The Weight of Evidence
How does the market know where our stops are ?
Why does it seem like we are always fighting ourselves, getting double-crossed with our entries and exits?
We spent a bit of time covering Psychology today.
Most traders are all about the numbers…buy here, sell there.
Ever wonder why certain areas become magnets?
Why sometimes they attract and sometimes they repel price action?
price,pattern, timing, Psychology, anticipating, reacting
Intuition plays a big role to be sure; it is the flip side of the number crunching.
Mostly just common sense.
Let me answer a question with a question:
How long do you wait for evidence?
As we ponder the weight of the market action, the longer we procrastinate waiting for proof, for confirmation, the more we lose our “edge” on a risk reward basis.
Knowing the levels for the day, and when timing market reversals MAY originate, is one of the keys to trading.
If it works, capture profits.
If it doesn’t, accept stops outs.
If we are disciplined, we can Kiss our fears good bye.
“This is not about ego or being right, it is about trusting the system.”
Eli : RT @eminiwizard: the financial side of life is a distant 2nd to the human element … #never forget #EMWS
JL : RT @eradke: RT @eminiwizard: the financial side of life is a distant 2nd to the human element … #never forget #EMWS
Follow my Trade: RT @eminiwizard the financial side of life is a distant 2nd to the human element … #never forget #EMWS < < < words to live by.
Flow Trader ES : RT @FollowMyTrade: RT @eminiwizard the financial side of life is a distant 2nd to the human element … #never forget #EMWS < < < words to live by.
TT hit as expected remember AP team #EMWS
Obi won … #EMWS
Yeeron : RT @eminiwizard Obi won … http://bit.ly/lI4d3c#EMWS And Varth knows it. GM E.
@yeeron gm Dave ty #EMWS
@FollowMyTrade @FlowTraderES thanks for the RT #EMWS
weather report #EMWS
@BamaTrader 08:00 E: so 56 key resist right now 08:08 E: since most traders wont short 50 – 52 play is normally to buy scalp long #EMWS
09:20 E: half gap trade is valid as usual 09:46 E: nice trade 09:46 E: capture just range trade 09:31 E: not trying for home runs #EMWS
@BamaTrader 09:30 E: 56.25 half gap done #EMWS high odds trade usually worth a shot
@BamaTrader hard to post u timely and trade… sorry… but u know i like that trade… and we hoped it would be resistance scalping #EMWS
@vkligys: RT08:21 E: rainline at the 57 area so shorting zone on the bounce #EMWS
Tide : @eminiwizard I understand – same here. #EMWS
07:52 Zeek411: I like the idea of hitting bounces 07:52 Zeek411: but first idea is half gap and gap play … keep it simple #EMWS
ty vytis welcome back #EMWS
13:47 E: 45.75 is a xx targ #EMWS
15:16 E: first mag at 50.25 15:16 E: retest #EMWS
15:12 E: so become more conserv 15:13 E: and avoid being last man out #EMWS
zlmtb : RT @eminiwizard: 15:12 E: so become more conserv 15:13 E: and avoid being last man out #EMWS darned intraday margins at work again!!
15:23 E: if boyz get their way 15:23 E: 52 53 gets tested #EMWS
@zlmtb ty for rt when resident bear 14:29 Zeek411: I think short side is done for today … lol i know it is time to be conserv #EMWS
zlmtb : @eminiwizard sounds like me. I’m a bear during rallies & a bull during sell offs. I must like trading against the current!
Unpektable : @eminiwizard Great stuff today E! You nailed today as you always do. More importantly you taught it. U=Master, Me=Grasshopper, TY! #EMWS
@unpektable we got lucky Pek … thank u much appreciated #EMWS
@eminiwizard You are true gentleman E and the quality of the room is a testament to that. Great traders and great students learning together
@unpektable ty now go get some exercise… stop confusing me with someone else lol #EMWS