Simplicity is the key to success
- #802
- Apr 30, 2010 12:35am Apr 30, 2010 12:35am
- Joined Nov 2008 | Status: Trader | 4,830 Posts
Hi, Just subscribing 
Our AWESOME IMAGINATION is the true holy grail!
- #803
- May 6, 2010 4:29pm May 6, 2010 4:29pm
- Joined Nov 2007 | Status: Conscious Incompetence | 3,274 Posts
Don't wish it were easier, wish you were better. ~ Jim Rohn
- #804
- May 7, 2010 12:09am May 7, 2010 12:09am
- Joined Nov 2007 | Status: Conscious Incompetence | 3,274 Posts
Don't wish it were easier, wish you were better. ~ Jim Rohn
- #805
- May 7, 2010 12:10am May 7, 2010 12:10am
- Joined Nov 2009 | Status: Thx G, Malc, D55, Fontu & Hatch | 3,196 Posts
- #806
- May 13, 2010 9:55pm May 13, 2010 9:55pm
- Joined Nov 2007 | Status: Conscious Incompetence | 3,274 Posts
Don't wish it were easier, wish you were better. ~ Jim Rohn
- #808
- May 14, 2010 1:49am May 14, 2010 1:49am
- Joined Nov 2007 | Status: Conscious Incompetence | 3,274 Posts
Don't wish it were easier, wish you were better. ~ Jim Rohn
- #814
- May 17, 2010 1:25pm May 17, 2010 1:25pm
- Joined Nov 2007 | Status: Conscious Incompetence | 3,274 Posts
aha, knew something like this would happen.....that consolidation told me to stay out and watch , now look what happened, anyone playing touch off that former bop would have been killed pretty fast imo
now this is what we have......we now wait for the hook/failed parabola to occur then see if we pullback to this new 14053 area which should now act as support
Don't wish it were easier, wish you were better. ~ Jim Rohn
- #815
- May 17, 2010 2:32pm May 17, 2010 2:32pm
I had the same 1.4050 area marked off in my charts just to watch what price would do at that area. Interesting enough price was bouncing off that area right before I went to bed last night. Now it obviously retraced and broke out completely this morning. What I wanted to know was in your experience do you find that consolidation usually decreases the chances of this setup from happening?
an area of consolidation/sideways movement shows price indecision where there's a kind of balance btw buyers & sellers, i believe most of the time one side just has to win the battle evenif its short term ( either buyers > sellers OR buyers < sellers)
in this case all this was happening way to close to my original bop area, evenif price had bounced off our bop area, it still has that consolidation to deal with, and i just didnt like it one bit
the smoother & spacious price behaves, the freer it should move imho
Even a touch play wouldn't have been to bad because part of the strategy is to have very tight stops. I think it is still important to apply some technicals and look at PA at those BOP levels. PA is king.
true that LVG, PA is KING
Simplicity is the key to success
- #816
- May 17, 2010 3:03pm May 17, 2010 3:03pm
- Joined Nov 2007 | Status: Conscious Incompetence | 3,274 Posts
yeah but if you see something which tells you that the bop level wont hold ,its best to stand aside, if we had a nice pin bar off that bop area, your first trouble area would be the consolidation, not worth the risk
true that LVG, PA is KING
Don't wish it were easier, wish you were better. ~ Jim Rohn
Even a touch play wouldn't have been to bad because part of the strategy is to have very tight stops. I think it is still important to apply some technicals and look at PA at those BOP levels. PA is king.
A book worth reading is Justin Mamis's "The Nature of Risk." Often PA reduces risk of falling though a level but it may do it in exchange for a larger stop. Or reduced opportunities. Or reduced chance of getting filled if price slices through the area you considered. So, you study and you evaluate, and you settle on a method that suits you - possibly with no pa in the best setups and pa in the 2nd grade setups.
- #819
- May 18, 2010 1:50am May 18, 2010 1:50am
- Joined Nov 2007 | Status: Conscious Incompetence | 3,274 Posts
Don't wish it were easier, wish you were better. ~ Jim Rohn