Yes, you.
You never know what kind of post topic is going to push trader's buttons, so to speak. Jules said I was sounding swami like with my previous post. The EIT (exceptional Irish trader) had told me the same thing after he read that post. Ok he actually called me guru like.
I found this all rather offensive as I thought I had just posted a blog stating that I don't want to be your guru.
Maybe I do?
No
I don't.
I thought my point about what market do you trade was important. I still do. I think it's very important. In fact I think it is the most important factor after money management. So I offered what I thought was a very simple way to gauge different markets in order to see if there might be something else out there that you could trade. There may be something better than crude oil, if so let me know. Crude isn't always the best thing to trade as there are many posts on this blog with me whining about the lack of signals on crude oil.
Anyway I thought it was important but I get the feeling that you don't. Maybe I didn't say it right, or maybe I sounded too swami like. If so I apologize.
What if all our plans, technical analysis, indicators, systems, didn't matter? What if the only thing that mattered was a market that will get in a trend and stay there for a while? If that were the case, or at least partially the case then maybe we should take a little time and examine the different products there are to trade. Maybe we should spend more time on that rather than hours of studying whether a 34 EMA is better than a 21 EMA?
You can look at daily or hourly charts with the ATR as a guide to quantify the products range. It doesn't really matter how you measure as long as you apply the same measurement to all the markets you want to look at.
That leads me to another point, the market you want to look at. People seem hesitant to look at something else, they get very attached to their market and they don't want to leave it. I know I am the same way, slow to change.
You don't have to change, just look. Measure a few different markets and if something jumps out at you sim trade it for a while. Yes the power of sim, you don't have to dive into the crude oil pit head first (oops I let that crude bias slip out there) you can sim trade.
Why not?
Since I'm wagging crude's tail today have a look at the chart. I know, I know, you're saying, will he just shut up and post some charts!
Fine, be that way and since I am not your Swamiguru you can just look at the shiny chart and forget everything I said. :)
2 Minute Crude Oil Chart
I took the first two and passed on the last two.
12 comments:
Does this mean I should stop burning incense while I read your posts?
Oh no carry on with that, it helps with the ox entrails smell.
Remember I said I wasn't going to post charts unless there was a reason to post a chart.
The reason I posted that chart was to show that any idiot could have traded that trend and made money.
:)
Thats true. But I've proven that any idiot can lose money on that. Perhaps its just me. But in any event, perhaps since you did trade that and you made money at the same time, you really are a guru.
That's Mr. Guru please.
AHEM !!
hahaha..!!! Solfest, I'm burning incense as I write...
I'm kicking myself now for not telling you in my comment about your previous post that I completely agree with you on checking out other markets. I mean, it's apparent that I can't seem to stay with one instrument and chart and am constantly looking for something that I can trade. I traded 6E and 6J before I even knew anything about them. I was refering to the symbols on IB and keying them on my chart when I discovered that 6E and 6J have proper candles on 5min, so I traded them. I look at crude oil and immediately skipped it coz I couldn't see candles (much like TF during globex hours). I noticed also that there are times when both 6E and 6J are untouchable, and I'll go back to indcex futures. For me, that's better than staring at the chart of a single instrument - stare at it long enough, I begin to see things that are not there...
See? I'm on your side :-)
Is this your way of telling us that you really want to trade FX?
You know it makes sense :-)
The EIT caught me, I really do want to be a guru, Mr. Swamiguru!
Jules you are a professional trader, we hear you roar.
L&W I really do want to trade FX, the problem is those 4 decimal points. That kind of math is beyond me. :)
Have a great day all.
"the problem is those 4 decimal points. That kind of math is beyond me. :)"
HAHAHA
Sol,
Do previous S/R levels ever keep you out of a magic blue bar entry? Say for example in the chart above, if 71.75 was a previous S/R level would you have taken that entry? Or wait to see if it blows through and sets up another entry on the other side?
DT I don't look at anything other than what is on the chart. The 2 long EMAs (89 & 233) are there to represent what is happening on a longer time frame. That could be S&R or not.
In my opinion looking back at previous days activity is of no value for day trading. My preference is to just concentrate on what's in front of me.
I do watch the whole numbers (70, 71, etc) in terms of if I enter here will I get to BE before price has to go through a whole number. Also if target is just beyond a whole number I may move it up just in front of it.
Doesn’t mean I'm right, tis just what I do.
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