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Peter Brandt is one of the last old school chart pattern commodities traders. I recommend his book (the affordable one) which was a one year trading diary with charts and mental anguish. I would follow him closely if I had the minimum $1 Million equity stake to devote to his long term style. Great returns, huge temporary draw downs.
He says in print the only reason he is still trading today was because he bet more than he would these days on one trade 30 years ago and the win got him a big enough stake to be properly funded as a commodity trader.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Post from yesterday:
QQQ approaches “knock three times,” where odds favor a breakout
(we need better than 170.95, the ATH from 1/26)
If Q can do it, it will be the first of the majors to NEW HIGH
But it must be sticky. No traps
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
this bull shall have legs as I said bears beware of uptrend day.
Attachments
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te_fern wrote:This type of day is hard for me to trade. Feel like I missed the entry point.....
I think it's hard for every intraday trader. Small dip at the open and straight up. Where to hop on?
only possible entry point - hindsight - was at the "zipper" formation a touch above day mid at around 10:25 to 10:30 ET (Bar 11 and 12 in Dr Brooks terms) at ~2766.5 ES June. Tick was trending down at that time ..
My view of a five minute chart. I shall hunt for Brooks Bars, that is out there. If you count you can see that 10 or 11 bar period is where we break the overnight range, as has been said a clear signal. Those are 1,2 and 3 standard deviations from VWAP colored bands. Makes it clear what is noise, probable and possible as far as where the market could go.
WARNINGS from the Hirsch's Stock Trader's Almanac
Sunday is day light Savings
Friday 16 is TRIPLE WITCH
Monday before DOW up 22 of the last 30
March Triple Witch Mixed last 28 years, Dow down 6 of the last 9.
England moves March 25th.
I don't think Asia goes at all.
I still hate Nixon for that. I had moved off campus, it was winter in Michigan and I had a half hour hike in the dark to my first class.