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Trading the SLA/AMT Intraday
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Trading the SLA/AMT Intraday

  #281 (permalink)
Market Wizard
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DbPhoenix View Post
If he follows the formula, his plan, his cake will be a success. If he doesn't, or he makes a mistake (which is where brownies allegedly came from), his cake fails.

Didn't know that about brownies.

I guess there can be great value in some mistakes....

Bob.

Edit: And the overall baking analogy works for me....


Last edited by bobwest; July 31st, 2015 at 10:03 AM.
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  #282 (permalink)
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Schaefer View Post
DB, I've known you for over a decade, but this is the first time, I've heard of you being a baker in the past. Incidentally, I'm just getting into baking (especially, pastries), as a side hobby. Now, that I've stolen some of your trading knowledge, I'd love to steal some of your baking tips, and secrets, as well. Would you mind starting a thread about baking, somewhere??

Schaefer

If you want to start one, I'll be happy to contribute

In the meantime, this is my go-to book: http://www.amazon.com/Professional-Baking-Wayne-Gisslen/dp/0471886688/ref=sr_1_9...nal+baking+wayne+gisslen

There are, of course, newer editions, but this is only 32c used, and formulas are formulas. Before buying something newer and more expensive, this will at least give you an idea of whether or not this is what you're looking for.

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  #283 (permalink)
Trading for Fun
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Note:

From the AMT point of view the second trade was taken in the MP of the TR, the “good” trade that accomplished the requirements regarding to the SLA and AMT was the first one, which by the way was successful because was the point of beginning of downtrend that later turned into a TC, notwithstanding the trade was discarded prematurely.


Last edited by lajx; July 31st, 2015 at 12:02 PM.
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  #284 (permalink)
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DbPhoenix View Post
If you want to start one, I'll be happy to contribute ...........................................


Thank you, DB. I'll give that book a try.

Schaefer

 
  #285 (permalink)
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lajx View Post

From the AMT point of view the second trade was taken in the MP of the TR, the “good” trade that accomplished the requirements regarding to the SLA and AMT was the first one, which by the way was successful because was the point of beginning of downtrend that later turned into a TC, notwithstanding the trade was discarded prematurely.

Sorry to contradict, but there are no trend channels here. But even if there were, I encourage those who are interested in this to keep it simple and avoid looking for trend channels in these micro environments, much less using them to trigger trades.

The first trade works because it's the first retracement after a breakout. The second one doesn't because it's too late.

In any event, the gain from the first would more or less balance out the loss from the second. The more important choice was to stop.

Edit: As long as we're on the subject, I should use this opportunity to point out that if the first entry is taken, I presume at or about 97, it needn't be exited until the supply line is broken, I presume at or about 93, resulting in a 4pt gain. If one invokes the Rule of Preclusion, the second trade would not be entered at all. Otherwise, there would be no gain but rather a 4pt loss.

If one then focuses on price rather than his loss (or in the event he entered at the first retracement, his profitable exit), he sees that price failed to reach the last swing high. This can be used as a justification for entering a potential continuation trade. This would be pretty much a wash. But those are the breaks. That it's a wash provides information (see The Price of Admission).


Last edited by DbPhoenix; July 31st, 2015 at 12:58 PM.
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  #286 (permalink)
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Namo Gurudev,

This one is a gem - "Reducing risk begins with taking a risk before we know enough to make it safe."

Now I know that this is what I did on my last two trades which were profitable and I was happy and satisfied with my execution. I entered very near to the low of a retracement (hence reducing my risk - this was prompted by one of your posts stating something like - we can do away with the confusion of when to know that the retracement is over and risk missing the upmove by risking a defined gap from the recent low).

Thanks as always for your guidance and support.

You don't know how many lives you are changing here and I mean it.

I want to let you and all know that so far i.e. since I started to take interest in trading I have not found anyone who came even close (in terms of knowledge and deciphering the market) to the shadow of Gurudev. No one even seems to think in these terms that we all are doing here and I feel this is some sort of evolution/wisdom being shared here.

Thanks to all for making this a success.

Regards,
K


Last edited by OmDBnamah; July 31st, 2015 at 01:21 PM. Reason: Addition of text
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  #287 (permalink)
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OmDBnamah View Post

This one is a gem - "Reducing risk begins with taking a risk before we know enough to make it safe."

I should point out again in case I haven't made it clear that this is a paraphrase from Mamis. Virtually everything I know about risk I learned from Mamis. In fact, along with Trading in the Zone, The Nature of Risk is one of the only two books I currently recommend.

Similarly, the SLA is firmly rooted in Wyckoff. It didn't just come to me in a dream.

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  #288 (permalink)
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today , was a "mean" reverting day and hence not easy to trade ,
one must have been aware what price "wasent" capable to do ..

at best there where two trades, to take..

 
  #289 (permalink)
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I count up to four, depending on where and how one enters and how risk tolerant he is.

But, no, it was not an easy day.

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  #290 (permalink)
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I think we are around 50% of the way from the top to bottom move, hence, some turbulence.

Gringo

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