I used to do some of those actually when I was trading live. It was about the only way I would stay in a trade!
I had forgotten I had gotten up and walked away. It was funny though, my wife would be next to me and I would say, "Ok, you manage it, I am hungry... see you!"... She would say, "What, no you deal with it..." but she would manage it for me until I got back and I knew she wouldn't scale out. But, if the roles were reversed, I would have her out before she got back.. and she would frown...
Considering my targets are discretionary, you are right. I used to set full targets and I was successful, but now I just chicken out.
Ok, setting full targets or full stops, AND, getting up and taking breaks between trades.
I wonder what this will do to my temporary profitability. Should be interesting....
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Today, I still did not do what I came to do, but I did a bit better. This will take some practice, much like anything to defeat those bad habits.
I will not include the CL trades today as that was really just my 'distraction' during TF trading. However, I kept thinking, "Well if oil is up, then maybe the TF went back up..." so maybe not the best distraction but it filled the need to keep looking at charts.
1. +3.0 points, it was a nice setup, I waited a little bit after open but hit it a tad bid late, but good enough. I scaled too early, but much later than I wanted to! Once it started bouncing around, I decided to put my stop lower. I expect more down but it could retrace a bit which I didn't want to eat those points.
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Just something I noticed lately is that I am trading better on days I get up at 3am then on days I wake up at 5am. The live markets are doing better for me then the replays. Whereas my wife is suffering from the opposite effect...
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Great questions. It all depends really to answer your question and after trading the charts for some time you get a feel as to which one you want to focus more on then others.
I use a buy/bid, sell/ask limit order. I wish Ninja had an order system like Tradestation where it could be bid+1, or ask-1 etc.. So, what I do is I allow it to move 1 tick if touched (ATM strategy) as that helps me get filled a bit better.
I have to admit, the 233 rarely gets looked at except to correlate between 144 and 377. I personally put a lot of emphasis on the 987 and 1597 for correlation to decide if I think I can get 3+ points.
Horst is a big fan of the 440 or so tick and it is a great middle ground between them. The key is to not put so much emphasis on ONE, but learn how to see how they all flow together and create a 'code'.
It is kind of like Morse code in the sense that you see part of the picture with each MACDBB, but by looking at them all, they should lend a clearer picture to which direction it is going. Sometimes it is totally unclear, but then you use the Fib's and price action to help understand where it will most likely go.
If it goes to here, then this would be an area where it will probably find significant resistance/support etc..
Sorry if this is unclear, but there is no magic with this system except lots of chart time and adhering to the guidelines etc... Where I have fallen off the wagon is with the previous impatience by not following through on my trades so I can make real profit and exiting after a few ticks.
I decide to move past the impatience, and I will find myself trading less, holding longer and profiting more. After that, back to live and making 3K - 10K per day.
A lot of people think that is not possible and I disagree. People do it, but they just aren't on forums bragging about it or selling indicators etc..
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i know what you mean there is no replacement for screen time .
1. I have also the buy bid / sell ask option i will test it . this is sound better and safe then Market order ?
2. Do you trade out of your charts or using the DOM ? i know this also depend on your experiance and self preference.
3. You said Horst like the 440 ticks , for confirmation before each entry , i think i will try using 377 tick as my confirmation for the entry i will give it a try
the idea is the following :
before each entry on the 144 , i want to see the MACD turn the same direction and same color for the MACD
on the 377 , this will confirm momentum on higher time frame ( almost multiple of 3 ) like many traders using
4. can you explain how you identify : "3 slide bar" , or "2 slide bars" pattern ?
what is the rule for this pattern ?
2. I used to trade DOM which is what Henry one of the inventors of the system does, but I found the chart to be much easier. I don't need something jumping up and down.
3. 377 is great in a way because if everything lines up, you should at least get a point of 'safety' in your trade to decide what it may be doing. I personally like the 987/1597 combo as they are close in ticks and for me it seems to clearly get 3 2-3 points pretty easily before it hits back on that rail (1597) and lower band (987)....
4. Well, 3 bar slide is just a bar that has slid evenly down the hill or up the hill in the direction you believe it will go. Basically Lower Low (LL) and Lower HIGH (LH) on each bar to make a nice clean picture. Double bar is where one bar shoots up, then another bar shoots up but find significant resistance at that level as well and closes down at the opposite end.
I suggest reading up on a great many other chart patterns as there are dozens, but my favorites are Head & Shoulders as the targets are perfect places to put your exits and Wedges/Triangles/etc....
All good stuff.... I am no expert, just what I have been taught and continue to see.. Oh, I really like trendline bounces, but this system is hard to use them except from longer term timeframes....
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Good question, I do not or have not read any Al Brooks books. I have read some online about his methods, but I guess I don't see how his analysis is exceptional over anything else I have read, but it is good to read and learn some things from what ANYONE teaches. People who read it think they have read the holy grail typically though, so maybe it is worth it.
There are hundreds of threads and books on the subject.