[erierambler]

Originally Posted by firewalker »

Sorry this is not posted in real-time, but the confluence of several elements gave a high probability long signal imo (or several long signals depending on what you're looking for).

The rejection this morning at 1344 created today's "R" , thanks for the chart. I did a commentary on the first hour in my blog.
http://www.traderslaboratory.com/forums/blogs/erierambler/313-june-19th-early-morn.html

If your interested I don't want to keep posting here all the time , I might wear out my welcome
erie

[DbPhoenix]

Originally Posted by firewalker »

The difficult part when trading these patterns, is determining the right exit imo.

It needn't be. As I've suggested, sell the first contract at R, the second at the break of the TL, the third at the breach of the LSL, and so on. It's only difficult if you make it difficult.

[firewalker]

Originally Posted by DbPhoenix »

It needn't be. As I've suggested, sell the first contract at R, the second at the break of the TL, the third at the breach of the LSL, and so on. It's only difficult if you make it difficult.

Well we just hit R...

Edit: Taking some off at 1342 just seemed the safest thing to do (at the time)...

[DbPhoenix]

I was referring to the chart you posted.

[erierambler]

Originally Posted by DbPhoenix »

I was referring to the chart you posted.

One thing I learned is you take the hand you're dealt, greed gets you in trouble.
erie

[DbPhoenix]

It's not a matter of greed but of planning. If one doesn't know ahead of time what he's going to do, then whatever decision he makes in real time is essentially a gamble.

The hindsight postings are fine for what they are, but they are only marginally related to RT trading. Even if you guys are only paper-trading, you need to conduct yourselves as though you were trading for real.

[erierambler]

Originally Posted by DbPhoenix »

It's not a matter of greed but of planning. If one doesn't know ahead of time what he's going to do, then whatever decision he makes in real time is essentially a gamble.

The hindsight postings are fine for what they are, but they are only marginally related to RT trading. Even if you guys are only paper-trading, you need to conduct yourselves as though you were trading for real.

Well I can't speak for FW, but i'm trading , not much mind you , just one trade a day when I am confident in s/r , otherwise one doesn't hear a peep out of me .
erie

[firewalker]

Originally Posted by erierambler »

One thing I learned is you take the hand you're dealt, greed gets you in trouble.
erie

Actually, the majority of my trades seem to mirror a "lack of greed", if you want to put it that way. I'm still adjusting and tweaking my strategy as I go along, but today for instance I had sufficient reason to take some off at 1342. Resistance for me was - like you in the chart you posted - around 1349.

Holding on for 4 hours might not be 'difficult' strategywise, but it requires a patient mindset, something that I lack from time to time... (but I'll stop now too, as this stuff is more appropriate for my blog).