Sunday, October 21, 2007

So you are studying your charts.........

You decided to come to the workshop and see if there was any nuggets you could use to help "you" make money. Then you logged into the chat room this past week just to see if you could understand the mountain of stuff that was presented. One thing, you were told to do, that could benefit your trading is to print out your charts and after dinner go back and study them....mostly the losing trades.

Why study the winners, you already know how to find them....what you want to get rid of are those losers...well, at least half of them...RIGHT? In reference to finding a tradable trend and YES, I know if the last six bars have been above zero the trend is up and if they have been below zero for the last 6 bars the trend is down. Well, if using the 14/6 CCI to govern this idea you are short changing yourself. The reason is simple, go up a chart for 10-19-07, this past FRIDAY. Even a blind squirrel from Alabama can tell that the trend was only one way....SOUTH...PERIOD!!!!!

Heck the Woodies CCI even had a Zero Line Reject setup for a long at 12:32 which meant you were someone else order flow, now nothing wrong with being someones order flow but I have to believe most people don't want to make at a habit. What you need to find is something that will give you a tradable trend that is independent of the laggin indicator you are using to find an entry with. Now those in the chat room were shorting all day and we even had the price and the time at 4:13 to cover and we knew this back around 2;00pm give or that a nana second, and only had to have the stones to hold it until then......MOST DID.

Did you buy the market on FRIDAY and got slammed......then you need to clear your head a little and take a serous look at the all the noise on the charts and consider finding the junk-b-gone feature or it might be called the delete key.

No comments: