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Hey Mike,
I think it should as the original idea shifted. But I don't know how?
CL- 1st contract exit at 60 tick and the 2nd contract was move to last HL but was taken out for -20. +400 total.
But look at how it touch the bearish TL and dropped continuing the trend. Left 2nd contract as is overnight but if I was awake managing the 2nd trade it would have been a better execution. As I forecast a exit at TL touch. Which did create a bounce play going down. I happy about my assessment of possible outcomes yet unable to manually manage the trade at small TF. http://screencast.com/t/jM7JsgyI
The following 3 users say Thank You to babypowder for this post:
I moved it to regular Journals, if you want it moved to Elite journals just let me know.
Mike
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The following user says Thank You to Big Mike for this post:
6E- 240 min chart, zoomed in and we take a look at the highlighted levels and I apply my TL here, I'm looking for price to retrace back the mid-area res./TL/50% fib (circle) and continue down. So I'll be looking for a reversal signal via IB/OB/reversal at this area. 2011-05-17_2008 - babypowder's library
6E- 60 min chart, I'm looking for a safe long play ride to the big circle area/or TL from the smaller circle area as highlighted. 2011-05-17_2026 - babypowder's library
The following user says Thank You to babypowder for this post:
Hey M,
Since I work, my screen time is not efficient, so stats is as follows on the thread.
As for the method nothing new but simple. Look for TL bounce/break plays. You try to get in as close to the TL as possible, through price action indicators (IB/OB/reversals..etc). Most important stops at last pivot point or TL (low risk). My process begins, by opening a 1440 naked chart (2011-05-18_2356 - babypowder's library) and start plotting horizontal lines and trend-lines (2011-05-18_2359 - babypowder's library). Then a 240 chart (or lower TF), to fine tune an entry near higher TF lines (2011-05-19_0021 - babypowder's library). I listed some great sources you can learn from in the thread. Also you can follow Erie J/ AR01 journals and many others in the forum. Hope this helps.
edit- I just saw your journal, you are on top of your game, keep it up.
The following user says Thank You to babypowder for this post:
