Keepin' It Simple: Support and Resistance, Volume, Price Action
Hey guys. Wanted to put this thread together for educational purposes for not only others, but to keep myself in check too. I trade eminis full time, though not my sole income as I still believe I have a lot to learn. My passion and desire to make this my career has been what drives me to keep educating myself day after day and not take any short cuts along the way because you just canít do that with trading.
Iíve seen numerous people try to get the quick route to success by buying high-dollar systems that just end up failing them. You just canít become consistently profitable without putting in the hours and hours of hard work and research and really understanding how the markets work. Sorry to burst any bubbles out there.
Iíve tried enough indicators, oscillators, head-and-shoulders, cup-and-handle crap out there to make my head spin. Around the beginning of summer 2009 I came across a guy whoís methodology really clicked with me. Basically it was all about pure supply and demand, volume, and price action. Everything that the indicators and oscillators try to tell you, but receiving the information and putting it to use before the indicators and oscillators even know whatís goin on. After taking his course and private mentorship program my skill level has increased exponentially.
Anyways, enough about me. I just wanted to create a journal on here to share my strategy with everyone and show just how simple and straightforward it can be and hopefully learn from you guys as well. We all lose sight of even our own rules at times so it helps me to refresh on things I havenít touched on in a long time also.
Making live videos of my trades has been a huge part of my growth so I will be posting as many as I can get in, but will also be posting the occasional screenshot with some notes. To start off I want to invite you guys to check out my YouTube channel so you can get an idea of my style.
Well, no videos from my end this week. My lady surprised me with a trip to Las Vegas for just me and my buddies for my birthday. Going to take the rest of the week to recover and get back to it on Monday. Take care guys.
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I promised you guys some more videos so here you go...
Not a very good day today although it's not over yet. First trade was an attempt at a quick short scalp off HOD. This thing is an uptrending beast so my intentions were to get in and get out. Second trade was reversing my position to the long side as price was showing overall bullish divergence and had not followed through with the short position. After she began to move sideways I felt I no longer had an edge in this trade and decided it be best to exit at breakeven.
Can't complain about a 2 tick loss and a breakeven. Continuing to take these low risk trades will pay off eventually.
Last edited by pmccandless; April 12th, 2010 at 03:24 PM.
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Had a nice pullback entry right at yesterdays close price. I stepped away from the computer for two seconds and it blasted off. Had I been at my computer for the first pullback to that area earlier I honestly probably would've taken it for a small loss so it was just good timing to catch this second one when I did.
Hey guys. Had a couple trades today for about $115 net. First one was pretty nice and experiemented with some scaling out which I don't normally do. Second one was a quick one to lock in a small amount of profits and was pretty much just enough to washout my commissions for the day and a lil more.
You can watch both of them and more at my channel by clicking here.