04/11/2013 Live Update

[flrtrader]

I am looking for 100% extensions this time.

1586?

yes sir, 1586.68

I see the same thing.

Does 1586.99 count!

[Unique]

Cobra do have a rule where the 2nd touch of EMA 20 should be bought?

in today's case, better wait for H2 because the pullback is too sharp.

First touch 20ema 5min is a buy, second is a short. It worked well today and yesterday.

I was mostly being a comedian (trying?) with what I said. Do you have any knowledge to back up always sell a 2nd touch? Just curious as I love the 1st touch rule. Thanks.

Not always a sell on 2nd touch, but I use candlestick to judge the momentum (train might be dying if 20ema 5min fails mentality). That said, on up train days, first touch 20ema 5min buy has a very high probability (HIGHER than the 2nd touch sell, for obvious reasons) as a quick scalp, vice versa for down train days, reload shorts at 20ema 5min.

Also, I'll post chart later with some of my 1min 100sma vs 200sma scalp signals.

[joeynickels]

bounce on neckline? or sharp breakdown.

I'm positioned for the breakdown. Straight short position which I added to today and am comfortable holding. After the close outside upper BB on the daily chart it has generally been a reliable place to short XIV. GLTA

[BullBear52x]

bounce on neckline? or sharp breakdown.

I'm positioned for the breakdown. Straight short position which I added to today and am comfortable holding. After the close outside upper BB on the daily chart it has generally been a reliable place to short XIV. GLTA

better bet is VIXIES above or under their MA at the same time.

[Cobra]

not a valid breakdown, so double top not confirmed yet, wait.

[joeynickels]

bounce on neckline? or sharp breakdown.

I'm positioned for the breakdown. Straight short position which I added to today and am comfortable holding. After the close outside upper BB on the daily chart it has generally been a reliable place to short XIV. GLTA

better bet is VIXIES above or under their MA at the same time.

Nice chart. Thanks

[taggard]

not sure if the rebound has started. didn't see good H2 long yet. wait.

Cobra you forced me to refer back to my notes. Hopefully someone else gets value out of this.

also add--from al b


1 thing in 5 min and some other stuff just to stay in touch with the market--he admits at least 2x in the first book that he makes less money by paying attention to anything else other than the primary theme.

al is not a yogi or shrink--and does not amplify this idea that much it is self evident to him. However the largest mistake most traders make is doing too much (in every sense of the idea) and not focusing. in my opinion. But this can be taken much much further with careful thought. it's not just focus-it's not just quality of focus--it's not the type of focus-it's not just what is focused on-- its of mix of all these and more. put another way--focus on the moves not the attachments (yogi) or attributed meaning (shrink) to the moves. or focus with a very quite mind.

he notes on page 353 (eg the first part of the chapter on "best trades"

If a trader had the paitence to wait possibly hours for one (best trades) to develop on a 5 AND HE RESTRICTED HIMSELF TO ONLY THE TRADES IN THIS CHAPTER he would be a very successful trader. However learning to restrict yourself to the very best trades is perhaps the most difficult part of trading. if you are not making money yet it is something to seriously consider trying. one important component to making money is avoiding bad trades that invariably erase much more than what you will have earned from your good trades.

the first thing any trader should do when trying a new approach is print out weeks of charts of the time frame and market he plans to trade an see if his setups appear to be valid. when he begins to trade he should not trade more than 2 contracts. . . .however most traders take may years to become consistently profitable.

ok you can take this stuff at face value--or you can consider what lies under it. the bottom line is the charts the rules and so on are minor--the mental emotional and even physical states are huge. people lack the ability to restrict their actions or "do less". instead they clutter their mental spaces--with "more".

first it's a matter of doing less every inch of the way--pay attention to less--take fewer trades--start small--scale slowly consistently as you are profitable. and assume it is going to take you many years.

second you can beat the many years if you figure how what it means. you have to (as in the film revolver) do the inverse of what you want to do.

so forget the money and beiing master of the universe--and focus on how to learn fast. learning is a 5 part sequence--very simple and generally ignored by everyone--(1) observe what is to be learned (2) copy or react to that thing/situation etc (3) observe the result (4) change your approach to more closely fit the desired copy or reaction (5) commit the second move and so on.

what's missing here? emotional thrashing. allowing much into your field of concentration (which only makes it harder to isolate the ideal issue you are trying to learn) . just quietly one step after another. records and a clear idea if you are getting closer. try this again. . .it's important.

record keeping is like using tracers at nite to see where you are shooting. this is a key idea--the value of the tracer is that it shows you exactly how to correct. when keeping the records keep trying to think like this. at the start you tend to need more shots to see the right way--so maybe 100-300. later the second you miss a trade it's obvious what is missing. what's key is your self awareness showing you want you did wrong and what you can do right

bottom line with al brooks? the books are very anal and full of statements about this or that h2 etc. that stuff is fine. but ask yourself how did al get there--and what is behind these simple ideas?

most people never make it in trading because they cannot grasp themselves--the rules are fairly easy. that is the core issue we have in our face. do less--focus more-- cherry-pick and heavily weight the ideal trades--be clear on where you just were and where you are going--be totally consistent in these things and you can reduce a typical learning curve from 10 years to 1-3.

so yeah rules are great--but seeing past the rules to what they represent and where they come is also good. as for the feeling it is quiet and maybe slightly funny that is ideal--so that is my clue i am close to where i am supposed to be.

good luck to everyone.

[BullBear52x]

Bearish bias intraday, but....greed kills

have a good one, Peace!

[Out of Bounds]

Bearish bias intraday, but....greed kills

have a good one, Peace!

Have a good evening.

[MrMiyagi]

Bearish bias intraday, but....greed kills

I thought it might be but it looks like it is waiting for the PH call in 30 minutes to ramp up yet again. Crazy.
Maybe it will all come down, like Bitcoin.

[BullBear52x]

Last chart for the road.

You believe in 3rd time is the charm? with no bias why could this not be it?

[Out of Bounds]

5min EMA20 - cross to go back up or kiss goodbye?

[Cobra]

so far just a 100% MM, not double top, so chart not bearish yet.

[MrMiyagi]

What do you know, another BTFD situation... surprise surprise..

[Tabby]

RAD is only 3 cents far away from 52Wk high.

[Out of Bounds]

RAD is only 3 cents far away from 52Wk high.

To be fair, that is still 1.5%

[Out of Bounds]

...that was a joke.

[MrMiyagi]

!!!!!!! POWER HOUR !!!!!!!

[JFR]

Breakout or Top?

[Unique]

Cobra do have a rule where the 2nd touch of EMA 20 should be bought?

in today's case, better wait for H2 because the pullback is too sharp.

First touch 20ema 5min is a buy, second is a short. It worked well today and yesterday.

I was mostly being a comedian (trying?) with what I said. Do you have any knowledge to back up always sell a 2nd touch? Just curious as I love the 1st touch rule. Thanks.

Not always a sell on 2nd touch, but I use candlestick to judge the momentum (train might be dying if 20ema 5min fails mentality). That said, on up train days, first touch 20ema 5min buy has a very high probability (HIGHER than the 2nd touch sell, for obvious reasons) as a quick scalp, vice versa for down train days, reload shorts at 20ema 5min.

Also, I'll post chart later with some of my 1min 100sma vs 200sma scalp signals.

Here's a few charts with a few of the rules/setup I've found over the years.

Very hard to explain sometimes, if someone hasn't looked at the 1min and 5min charts for the last few years for almost every trading day.

I can also post the entry and exit trade log if want for educational purposes.

Note, scalping on SPY requires large capital as compared with ES. I only swing trade ES mostly and scalp SPY. Have moved away from AAPL