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Like a turtle to his balcony...


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Like a turtle to his balcony...

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  #1311 (permalink)
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
 
GaryD's Avatar
 
Posts: 6,462 since May 2011

And, I am trapped in my house, been bored all day and wished the market was open. Decided that was not a good place to trade from. It may have caused me to miss a decent move, but there are so many decent or even fantastic moves. The homework I have done this weekend should benefitt me in RTH, and I read that action with more confidence. I do not have to hope the emergency order desk will answer, if I needed it. I get to observe the move for next time, without being attached.

There was a lot of selling on Friday and I would guess there are shorts getting chased right now. But without the breakout above this zone, buying into high level resistance sounds very silly.

I get asked a lot about why I don't just go back to scalping. It is a constant battle is the biggest reason. A lot harder than being a good watcher. Which still falls under the definition of Trader.

I would prefer to feel confident and relaxed in my trades, and scalping does not allow me to feel that way. I kept trying to force my square peg into that round hole for a long time, all the while wishing I would just swing trade. But that did not keep me as absorbed by the current vibe, without which dulls the senses.

But the concept of value provides low risk high reward trades on a regular basis, and if I could shape myself (and I can) I would take a trade and not feel anything.

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  #1312 (permalink)
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
 
GaryD's Avatar
 
Posts: 6,462 since May 2011

My favorite quote so far from Jim Dalton;


“I had always marveled at the Apollo 12 moon mission, which was reported to have landed within 15 meters of its target. I thought it was accomplished by a room full of incredibly smart people who created an algorithm, fired the rocket into space, and waited until it landed on the moon. I was surprised to read that the mission was off course 80 percent of the time, which required continual course corrections. Without these on-the-fly computations, the Apollo would have been lost in space.

When working with the natural sciences, there is comfort and stability in the reproducibility of results, born of the constants inherent in scientific inquiry. There is a genuine feeling of delight when the mind stumbles across the “correct answer.” The human mind is hardwired to seek concrete answers. Moreover, our tendency is to acknowledge only those answers that support our presupposed beliefs, which can lead to tunnel vision, short-sightedness and, ultimately, plunging profits.

The difference between the natural sciences and market-generated analysis is that the elements we employ to conduct our analysis are constantly evolving; the only constant we have at our disposal is change. Of course, without change there would be no opportunity, and so we gladly welcome change. But as a result, it takes an extraordinary amount of time and dedication to become familiar with the type of analysis we’re describing in this chapter.

There is no substitute for experience in any field, of course, but because of the many complexities and subtitles inherent in trading, there is no quick way to gain that essential experience. It may appear to be misleadingly simple to move from novice to proficient, as the ideas we’re purporting in this book are not unfathomable. However, it takes an incredible amount of dedication to elevate your trading level from proficient to expert ------ and that’s what differentiates the all-stars from the herd.

….To become a truly skilled investor or trader, you must immerse yourself deeply in the market’s auction process, experiencing a variety of similar situations until you begin to understand how that process works in a real-time, present-tense perspective.”


MARKETS IN PROFILE

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  #1313 (permalink)
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
 
GaryD's Avatar
 
Posts: 6,462 since May 2011





The target is not set correctly, and maybe the stop too.

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  #1314 (permalink)
Michigan, Jackson
 
Experience: Intermediate
Platform: NT and TS
Broker: NT Continuum
Trading: ES, CL
 
Posts: 857 since Jul 2009
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Nice chart candy, Gary! Yum, yum. It works for me, too.

Ken


GaryD View Post



The target is not set correctly, and maybe the stop too.


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The following user says Thank You to COTtrader for this post:
 
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  #1315 (permalink)
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
 
GaryD's Avatar
 
Posts: 6,462 since May 2011





1 off at .68. Great stop placement above, thought about it, but that was where I wanted it. If it hits, I was wrong.


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  #1316 (permalink)
Orlando, Florida
 
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Posts: 6,462 since May 2011

Close 2nd stop .66, went to watch TV, saw a pullback, back in .55





Stop to .49

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  #1317 (permalink)
Orlando, Florida
 
Experience: None
Platform: shoes
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Posts: 6,462 since May 2011

The overhead resistance trendline was drawn a little to thick to penetrate overnight, and price not only gave up the ON rally but also has retraced back below Friday's value area. Big struggle going on this morning. Very slow grinding moves with ETH Vwap solidliy down and RTH flat. I have been watching to buy, but it is still trying to figure out support, so far rejecting value. The motion is hard to show on a chart, but would be obvious in a video.

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  #1318 (permalink)
Orlando, Florida
 
Experience: None
Platform: shoes
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Posts: 6,462 since May 2011


COTtrader View Post
Nice chart candy, Gary! Yum, yum. It works for me, too.

Ken

I am still working though how I want to see it. Have about 6 versions that all do something a little differently. Today I switched the color layout based on the conditions. Sierra baby... If you can think it you can see it.

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  #1319 (permalink)
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
 
GaryD's Avatar
 
Posts: 6,462 since May 2011

Today was almost a perfect day for me... If I had not been stopped out.

I went long after the opening drive, added on a pullback to the 1SD on the RTH chart, then had my stop swept in the C period to be net down $580.00. After which it reversed and ran higher all day. My target in the trade, before the stop, was to break Friday's HOD.





The two Vwaps were so different after last night's run up on Syrian news fears, that after I got taken out I really was not sure how to approach the day anymore, so I just took a long break and was not expecting to trade again without so great reason to.





As price approached ETH Vwap I watched, Vwap broke slightly, but then there was strong positive delta on a lower low, annd I bought in market, stop below that bar. That trade would have taken me to net positive with more than one contract, but I was not wanting to approach max down and decided to relax.

Net -17

There still is strong selling above 96.00, and CL traded like it was weak.

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  #1320 (permalink)
Orlando, Florida
 
Experience: None
Platform: shoes
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GaryD's Avatar
 
Posts: 6,462 since May 2011


Without much thought;


Just came back from a local restaurant. My back seems fucked. More drugs, MRI coming, neurosurgeon mentioned. My dcotor said, "Gary, if you had a truck with a broken axle, you can't fix it by pouring more oil on it."


I occasionally get a chance to have a "real" conversation with various guys here on futures.io (formerly BMT). It's not the norm, but it is becoming more common. It feels different, I think in a better way. From my perspective it is different. I KNOW how fucked up it can get sometimes. I'll talk about it if you want.

And, not only at the same time, but taking the dominant position, comes the pleasure in being able to actually offer "good" advice. The knowing that I have something that is beneficial. More than one thing, even.

My true nemisis, I should really wiki that word, but just my guess of what it means is , me.


Doubt. Trying to protect old injuries. Survival instinct.


I have seen @Deucalion, more than once, use a reference of a wild cat in Africa, falling into the general category of predator versus prey. I caled myself "remora" once on futures.io (formerly BMT). Came out of the blue. Not exactly a porud moment, but very urcking real. So it came back again not that long ago, in this thread, but it meant something slightly different now. Almost a sarcastic, derogatory reference. Meaning I have grown tired of playing that position. And I can fight it, or join it, and I finally gave in to the latter.

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