If you have read this blog for over a month, you know I am a huge 24 fan; I have high hopes for this season (4-hour premiere Sunday and Monday night). But I am already pissed about the Tony situation - I hope it is some elaborate plot and he is not bad. Depending on how intense it is, I may not trade again until February.
Dinosaur Trader has some good links up on his Friday "Linkday" post - check it out here.
A few days ago I posted several charts and said:
I am posting the charts below because they are setups that will be key to my 2009 trading. Ignore the timeframes and the specific symbols and look at the patterns - they happen every day, but people tend to miss them because they are chasing other setups or they are already in trades that are substandard (ie, trades that are not good setups...but you feel the urge to be in a trade - any trade - and you give into it).
This chart needs to be added - it is a variation of the C&H that Trader Jamie talks about, and it usually produces big results. I am not going to go into details here, but you should study the pattern and look for similar setups on your own...there are multiple entries on this chart, and it will mean more if you discover them yourself (hint - this is a very Fibonacci intensive pattern). Actually, this example is not as well-formed as several others I traded last week, but I am too lazy to go back through my charts right now!
I will close this post with a random picture of Spider-Man and President Obama. Have a good weekend.
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8 comments:
X, great job on getting rid of the clutter in your trading. I too am going through a similar process. I wanted to ask you about stops though. I usually trail my stops in the following manner. I keep the trade open as long as the low of the current candle does not breach the low of the penultimate candle (ie. 2 candles back).
I find this keeps in most trades and I have played with automating this as well to give me more time to look for other opportunities as opposed to worrying about closing out positions. Do you use something other than Fib levels or dollar profit targets? I know you take some off the table at $1 gain, but do you do anything else in particular?
Thanks again for the blog.
Vic
I traded WFMI!
I am looking forward to 24, it looks good this season.
"I hope it is some elaborate plot and he is not bad. Depending on how intense it is, I may not trade again until February."
hahahahha - there is always Entourage.
im afraid that "24" is gonna jump the shark. the 2-hr show, i think it was called REdemption" on released on DVD was pretty weak.
AMP & PAAS retraced to +/-the 50% level of the weekly high-low range from monday through thursday
X,
Thanks for the link. I'll try to keep my links as interesting as your Delicious reading is...
-DT
Did you see this, freaking funny, know this is up your ally. Santa Bailout
http://howidaytrade.blogspot.com/2009/01/santa-claus-bailout-hearings.html
In reference to your cartoon caption, it is not yet President Obama - it is President-Elect Obama until 1/20/09 when he takes that oath.
Hi X,
Your post on getting the clutter out of your life really hit home. I have been "de-cluttering" not only my trading, but "stuff", and the way think. I all hit home to me when I was at Ikea a few months ago, and they had a mock up of a studio apartment that had almost everything I would need to live comfortably (given I didn't have a wife and child). The kicker was, it was all in 279 sq ft.
Anyway, looking forward to your blog in 09'. I know you will be excited to see Bush go, although I will miss him.
Hope to see you in H-town later this year.
Formerly ADD Trader
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