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it helps to look at weekly/monthly charts. I look at them every day even though price may be 300-500 ticks away from any support or resistance. I used to think what's the point at looking at them? Prices/Levels on these weekly charts are so far away from any support or resistance. In simple terms, it helps to keep things in perespective.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
I am leaning more and more towards swing trading especially with CC, ZW, ZS, KC etc. GC, CL, TF still day trading.
Based off weekly chart of GC and macro factors. Key being REAL INTEREST rates. I shorted GC around 1227 area. Target always is daily ATR which is around 14 points or at least thats what i try to target.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
I did it for years and quite successfully. However, if one wants to get on with the game, focusing on price path of any instruement, for example CL for next 30 ticks, 2 points in TF etc is as USEFULL as TITS on a BULL. When i was trading for 30 ticks etc main problem was that i was bullish or bearish within the same day, hour, 30 minutes etc you name it . I read my old posts and foolishness of that approach is beyond being funny ( if one wants to move to the next level).
Example, CL is at 91.50 buyers in full control and 30 minutes later CL at 90.50, now bears have taken control, short it. Wrong in both cases and back to zero.
By the way short CL 93.10 area this morning as CL was showcasing bulls/buyers in full control. Instead of worrying about if CL will go to 93.50, 93.80 etc I know what needs to happen for me to turn bullish on CL. Whether CL pulls back from 93.10, 93.40, etc is not i worry about.
NOTE: If one has plan to move from scalping to next level, it will not come easy. It took me 4 years and if one is happy with scalping, DON'T WORRY BE HAPPY. Just do not mix different styles.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
I hope no one expected for TF to just sell off or snap back up 10 points within first hour from NY open? More likely scenario was some rotation and back and forth movement. Internals are +ve, so treid long 1106.50, out some 1111 area and looking to add on pullback. I am not sure why traders spend time on price. Yesterday at 1106 area there were no buyers and today there are. If one went long yesterday at 1106, he got surprised and if he decided to hold the trade overnight- he got nothing but anxiety. That's why i ONLY trade TF, NQ etc when majority of the players are on the field.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
Some traders did not take shorts yesterday because price had already gotten away from their IDEAL LOCATION. I do not know what that means for a day like yesterday when there was selling across the board. Was ideal entry for TF was 1118, 1120 etc. For me it did not matter as long it is not close to daily ATR of TF. I just wanted to be short- 1118, 1112, 1110 and so on.
Today ( which is typical after a massive move ) when TF is stuck within 3 or so points, for some reason traders feel comfortable with calling levels and scalping for ticks. Someone emailed me long 1108.50 out 1110, stop loss 1107 with all kinds of reasons for the trade. He is a friend so i could not tell him that i do not trade " ROUNDING ERRORS".
I am long , took some off, added to long on pullback around 1106 and staying long. My trades may turn out to be 3-4 points scalps also but i am not going long and then short etc.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
I will not name the trader but CL had him doing a new kind of dance- TICK dance.
1) His indicators were bullish this morning. Long 93.04 stop loss 92.89. Target 93.50. Got stopped out.
2) When CL failed to test yesterday high and was at 92.80, his indicators were sell, sell. Short 92.79. Stop loss 93.11.
traget yesterday low 92.20 area. Out some 92.66 as price stalled and stopped out on rest.
3) Bullish again. Long 92.95. and stopped out 92.79 after he made up his mind that he is not doing anything till either his target gets hit or he got stopped out.
He is done for the day. He does not like CL song and dance.
There is not much difference between his and my trades except i do not worry about stop loss within randomness.
1) Short 93.11. Cover some 92.64 at ORL. Flat 92.72 after 20 minutes.
2) reshort 93.16 and still holding shorts. I was hoping for a FLUSH to the upside but no go. FLUSH up would have allowed me to short with size.
I told him to seek out a " Black Magic Woman" if he wants precision but no guarantees because there is no uncovering of algos " Black Magic Box".
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.