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Wednesday, September 27, 2006

Wednesday's action

posted by Tom C:

I thought this was a great comment by T.C. in the O.C., and worth posting here:

"X, as an avid reader I have some input on alot of questions you get related to setups.

I think many of the people who come here also read other blogs like the Dummy Trades. They look at the setups in that context, without knowing how you really trade. Yes, you outline it in all of your posts and FAQ, but many do not take the time to read those.

Dummy Trades tend to be entered on narrow range bars on 30-minute charts. Alot of your trades are the same, but what people don't realize is you don't blindly enter based on a narrow range bar. You enter based on candle patterns (hammers, offsetting bars, etc.) and at points of support and resistance and when those levels are broken (Fibs, opening range high/low, moving averages). It just so happens that many of your entries are narrow range bars. But again, you don't just blindly enter based on them.

Someone else said it is the little things. I think you are much more accurate and the little things are the reason why. My suggestion is to read all of your posts on how you trade, viewer mail, and look at all the charts. It will start to become clear.

Thanks for a great blog. I am still not sure why you share so freely, but I appreciate it."

Have a good day, and post any trades in "Comments".

100106 edit (by Trader-X) - Tapeworm takes exception with the comment above. I certainly don't think T.C. meant any disrespect to "Dummy" trades - he was just trying to point out that people need to pay more attention to the details. There are so many questions posed by people who don't take the time to read the information provided, and study the details.



T.C. in Orange County said...

SWEET! I am famous.

Let me clarify I like Dummy Trades, but wanted to point out there are differences between them and what X does. If you realize that, you can probably improve your trading and become more accurate.

Prospectus said...

Good comment! I'm slowly starting to see the differences between "Dummy" trades and X trades.

IMO, seeing examples of good setups is only one part of the learning experience. To me, this is where the "viewer mail" is valuable: Somebody (like me) posts a setup they found, and then those with experience can point out what was wrong with it. While I have read all of the top-of-the-page links, printed them out and studied them, there are a lot of "little things" that are not always obvious in the reading. That's where the chart study and trading experience comes in, I guess.

T.C. in Orange County said...

Woah! I did not mean to cause an uproar. I was in no way disparaging Dummy Trades, or the Chairman. I study his blog often. But there are differences, and I think X does a more detailed analysis of the price action and when and why to enter.
Just mu opinion.

Roger said...

lol TC. I know what you mean. Both are great resources, but I agree with your analysis.