, and some persevere and start the path to become a good traders. I guess some courses outthere are legit, but have not heard of any good review so far, in my case self study paid off well.
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Oil Analysis: After testing the 98,20 area and defining a DT prices have retreated rapidly to the bottom of the TR around 96.90 where buyers have provided S during the last few days and are again fighting to keep prices up. The fact that a second DL is in danger and has been poked is a signal of weakness that accompanied with the DT, reinforces the weakness bias. Now prices could find S at 96.90 and go back inside the current TR or break below 96.90 and plunge inside the previous TR that goes all the way to 94,94. If the former, buying a REV (DB, HL, Hinge Upside BO or SB Upside BO), if the latter, Selling the RET from a BO. Levels (+-2 USD)
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Some observations for the morning:
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Wrong thread, sorry.
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How Much Profit Does the Average Successful Trader Make?
Niko replied to edgararakelyan's topic in General Trading
This might enlighten your understanding of what a successful trader is . [ame=http://www.youtube.com/watch?v=K4yDdt9wltw]The Fabulous Life Of Wall Street Billioniares - YouTube[/ame] Just kidding, you are in the right place if you came here to learn. -
When prices reach your levels, do you look for actionable patterns (DB, DT, HL, LH, Hinges and SBs? I have found that looking for these kind of patterns on the tick chart when price reaches S/R helps me avoid some of the chop. I have not tested that extensively, but for example, when approaching R a DT followed by a break of DL increases the probability of success, besides, entering in the tick gives you razor thin stops. The problem I am dealing with now is how to get out of the tick and manage the trade following longer term waves. Just my 2 cents.
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Do We Really Need Strategy to Max. Our Profit?
Niko replied to wmck6167's topic in Trading Psychology
Perhaps the market is tougher now, and yes you need a strategy, unless you wanted to invest 1 dollar in 2000 to get 1 dollar 13 years later. -
Are you only trading REVs?
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The tick lets you follow price as close as possible, but using it as the only source of information will put you in a very limited view position. I personally cant use the 1 tick, because of ninja screen sizing issues, so i use a 30 tick chart. If you are in the screen time phase, a tick chart is a must as you will be able to understand the continuous nature of price. When you begin pattern identification and backtesting you will have to use other intervals as well.
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NQ Levels: Long Term: Zoom In: Chat link: http://stinto.net/en/chat.htm;jsessionid=471AE45D2F4D4F86613F6D4D3FD56067?refId=sn6x5#
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LONG TERM LEVELS FOR OIL: THE ZOOM IN:
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If you go through the forums you would possibly learn the same stuff here for free. In the end is not about courses or magic indicators, but about you and how much work you want to put on learning how to trade and then to stick to what you have learned and planned. Just my two cents.
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Did you read the Wyckoff book?
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Levels for NQ:
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Long term levels for Oil: The range is 2 dollars +/- current market price: Short term view (15 min) Chat link: http://stinto.net/en/chat.htm;jsessionid=471AE45D2F4D4F86613F6D4D3FD56067?refId=sn6x5#
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Interesting, I hardly ever look at time, will give it a try.
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We are at the top of the daily TR zone: Zooming in we can see how 80 provided R during the last few days when the market has been in a very boring TR. Stronger down waves, LLs and LHs are indications of Sellers having the upper hand, S/R levels are provided within the chart.
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Oil Analysis: Sellers were able to keep buyers at bay at 96.9, where prices were strongly rejected , now prices are back in the TR between 96.7 and 95.4. As for strategies: REV or BO plays at the extremes. Surf with the trend within the shorter term TRs levels.
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After a failed BO, seems we are back on the TR between 96.7 and 95.4
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Levels for today´s morning:
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The more you write, the more you learn, so keep on doing it.
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Although there is a LH, DL still intact and LSL still holds so I would say, RET in an uptrend.
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Link to the chatroom: Your Own Chat - Free & Easy! ? » stinto.net «