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r3algood

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Posts posted by r3algood

  3. Posted

    Great day SLA'ying the NQ.

     

    Quick question Db, please refer to "QUESTION" attachment.

     

    I was going along drawing my lines and letting price do its thing, then ran into this scenario... Couldn't keep the SL or draw a new DL so i figured we were in chop.

     

    Question: I suppose I just wait for a breakout or breakout and retracement to enter and start a new line? Not a large enough chop zone or trading range to take reversals to me. Basically, I didn't know what to do with my lines there.

     

    Thanks

     

    NqPnL

     

    QUESTION

  4. Posted · Edited by DbPhoenix

    Exit short at break (yellow), enter long after first retrace (green).

     

    Drawing straight lines can be quite interesting.

     

    Would love any advice Db for this series of posts!

     

    NQSLA

     

    Once I finished the book, I exited the advice business. Everything one needs to know is in there. However, you do appear to understand the basic concept of it, which is a giant plus. If so, you could do it yourself using Wyckoff's course, as I did. And that's free.

     

    Db

  7. Posted · Edited by DbPhoenix

    An update on the "catch-up" chart posted above to show the line around which price is rotating.

     

    In the chart above (NQ Daily), could the failed breakout of the hinge be considered a dog that didn't bark? In my mind, it "should" have broken higher, but it didn't.

     

    Always enjoy your SLA/AMT updates, keep them coming Db. Seeing the market in this objective, rational approach and framework has really enlightened my trading.

     

    Thanks.

     

    To me, no, because I didn't "expect" it to go higher than that swing high. These words like "expect" and "anticipate" are loaded and mean different things to different people. Their dictionary meanings are largely irrelevant. When trading price, it often has to be enough that the trader is simply aware. It is to be expected in an auction market that traders will look for trades beyond value once they've completed whatever business they have in the value area. How long price rises will depend on how long sellers can find willing buyers.

     

    Therefore, if one is a breakout trader, he'd take the breakout from the hinge and hang around until that swing high is left behind. If he finds trouble, he'd already planned how to address that. If he didn't take the breakout, or any retracement shortly thereafter, then that swing high would represent a potential trading opportunity given that it is a potential obstacle. There is a difference between insisting on being right on the one hand and being frightened out of a position because one doesn't understand what's going on or because one isn't sufficiently prepared on the other. This is where rules come in. And the rules come from testing.

     

    Db

    40526d1451907127t-trading-sla-amt-intraday-part-ii-0104.gif.9adaca688cbd65b81f7bb193d9a3f656.gif

  8. Posted

    Prepwork

     

     

    The other possible course of action is to reverse above or around 60, and try to go back inside the hourly TC, In that case the stride of this downtrend form friday should be broken before we are back in bullish mode, that would happen around 75, from there we would need to take 82 and deal with the MP of the up TC, but if we can clear all that clutter we would be on our way to 604.

     

     

    Remember to scratch and reenter when required, so to avoid fear and keep focus.

     

     

    Approaching the mean (MP) now. Great prep

  11. Posted

    What else can I say, thank you Db, SLAAMTZEN, saved my day.

     

    Fantastic trading Niko, especially on those scratches!

     

    I have been reading through all the old material and I have enjoyed seeing you progress in your trading over the various threads. If I may, I would say that you have gone from "timid" or "fearful" trading to solid, plan-backed trading with confidence. It's a truly remarkable journey.

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