Do you hear the people sing?
As the day wears on, my blog post takes shape in my mind.
So I can think rationally, unemotionally, and intuitively about what I could possibly say that was the true dynamic of the day’s activity.
Also…it helps me see the trade setups better.
Here is a sampling of today’s key thoughts for me, based on the evolution of the day.
- Support and Resistance
- Range Day
This chart was used to establish in our mind the notion that the 15 was today’s important support area.
This chart said “18.25 possible support; don’t press it if it won’t break. Reversal time is potentially near.
This chart suggested lunch pullback was possible; primary target was hit, but it could go higher.
This chart had me say “15 is the only true support right now”.
This chart indicated lunch chop, and caution warranted for the 14.5 target.
This one screamed at me to abandon premise of breaking 15 on first touch.
Interpreting the charts is not easy. It takes patience and experience.
The Experience part is admittedly easier for me.
Partial targets are called for the scalers who have more than one contract, and the purpose of our chat room is to teach and explain our system to members. Math comes into play as well, and we are always looking for those trapped turtles (yes again today).
As a system, we focus primarily on: PPTPAR
Understanding the “snow fence” concept, and that the institutions snow fence is wider than ours allows us to better understand the nature of our risk and reward.
For those traders who are in chat rooms where gurus average in to bail themselves out of bad calls and look good, make sure you have the capital and courage to trade the same way. Just some friendly advice.
No crystal ball, here, no guru pounding his chest “I am the greatest”. Also a reminder I am conservative and do not take all the calls I make. We like to find two to three high odds set ups a day.
Come join us when you are ready.
Beginner or advanced students, there is something here for everyone.