Friday, October 14, 2005

The ideal setup comes along a couple times a day.



The perfect setup comes along a couple times a day and the questions is I guess what are you doing when your perfect kitchen sink setup comes along. Are you in a losing trade? Talking on the phone or typing in a chat room? Looking at some other stuff to see you can get better results?

Well the secret sauce was green today, so I was looking for a long all day. There were two setups during the sell off at the gap open. Then it setup and triggered only to hand me a loser, what a nice way to start the day. The first bar trade was also a loser and now my ideal setup gave me the shaft.

In CB's room she had symmetry at A and B and I thought it would be a great trade when it triggered, everything was in place. Well I got clipped for a lose and then it just exploded to the upside, needless to say I was a little bent out of shape. But then it setup again and triggered. What is the difference between my trading and my success and your trading and your success. I took the next trade and rode it into CB's extension TO THE TICK......634.50 and ended up with a nice morning.

You know the drill, define the trend....setup for a trade...a good trigger...half off....move to BE and manage the balance then move on to the next trade.

For those of you that were shorting at every pause on this rally I can only say one thing.....of course I know it will tick you off.....BUT.....thanks for the order flow, I mean while you were trying to sell the top I was waiting for the train to actually get to the station and it was time to get off and go to the ATM machine in the lobby........HAVE A GREAT WEEKEND.....

1 comment:

Anonymous said...

I had hoped that more folks would have commented on these "bread and butter" setups; managing the trade , being stopped out, re-entry, etc. For instance what about using the 11:12 setup bar for re-entry, or using the 11:33 bar for a setup to re-enter or add-to the position even though the turbo doesn't go to -100. And then exiting at the 1.272 extension of the first hour range (although this is not as good as CB stuff). And what about taking that little turbo crease for a scalp at 12:15, even though turbo is above ZL but the 50CCI is still trending above +100? And what about using the 1000V chart to trade these setups? These questions I'm interested in-
Thx
mdan