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T For Trading

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  #1061 (permalink)
Phoenix AZ
 
 
Posts: 470 since Dec 2012


devdas View Post
I do not wanted to mention you for every small change that occur on chart. But just to have a look and conserve an opinion which we may exchange in weekend. My understanding and characterization of Instrument is major edge for perception i employ and use to trade. I do not wanted to take advantage of that in SLA. As i already well know usage of AMT, separating everything in its own bin is challenging task. And when i see as a whole and look on absolute purpose of trading then i ask myself why should i separate them and subdued one over other ? But then comes the rules and discipline which help strain and must be followed without intervening.

So, here i have marked some things for assistance of my own which will be evaluated by market in due course. Honestly as a pure SLA, i think there is no short TO at present better say it need to wait for more information. I might be wrong on this with formation of LH-LL, which i think should be utilize for conservative exit from prior longs.

There's no need to separate the two. As I've said, the SLA and AMT work together. However, the SLA works best in trends. If the trader has difficulty telling the difference between trending and ranging, the SLA tells him by stopping him out twice in succession, with a higher low and a lower high (or vice-versa). He then stops until the instrument exits the chop.

With respect to trend channels, AMT will show you where the limits are -- whether the channel is lateral or diagonal -- and the trader can enter reversals off those limits. Unless the range is wide, there's no time for retracements: by the time a retracement occurs, you're most likely near the opposite extreme. In this case, price has not yet reached the upper limit of your channel, key word being "yet". If price has reversed and is on its way to the lower limit instead, you're still showing a profit from the entry off the previous reversal, if you entered it correctly. If price breaks below that lower limit, then of course you have to exit. But AMT helps to keep you in trades rather than tossing you out like "pure" SLA would.

An important objective is to find every excuse for staying IN the trade, not for getting out of it. Otherwise you will never take full advantage of a trending move. An equally important objective, however, is to not lose money. If you enter correctly and manage the trade correctly, any loss will be trivial. But if you enter correctly and manage the trade correctly, the odds of profit are greater than the odds of loss due to how the SLA/AMT works.

Watching price come back toward you is difficult unless and until you learn to focus on what price is doing rather than on your trade. The market couldn't care less about your trade. It's going to do what it does. It's up to you to put its behavior in context. If, for example, price breaks below the last swing low, that tells you something about the state of strength v. weakness. If price breaks below the lower limit of your range or channel, that also tells you something about the state of strength v. weakness. What you do about it is up to you. The market doesn't care. But if decisions are made based on one's trades rather than on what price is doing, he really isn't trading price: he's just protecting himself.

It's a little late to be talking about observation at this point, but observation helps to drive home the difference between observing price objectively and rationally and observing it in terms of what it's doing in relation to some trade that one put on. If one can't observe and evaluate price's behavior without regard to any trade that he may or may not be in, then he will have a great deal of difficulty trading price without using a lot of tricks (indicators, patterns, etc.)

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  #1062 (permalink)
Phoenix AZ
 
 
Posts: 470 since Dec 2012

Doing some chart reviews and zoomed out on yours. You're much more familiar with this than I am as I'm not familiar with it at all. However, one can see that price found support at that last weekly low and that it's dead center in the last upmove.

No way to know which way it's going to go. You're in a better position to make those judgements than I am. But it's always a good idea to back away and avoid getting tied up in trivial movements.



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  #1063 (permalink)
Al,India
 
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This was a bang - bang day for me. I did what it looked like at the moment. First morning Long, then a Short and then again Long. Last it gave me impression that bulls have taken back their seat and they are determined to make more upside.
The hourly channel i drew is no more valid in the sense it was drawn but i would not lie that was the base of morning Long. I could scalp second Short but become greedy. Overall, i had not expected this V recovery today , mostly we see climatic consolidation for major portion of the day and then decisive move latter. In that regard what i gained is OK. Regarding last Long , i am undecided to carry it or not because it would look ugly below MIRZ level 8580-75.









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  #1064 (permalink)
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That completed my day, not willing to hold it more. Will see next day.




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  #1065 (permalink)
Al,India
 
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Bulls should hold the lower MIRZ level 8580-75. But they are giving sign of early weakness. If that happen ( trade below MIRZ ) then chances of yday being "Late bulls" will increase. In that case it will become upside down and towards lower breakout line - just a remote possibility.

I was observer today, no trade taken. Was thinking to Short , Long both at some point but could not pull trigger. Just was confuse with all.




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  #1066 (permalink)
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  #1067 (permalink)
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  #1068 (permalink)
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@DbPhoenix

"Curved Straight Line".



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  #1069 (permalink)
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Taking support for time being from prior MIRZ levels.





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  #1070 (permalink)
Phoenix AZ
 
 
Posts: 470 since Dec 2012



devdas View Post
@DbPhoenix

"Curved Straight Line".



That's starting to look like a moving average

If trading price here, though, you'd see that the stride of this particular segment is broken just after your last green dot. Price then retreats to the median of this channel, then rallies to attempt a continuation. Instead it makes a lower high. What one does here is a matter of choice, though holding on to the long is probably not the best one. If one's experience with this particular instrument tells him that there's going to be a lot of chop in this area, then just get out and stand aside until price reaches the opposite extreme and either reverses or breaks through. Or ignore the channel entirely and short the triple top on 7/23. Again, familiarity with the instrument should be extremely helpful, but it's also important to keep in mind that the channel is in your head; the triple top exists outside of you, in the market. So if pressed as to which to trust in real time, especially as price failed twice to reach the upper limit of the channel, I'd go with the triple top.

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