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Crude continued it's respect of the trenline through the overnight action, turning in an area I had marked last night on a 30 minute as likely to provide support. However, it still falls short of breaking out of the 79.50 - 79.70 range.
Can you help answer these questions from other members on NexusFi?
I learned during/after my divorce, money does not buy happiness. It is a hard lesson, and one that you can really only teach yourself after experiencing it directly.
My experience was not similar to yours, but I think the outcome might be. I simplified my life. Changed my life, really. Changed the kind of person I was. It was not easy. Decided what was important, and what wasn't. I'm talking deep down stuff here.
I'll give you a big clue: the only thing that was truly important was being happy, and I can assure you that the Corvette, big house in expensive neighborhood, and etc was not contributing to my overall happiness - but quite the contrary. Making big bucks at my day job where I was VP and could do anything I wanted, most people might say they would love that job. For a while I thought I loved it. I was wrong, and the more distance I put between that job and that way of living, the more I realized it was not making me happy - but in fact, the exact opposite - it was making me sick.
Once I simplified - got rid of everything, even my cell phone - and decided that trading was it for me, then I really started to see the path of what true happiness was about. And it has nothing to do with money or material things.
I won't ramble here. I rambled for 3 hours in the webinar "An Afternoon with Big Mike", you can check it out if you want.
Wave C got a very good push, but it stopped short of any defined target. Sometimes that is "good enough", and today at the EIA release, it was almost convincing that is was. But I have learned to doubt failed targets that come so close.
The other day on the major 5WM down, I did not trade it there, but watched the entire time, with near certainty that it was pointless to deny the final destination. And had enough conviction that I went long when it hit. As is my flaw, I did not hold it for more than a few minutes, but the turn I recognized as first class.
I am really trying to get my head into finding the zones, confirming them, taking the trade, and not letting go until the next zone. That may mean hours, or days, or weeks. And along the way it may give me 40 ticks and then stop me out. It may consolidate for days, showing +50, -30, over and over. That type of hold is near torture to me. I would like to discover why, and am working on it. The obvious answer is not it, or I would not keep asking.
What causes us to want immediate gratification with inferior value? We overwhelming prefer the known over the unknown, even if we know, have proof even, that the unknown offers greater reward.
I think it is self doubt.
There are no magic indicators, there is no infallible system. There is an ideal way of thinking about trading. And my study recently, I am finding is more about that, and less about trading.
The time I spend in chart analysis is becoming less and less, and the time I spend in personal analysis more and more. The trading wins and losses are not always "money" to me lately, but more an indicator as to how well I understand myself. If I make 20 ticks on a 120 tick move, it was me. If I give back a win, it was me. If I miss a trade, same guy.
I read charts to understand what the rest of the world is seeing. That is what moves the markets with such precision... collective interpretation.