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goodoboy
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Everything posted by goodoboy
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Thanks Db, I am still reading the Wycoff Forum, recording in my journal day by day, and building a trade management for myself. As for trade by price action only, I leaning toward this method as I like the idea of staring at one chart and making my decision from this chart. I think this style fits me better and my personality. So far, the indicators (rsi, slow stoch) is gone. The pivot points, , that may be a little tuff. Price action is attracted to this area for some reason, so that means buyers and sellers do business here right?
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Thanks Db, What charting platform are using? I use forexpro.com during the day to monitor charting? Looks like you using the same. How do you get those different color trendlines?
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After scaling price action down to 1 min chart, I know see the supply line trending down, which should have been hint to move to exit the trade and price can not break this line. And as you say, enter short once 1417 (what I thought was support) is broken. Thanks
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Thanks, Db, would you prefer me post this in the wyckoff-way forum I removed the slow stoch and all the ema lines. The only thing there is pivot points that I follow. While in the trade (@ 1417.50), I did notice that price test and failed to get above (1418.50-1419) four times I counted. However, I remained in the trade and kept the stop loss as planned. In my trade management plan (I am still developing and testing), once I enter the trade I wrote to not adjust stop loss to break even until after price moves 3 pts in my favor and then continue to manage the trade until target is reached. However, I do look for S/R to break to remain interested in the trade. Its just this time i was looking close enough and in the back of my head, I still got this trend is up thing going on. One thing I may need to do is use a lower time frame chart (1 or 3 min) instead of just the 5 min chart while trying manage a trade. Cause now when i look at the price action on the 1 min chart, i do see a minor supply line trending downward in the area where I went long.
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Thanks Db, I tell you to be honest, this trend thing is slapping me around. I gotta fix this issue.
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I got stopped out -2pts
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long 1417.50, stop at 1415.50. target1424. Would like to see 1420 breakout. reason: trend is up and 1417 was support from overnight. And a trendline for additional support here.
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what was that drop about from 1424 back to pre market 1418.50?
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That would be marvelous having a chat room. I need to get in tune with the NQ as I do with the ES. The reason I don't trade NQ is because i feel I am not put the time in analyzing the chart, but its something I need to do. Cause NQ has a good range today, and it was a bit easier to trade dis morning from good support at 2790 I see. On the ES, there was good support at 1417, but I started the computer a bit late, and got left behind. Lets see how far it wants to go. 1420 looks like good resistance that just broke.
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Exit at 1315.75 for +2.75pts. Price action moves very slow at night.
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Here is what I see below. I do recall a demand line broken earlier, but i redrew this about 2.5 hours ago to keep me in the trade.
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I move to stop to breakeven and will let it run. So, far price action is holding up a demand line since dis-morning.
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long 1413, target 1417.75, stop 1411 Reason: overhead trendline just broke and retraced. trend is up of overall market,
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I am kind upset at myself, I spent so much time months ago learning this indicator stuff, when I think my way of thinking correlates to what I been reading on this forum lately. buyers and sellers and interest locations. I have a lot to learn. Db, does your book explain this with examples?
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Hello, I just started reading the The Wyckoff Trading forum and introduction. One of things that kind of confusing me when looking for trade (I mainly look for trades in the morning) is this trading with the trend thinking. For instance, lately the trend of the market is upwards, so my mind thinking is "I have to go long at a support". But after I review the charts at night, I see that finding a short was better. I have it stuck it my head that I must trade with the direction of the trend. I am hoping after some reading of Wyckoff I can determine how to determine price action and take shorts.
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Thanks Db and good call dismorning on the weakness in price action.
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How do you determine overbought? The only way I know overbought is those indicators. And I know you are not using indicators. hhahaah:cool:
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Morning, Its looking like 1413.25 is showing good support as well, but this could just be the middle of the range since Friday high. Why wouldn't you bet on ES holding 11.
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Are New Traders Who Are Successful Hated ?
goodoboy replied to GlassOnion's topic in Beginners Forum
Thanks, you should trade ES futures. I trade it and I like it. Better than searching for stocks. -
Are New Traders Who Are Successful Hated ?
goodoboy replied to GlassOnion's topic in Beginners Forum
This is a very good post to read. I don't recommend to start something like trading and expect consistence in trading in 6 months. However, think of how far you come in 6 months. I think its all about having the right practice as Db mention to me. Because I wasted 3 months studying the wrong thing with all this indicator stuff when the data was right in my face. I then started trading live and I lost real money. I think back and that was silly. Now I trade sim until I my plan and structure is consistent and profitable. -
Are New Traders Who Are Successful Hated ?
goodoboy replied to GlassOnion's topic in Beginners Forum
Thanks for feedback 40draw, I agree with you. One method for a newbie should well good enough. I am also learning price action, but mainly focus on my trading plan for now. Do you mind sharing the three books to be worth studying? I have never taken money out the account for profit as I just started trading future about 4 months ago actively. -
This week was a good week, although my trades did not work out well, but I learned from them and believe next week will be better as I start trading on a well written plan. have a good weekend everyone.
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I forgot to post chart i was looking at when i posted this trade.
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good day for updating the journal and writing plan. This ES is not even moving.
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Good it has been profitable for you. If it is working for you so far, keep it rolling.