Trading to win using the Secret Code of the Illuminati

Risky Business
Risky Business

Risky Business

Several ideas to ramble about tonight.

First, reread last night’s post. Everything that was said there applies to today’s trading.

I have studied with some great traders over the years, and paid my dues with my time and money. Many of these traders are not fascinated with the Twitter world, and you won’t even find them here.

One of the best I learned from was uncanny in his calls. I studied his every word. Wrote it all down.

Then after the market closed, I would print out the chart, make notes of his calls, and say “Why did he make that call?”

Eventually, patterns emerge, and by reverse engineering, I discovered an important part of his system. He did not give away his rules; he just made the calls, so I had to figure it out for myself.

I thank traders like @eagledives for challenging me to explain my charts and ideas. They make me better at clarifying and explaining what I choose to give away. I also know when someone quotes a passage from my blog, that he is most likely studious, and I thank him for taking the time to read my blog.

With all due respect, it is my intent to give some information away, but not the whole enchilada. Apologies to all for not giving away all my “secrets”. We have over nine spreadsheets we use in addition to charts. While I prefer charts, they are incomplete in my opinion. It is not so much the spreadsheets that is important as it is to plant the numbers in my brain so my intuition can work on things.

I have attracted members who have studied with the best of the best. Some are market profilers, some are sophisticated and are in several “rooms”.

We all share one thing in common: we are willing to study and admit that we are largely ignorant in our quest for market mastery. We agree that we can become better traders by studying many different methodologies, including market profile.

Only a fool will be defensive and try to limit his education.

No trading expert or guru here…just a humble student of Angels and Demons…

Let me at least show you a chart that I was watching for the moving averages to catch up.

Moving averages, are notorious for being awful in range markets. By watching deeper charts, it helps me to see what may be potential support or resistance. When price falls into a rising moving average, it needs to be respected the first time there, and often the second. Third time is suspect.

When markets move quickly, they need time to digest the move. Then continuation is possible, but not guaranteed.

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