Post by Segwin on Jan 16, 2016 10:58:18 GMT -5
In the attached picture I've made some notes for your review.
Marked on the chart is the VPOC where the bears and bulls agree on price and where most of the wrestling match takes place. I've also marked, in red support and resistance zones. The purple lines are points of interest such as x.0500.
I'm always trying to better my entries to better my success rates. I believe that if you are really careful about picking entry points the rest of the trade should take care of itself (knowing there is nothing that is 100%)
I was thinking about DD and his frustration as well as mine. One thing that Bob doesn't mention in his book (at least that I could find) would be no trade zones such as around the VPOC. This may not matter to him as he has years of experience behind him and most things might be second nature by now but for those of us trying to learn the ropes it can be quite an uphill slog.
It is also hard in this field because we really have no true mentors. You get a job in a factory as a widget maker. The head widget makers job is to train you to become a good widget maker so that you can make money for the company. Although there are people in this field that will help you, for a price, most of them seem like loan sharks.
I was watching one of the videos AB had on the main page from the worlds youngest millionaire trader and he said something that has resonated with me as I progress - less trades, better outcome.
Getting back to Bob, we are in a range and looking for a range break. We draw a little box around our candles and we are looking for a breakout. We see that everything thing is in play and then it reverses. Was it around the VPOC?
In my attached picture I am thinking that there should be a no trade zone even if we miss the train upon occasion. Would it be better to wait for price to hit a support or resistance line away from the fighting? You don't get as many opportunities but the outcome may have a much better % of being right which means risking more per trade. Like trading only when price touches a value area are even further outside that.
Interested in what others think.
Marked on the chart is the VPOC where the bears and bulls agree on price and where most of the wrestling match takes place. I've also marked, in red support and resistance zones. The purple lines are points of interest such as x.0500.
I'm always trying to better my entries to better my success rates. I believe that if you are really careful about picking entry points the rest of the trade should take care of itself (knowing there is nothing that is 100%)
I was thinking about DD and his frustration as well as mine. One thing that Bob doesn't mention in his book (at least that I could find) would be no trade zones such as around the VPOC. This may not matter to him as he has years of experience behind him and most things might be second nature by now but for those of us trying to learn the ropes it can be quite an uphill slog.
It is also hard in this field because we really have no true mentors. You get a job in a factory as a widget maker. The head widget makers job is to train you to become a good widget maker so that you can make money for the company. Although there are people in this field that will help you, for a price, most of them seem like loan sharks.
I was watching one of the videos AB had on the main page from the worlds youngest millionaire trader and he said something that has resonated with me as I progress - less trades, better outcome.
Getting back to Bob, we are in a range and looking for a range break. We draw a little box around our candles and we are looking for a breakout. We see that everything thing is in play and then it reverses. Was it around the VPOC?
In my attached picture I am thinking that there should be a no trade zone even if we miss the train upon occasion. Would it be better to wait for price to hit a support or resistance line away from the fighting? You don't get as many opportunities but the outcome may have a much better % of being right which means risking more per trade. Like trading only when price touches a value area are even further outside that.
Interested in what others think.
