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Catching Big Waves - a trader's journal of surfing the the markets
The mirror effect I am a firm believer in. Love and you will receive love.
But the risk part is really taking some time to ease back into. I mentioned some connections I saw from reading Trading in the Zone. Of course, there are a lot of good connections to trading, but the dog that bit me, was pursuing leveraged real estate.
The risk I feel is not always tied to my trading past, or even to the uncertain nature of price, but to the first-hand experience with the consequences of risk in general. I will think, somewhere deep inside, "Did you not learn your lesson?"
Support and resistance have varying degrees of strength depending on the number of traders looking at them. The reason confluence works, is more traders see them. If you have those who believe in 618, and those who believe in 1.27, and those who belive in 382, and those who believe in a trendline, and those who believe in a prior pivot...
all coming together in the same area... You are on a sizeable team.
And, the higher the timeframe, the bigger the player.
So if we had to go to battle, life or death, and we could choose... would we not want the biggest army and the strongest men?
I have been expecting to find resistance at the LSP on the 120
But, I have just recently been watching the difference between 24 hour zones and RTH zones, and while price may make it to the 96.85 area, the bulk of volume may actually come in at the RTH zones?
The idea would be to hit those backstops before they are depleted?
I have been long only so far, but just something I saw as it kept hitting a ceiling that I was missing, could not find a reason for why there, until just now.
Another good day and week. Finding myself with a little more comfort in allowing things to just be. I have been in a couple trades where I tried to feel the same as if I were not in, and I'm not sure I really was there, but convincingly close at least.
CL may have worn itself out at the 618, lunch is coming up, traders are going to be locking profits possibly. Not sure what set ES off, but what a move. 1395-1398 was a possible ABC completion target, and I guess there were some takers.
