Millionaire in 10 weeks & Conversation with broker | Psychology and Money Management


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Psychology and Money Management


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Millionaire in 10 weeks & Conversation with broker

  #198 (permalink)

Montreal
 
 
Posts: 128 since Jan 2013

Now many will say that it's done at hindsight but to me, a formation is a formation is a formation meaning that it will be on your chart in hindsight and ALSO live as it is forming.

This means that once this formation is programmed in an automated strategy, the software will be able to recognize such programmed pattern and get you in or out of that trade.

Even though the indicator is not yet converted in C# and the strategy using it is not fully developed yet, I believe more and more now that Double Tops/Bottoms are the best entry with the help of this indicator.

And no, it's not perfect as you can see, we would have had 2-3 failed entries but a 1-2 ticks StopLoss ABOVE the Double Top would have taken us out with very little loss of $.

Eventually, as it went back down (typical head & shoulders pattern here) we caught one more and as you can see,, just like on yesterday, it was one of the best entry point of the day.

Now, because I had no way to know that it would do such a big move on the down side, I would have gotten out after making my 5 pts but hey, THAT IS ALL WE NEED to double our M2K contracts and move to the next column in my $25-M climb.

Cheers,

Merlin

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