This really tickles me: I took a scalp and earned in 6 minutes exactly what took me 12 hours to earn/scratch earlier.Traded the most primitive way - no indicators, no ticks, don't know what DOW's doing, don't know what companies have released or are releasing earnings (just know that a bunch of them are). I had my eyes on my 5min and 1hour. That's all.
Went in LONG after signal candle broke out of a consolidation of dojis. Signal candle had closed below resistance, but that break out of those doji's range would give it enough momentum to break resistance, I gathered, and the breaking of that resistance would give it even more momentum to go for the next resistance. On the hourly, price was so near to 848 resistance - candle was less than a point away from it, more than half way into it's previous candle (bearish candle)'s body, and 25 minutes away from closing. ES would at least attempt to close back above 848 resistance on the hourly. Stars were all aligned, and I waited for my signal candle to move just 1 tick above the high of the 3 dojis.
I can't help but prefer scalping to any other mode during US trading hours.
Lord Tedders:
To answer your question, what I mean by the "saner" way to trade is this: If I'm looking to buy, I find a place where I think price is low enough to get in, then find a place where I think price won't fall below and call that a "protective stop", and finally look for a major resistance (hopefully far enough to satisfy my appetite) and then I enter my trade, and then I get out of my chair and go play with my cats.
Well, that's just in theory of course. In practice, I watch my chart like a hawk for as long as I'm in position so that I can save it when market does something crazy. Today I stared at my chart for a straight 12 hours. I think it's something that only cavemen can understand. LOL!
9 comments:
Jules,
Sounds pretty much just like what I'm doing except I only do it for a few hours a day. My point is that why should we make this any more complicated than what it is?
1) Define your version of range
2) Fade the edge of the range
3) If range widens reverse and go with the break (if you like)
4) ???
5) Profit
Lol
LT
Mine's simpler, LT.
1) $
2) $
3) $
LOL!!
You won't believe how clearly I see my charts after I stripped it of all indicators including the simplest - MAs. My eyes are just not quick enough to watch so many things and my brain not powerful enough to process so many signals!
Nice, Jules.
My favorite quote: "the only correct way to trade is the way that makes you money".
Keep up the good work. :)
if you don't miss the indicator then it is not worth to put it back on. It sounds like you are PA, price action, trader, anything else is just a lagging indicator.
I don't even have enough brain power to process the leading indicators quick enough. Definitely no time for lagging ones.
"I think it's something that only cavemen can understand".
I'm one of them, the cavemen. LOL.
http://tinyurl.com/curhym
Here are 2 videos of Al Brooks,
you need to unzip them back into avi file first.
Cory,
You're a darling :-)
I watched the presentation.
Trading from a laptop with just 1 chart, a recluse, don't take calls, don't chat, don't watch news, don't go out, assuming a pattern is going to form and just trade it, don't use indicators coz they just get in the way etc, etc - I laughed til I teared! And I think you know why :-)
I've actually just ordered his book from Amazon (using my prize money - from The Lonely Trader LOL!!) and am anxiously waiting for them to ship it to me in late May! This video is an excellent preview and I just can't wait for the book to arrive!
Thank you so much :-)
well you know the old saying -When the student is ready, the presentation will appear, or something like that. ;-) I hope the book will live up to your expectation, cheer.
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