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That was a set-up question No matter what answer you give, my response would be, you did not follow your entry rules, or if you said you do not have entry rules, then that would demand the same answer. The lesson is, if you have rules, and you follow the the rules, you should never have to say, I entered late, I exited early, I should have...blah, blah. I have never said any of these phrases in the past 2 years. From what I can tell, I don't think I've ever seen cjbooth say these either anywhere in this thread. The reason is, he has well defined rules, and he follows them.
If anyone has other instruments they've been watching, along with what settings for the chart resolution, I'd be interesting in hearing WHAT you use, and WHY you've chosen that setting.
Example, I've been looking at the CL, and the 1508/377 combo appears to provide a similiar frequency of signal as the 6E. Along with that I am looking at stop/target of 13/25 tics. Also, instead of giving it a minimum of 2 tics within a SR level like 6E, I'm willing to give it 4 tics based on the way CL moves. Everything else is the same (not looking for changes in settings indicators, just chart resolution and why).
I didn't mess with the TF, but I did bring it up quickly. The 1508/377 looks fine, but it was a completely different frequency of signal, in that 1508 tics on TF doesn't bring up as many trades due to the volatility of TF compared to CL or 6E.
The reason I mention is because Charles mentioned the other day there is a certain 'look' that provides the best opportunities. I think for me personally, it would be nice to tune my eye to 'that look.' This particular 'look' happens every once and a while, and once one could recognize this 'look' easily, deploying it across a few instruments might make trading a bit easier. There are valid trades without 'the look,' but for me I would like to have the option to look just for that one type of pa.
'The Look' was basically price remaining above/below the cloud in an obvious trend. The cloud will also have some fatness to it. Basically anytime price goes more than a few tics into the cloud, the look dissapears.
In the case of price coiling, or not really being in that obvious trend.... when it starts to move in one direction or another, waiting for 'that look' could make things easier.
Here are two different instruments over the same period. I tried to mark off the areas with 'the look' in green, and the other areas where price isn't in that obvious trend mode in red.
I am just guessing here, but the European banks' stress tests are due to be released today at 12:00 eastern time. Even though there have been some leaks, I am guessing that will be a big news event and may have something to do with the lackluster action the last few days.
No matter what answer you give, my response would be, you did not follow your entry rules, or if you said you do not have entry rules, then that would demand the same answer. The lesson is, if you have rules, and you follow the the rules, you should never have to say, I entered late, I exited early, I should have...blah, blah. I have never said any of these phrases in the past 2 years. From what I can tell, I don't think I've ever seen cjbooth say these either anywhere in this thread. The reason is, he has well defined rules, and he follows them.
