rainman2's journal

[rainman2]

Ya know

Ya know, when I first became interested in day trading all I did was focus on trendlines, s/r, and volume. Ya know, after you draw a third trendline, the trend is pretty much exhausted and stuff. S/R was something I never felt I was drawing precisely and well volume is an ongoing learning experience, ya know. So I read Darvas and all of a sudden I get tunnel vision and think " 2 lines on a chart is all I need." Even volume becomes for the most part unimportant. Anyway, people are kind enough to point out that other factors are important (trend and momentum) but "tunnel vision man" wasn't hearing them, ya know. Well, I hear you now, There's more than one piece to the puzzle, ya know.

Here's a trade I took and one I passed on with reason.

 

[rainman2]

Here's monday

Weekly - need weekly volume of over 275 million on rising prices to confirm this move?
Daily - A 20% move from the low of 7/21 (66.35) would put prices at 79.62
60 minute - trendline holds and prices climbs back over the erie line (33sma)
15 minute - From the low of 11/14 (76.43) to the high of 11/16 (79.11) price reverses after 50% retracement.

 

[TIKITRADER]

Ya know, when I first became interested in day trading all I did was focus on trendlines, s/r, and volume. Ya know, after you draw a third trendline, the trend is pretty much exhausted and stuff. S/R was something I never felt I was drawing precisely and well volume is an ongoing learning experience, ya know. So I read Darvas and all of a sudden I get tunnel vision and think " 2 lines on a chart is all I need." Even volume becomes for the most part unimportant. Anyway, people are kind enough to point out that other factors are important (trend and momentum) but "tunnel vision man" wasn't hearing them, ya know. Well, I hear you now, There's more than one piece to the puzzle, ya know.[\QUOTE]
Rainman2 , Humble. . . not proud or arrogant; modest: to be humble although successful. The definition comes from the dictionary, the humbleness came from you and your willingness to learn and further your journey to become a successful trader. To open a journal for all to see your trades and emotions , whether they are right or wrong, and then to admit the advice you received fell on deaf ears , shows your desire to truly absorb all that is the experience and knowledge of the many who have decided that trading was a lifetime of continuous learning, and being open to the environment that surrounds us all. That is a quality that will keep you driven to be your best. To always be honest to yourself... keep up the hard work!

 

[rainman2]

After going through a bunch of charts this weekend and coming to many different ideas about about trends, momentum, exits and entries, profit taking and stop-loss, I think its best to stop posting for awhile so that I can put it all together a little more coherently. I believe there are strong strenghths to the Darvas box but entries intraday are not always one of them. So for now.......

 

[dbphoenix]

After going through a bunch of charts this weekend and coming to many different ideas about about trends, momentum, exits and entries, profit taking and stop-loss, I think its best to stop posting for awhile so that I can put it all together a little more coherently. I believe there are strong strenghths to the Darvas box but entries intraday are not always one of them. So for now.......

As I pointed out at the beginning of your journal, you shouldn't be trading until you have your strategy in place. To plow ahead regardless is not only inefficient but a waste of money.

Rather than set aside the journal, use it to develop your strategy. That is, after all, the point of it.

Db