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TRADING NAKED

Master  your  setup. Master  your Self

 

the interpretation and application of price action concepts

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We all share a similar path in Trading. Even though you may not be a consistently profitable trader now, you can chose to enjoy the path. This alone may make the difference in your success.

 

GE and S&P make NEW YEARLY HIGHS TOGETHER


091803              Today GE and S&P make New Yearly Highs together.

These charts are part of my daily charting. It is easy to maintain Daily, Weekly, Monthly charts. You only are required to spend a little time on them each day or week or month. A quick glance each day may give you some helpful insights on the market.

I have been watching GE for years. It often leads, confirms or negates what is going on. 

When I spotted the reverse Head&Shoulder on the ES a few days back I went to my GE daily and noticed that GE was making new yearly highs while the ES was retracing. I interpreted this as a good chance for ES to hit Head and Shoulder target, which it did. More, once reached I often look for a reversal. We did have a 62% retrace on the Es before target was reached. This was in my mind a buying opportunity in light of GE making new yearly highs. ES was doing a healthy retrace for more fuel to go higher. Before target was hit my eyes are looking at the next swing highs on ES and gaps, we still have one 1040.75 just 3 points away.

 

 

The point I desire to make is that, in my opinion, trading is a thinking profession as well as a reaction profession. 

1- Do Daily chart work. At first you may feel that you are not capable of this. Longer term chart work will teach you many tools that you can use on intraday trading.

2- Think and react.  If I reacted to all I see I think I would lose. My setups and rules are roadmaps opposed to systems. So, I add in thought... which changes from time to time depending on the market personality. 

Acquiring the ability to determine market personality will be a big step in the profitability department. Is the market personality exhibiting small range and/or congestion or  expansion and trend. This different personalities may require different setups. So THINK.

 

This quote talks to 2 points. The balance between thought and action. If you think too much, research too much, you may find yourself  frozen like a deer in front of headlights and unable to pull the trigger. Perhaps looking for so many confluent confirming indicators. You chance becoming a never ending student of the markets. You can talk trading but are rarely profitable.

thanks to Mike B for the quote

 

expect miracles, they are everywhere.............. God is good all the time

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