Ideas for increasing trader performance

This is a discussion on Ideas for increasing trader performance within the First Steps forums, part of the Reception category; Excellent presentation, Tom! Coincidentally, while still making my way through the behemoth J16 thread over @ FF (which imho is ...

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Old Jan 14, 2010, 1:17pm   #43
DHB
 
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Re: Ideas for increasing trader performance

Excellent presentation, Tom!

Coincidentally, while still making my way through the behemoth J16 thread over @ FF (which imho is recommended reading material for all traders, both new and experienced) and watching some of Jim's free videos for the second time, last week, all of a sudden the principles of (ppz) break/retest became obviously clear to me. It was awesome to place a couple of lines on my chart, and then witness price breaking through, coming back and testing it again -to the pip-, before taking off again.

Not only does this seem to be a highly reliable phenomenon, but if you look closely, you'll see that it's happening everywhere, all the time. Not only after a trendline has been broken or after a breakout from a consolidation/congestion/traffic area, but also frequently during a trend will price pull back and touch the price level of the previous swing high/low. Even when there does not seem to be a retest of a former resistance/support/trendline, if you zoom in to a lower timeframe, you'll almost always see that price did in fact do a retest before taking off again.

Cheers,
Boy

Last edited by DHB; Jan 14, 2010 at 1:19pm. Reason: typo
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Old Jan 14, 2010, 1:37pm   #44
 
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Re: Ideas for increasing trader performance

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Originally Posted by DHB View Post
Excellent presentation, Tom!

Coincidentally, while still making my way through the behemoth J16 thread over @ FF (which imho is recommended reading material for all traders, both new and experienced) and watching some of Jim's free videos for the second time, last week, all of a sudden the principles of (ppz) break/retest became obviously clear to me. It was awesome to place a couple of lines on my chart, and then witness price breaking through, coming back and testing it again -to the pip-, before taking off again.

Not only does this seem to be a highly reliable phenomenon, but if you look closely, you'll see that it's happening everywhere, all the time. Not only after a trendline has been broken or after a breakout from a consolidation/congestion/traffic area, but also frequently during a trend will price pull back and touch the price level of the previous swing high/low. Even when there does not seem to be a retest of a former resistance/support/trendline, if you zoom in to a lower timeframe, you'll almost always see that price did in fact do a retest before taking off again.

Cheers,
Boy
Thank you for posting DHB. I think it's an incredible experience when you finally see and understand this properly for the first time.

Now you can see it, don't take your eyes off it...this pattern is the key to the markets rhythm and you'll never view the markets the same way as you used to again.
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Old Jan 14, 2010, 3:12pm   #45
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Re: Ideas for increasing trader performance

Honestly, the day I really got it, I walked around with a huge smile on my face. It is indeed a immensely powerful experience, and the (touch) trading implications are -after a sufficient amount of proven demo consistency- very potent.
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Old Jan 14, 2010, 3:49pm   #46
 
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Re: Ideas for increasing trader performance

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Those that are bullish stocks will be looking to get in long around these levels. FTSE looks the most promising. Wait for it to set up right for you. If it doesn't, pass on it.
This looks very promising to me now particularly in light of this news.
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Old Jan 14, 2010, 4:53pm   #47
 
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Re: Ideas for increasing trader performance

Tom - on E-mini do you graph only for regular trading hours or do you examine s+r through the entire 24hr period?

I ask because I find that only tests during RTH when there is volume seem to count for me. However activity during FTSE and Nikkei trading hours give clues too, especially when it comes to 13:30 US news annoucements like today.

Do you have a view?
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Old Jan 14, 2010, 5:13pm   #48
 
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Re: Ideas for increasing trader performance

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Tom - on E-mini do you graph only for regular trading hours or do you examine s+r through the entire 24hr period?

I ask because I find that only tests during RTH when there is volume seem to count for me. However activity during FTSE and Nikkei trading hours give clues too, especially when it comes to 13:30 US news annoucements like today.

Do you have a view?
I examine s/r throughout all hours...
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Old Jan 14, 2010, 5:19pm   #49
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Re: Ideas for increasing trader performance

... test of the RTH high's and low's at the open can often provide useful clues as to what the action is likely to be during the day
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