Thursday, January 18, 2007

Even better......another nice day to tallk about the holy grail!!!

It's Wednesday and the second day of trying to explain that first bar trade...I plan on doing this until all the examples that come up can be explained.....Today we had the first bar within the 2 point idea.....and the next bar did take out the high without taking out the low.....SO LONG IT IS!!!

It is not uncommon for the stoch to be overbought when the price pops thru on a lower time frame like the 70 tick that I we hold tight until it recycles back down and moves back up....and idea could be to use the as a way to adjust the first stop which would be 93.20 or so. Once the stoch gets to overbought again, the ideas of taking some off now apply. Once the stoch is overbought I like to watch the low of the last bar on the 70tick and when it's taken out, take half off and move to BE......which today was a small loser......yes no lunch money for me today....

BUT, I took the trade, managed it the best I could, stayed out of trouble and ready for my ideal setup which we will talk about later........

1 comment:

Anonymous said...


I am having problems getting my stochastic looking anything like your on that 70T chart. Is it a built in regular function that is built into Tradestation or is that FibTrader? Or is it something that you custom designed?