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COMMON SENSE


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Updated November 27th 2014 by mfbreakout
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COMMON SENSE

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  #161 (permalink)
Des Moines, Iowa
 
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mfbreakout View Post
It was just a matter of holding and trusting +ve market internals. Did not matter if one is trading TF,NQ, ES or YM. 11 am eastern time- when up march started. There were longs and longs. All one had to decide as to what size to put on and sit back.

As usual traders keep mucking it up by focusing on ticks when market is giving 10-18 points. If the move is 12 points and one is just happy with 60 ticks etc. it's no way to trade. Forget about "Trading in the Zone" you are not even on the pitch.

it looks like those internals were getting hammered till 11am to me. what made you wait till then? also, what are your thoughts on CL today.

dont believe anything you hear and only half of what you see

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  #162 (permalink)
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madLyfe View Post
it looks like those internals were getting hammered till 11am to me. what made you wait till then? also, what are your thoughts on CL today.


1) I did not see market internals getting hammered. There was divergence right from the open which is typical.

By divergence i mean reading of upvolume- down volume was side ways and reading of Advancing Issues - declining issues was -ve. When both of them in the same direction, we have ONE TIME FRAMING underway. More typical action is rotational like today's. TF ATR is around 12- 16 points. I typically wait for this kind of pullback and see if market internals makes sense to take a trade. It typically takes me 40 minutes of HOLD TIME to get paid on a trade, so i am in no rush to initiate a trade becuase i know i will have to hold it for 40 minutes or more to get paid.


2) CL - see attached chart.

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  #163 (permalink)
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mfbreakout View Post
1) I did not see market internals getting hammered. There was divergence right from the open which is typical.

By divergence i mean reading of upvolume- down volume was side ways and reading of Advancing Issues - declining issues was -ve. When both of them in the same direction, we have ONE TIME FRAMING underway. More typical action is rotational like today's. TF ATR is around 12- 16 points. I typically wait for this kind of pullback and see if market internals makes sense to take a trade. It typically takes me 40 minutes of HOLD TIME to get paid on a trade, so i am in no rush to initiate a trade becuase i know i will have to hold it for 40 minutes or more to get paid.


2) CL - see attached chart.

how did you decide on where to take the A pullback? i mean obv the lowest part of the pullback near the ORH is the best place to get it, but not knowing that it was going to get there or not is the main issue.


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  #164 (permalink)
Market Wizard
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mfbreakout apprentice

A few months ago I started reading and contributing to mfbreakout's closed thread in the Elite section. Mfbreakout helped me to understand ACD and MP methodology and how to determine the context of the market. Below are my trades today which are indicative of my consistent results now. I am very appreciative to mfbreakout and DCTrade69 for their advice, patience and willingness to answer my stupid questions while I learned.

My reason for posting this is to encourage others that you can become consistently profitable and gain confidence in your trading if you will put in the work necessary and learn from traders that are successful. I did it. Mfbreakout is a good person to follow and learn from.

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  #165 (permalink)
Market Wizard
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confirmed A up pullback long

MadLyfe,

CL was a confirmed A up on an open drive day. The PB to ORH was a logical entry spot to take a chance that this was the PB expected on a confirmed A up day. I didn't take the trade, although I was watching it at the time. My partner was long at .80 a few bars earlier. I was involved in other things and didn't get involved on that trade. Context and price action combined with an understanding of ACD is the key.

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  #166 (permalink)
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madLyfe View Post
how did you decide on where to take the A pullback? i mean obv the lowest part of the pullback near the ORH is the best place to get it, but not knowing that it was going to get there or not is the main issue.



After A up confirmation- price pulling back to any area of OR ( 97.50 to 97.70) is the area to go long. I use 100 ticks stop loss ( disaster stop loss). price could have come to 97.30, 97.50 etc. I have no way of knowing where it will stop. I watch how price is behaving around an area and initiate a trade.

ONLY thing i am sure about is that after A up- it's rare to have C down, so i am taking longs off that premise. And if C down was confirmed with conviction, i would have shorted 97.30, 97.50 - it does not matter.

Key word being CONFIRMED WITH CONVICTION.

" ORH is the best place to get it, but not knowing that it was going to get there or not is the main issue."

There is no issue. If price does not get where you want- sit on hands.

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  #167 (permalink)
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silver99 View Post
A few months ago I started reading and contributing to mfbreakout's closed thread in the Elite section. Mfbreakout helped me to understand ACD and MP methodology and how to determine the context of the market. Below are my trades today which are indicative of my consistent results now. I am very appreciative to mfbreakout and DCTrade69 for their advice, patience and willingness to answer my stupid questions while I learned.

My reason for posting this is to encourage others that you can become consistently profitable and gain confidence in your trading if you will put in the work necessary and learn from traders that are successful. I did it. Mfbreakout is a good person to follow and learn from.

I agree.......MFBreakout does have a lot to offer and he doesn't mind sharing.......my hat off to MFBreakout.

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  #168 (permalink)
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Trading

Regardless how hard i try as to not to look at screen after a trade is initiated- it is difficult. I have tried many things- from taking a walk, walking away from computer, listening to music etc.

They all help. The most difficult part is when trade has nice gains and price is stuck. There is no pressure either of buyers or sellers. Sure price is moving up and down but that is immaterial.

For example, my short in ZS has nice gains. I have done morning walk. I have covered some based of ATR. However, I am little bit too excited due to gains. What to do?

I watch highlights of messi etc. After watching couple of these, excitement level comes down so that i am in proper state of mind for NY open.


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  #169 (permalink)
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mfbreakout View Post
Regardless how hard i try as to not to look at screen after a trade is initiated- it is difficult. I have tried many thnings- from taking a walk, walking away from computer, listening to music etc.

I struggled with that this morning, in fact....

Bob

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  #170 (permalink)
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fried


beans getting fried. Thinking about covering short.

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November 27, 2014


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