Thursday, November 29, 2007
Transcripts from this AM
teq56: got off 2 trades before lunch
teq56: first trade was I shorted 7275 area for Ib hi,yest close, vah, and gap
teq56: problem was It was the 3rd time it had been there during the day
teq56: very stupid
teq56: my teachings have been that the market acts like a membrane
teq56: it will resist a few time at a level... which each touch reducing the chance that it will hold
teq56: so by 3-4th time you know it's going to break!
teq56: 1-2 time is still strong enough to resist withthe first time being the strongest
teq56: by 3rd time % is prolly under 50% it willhold
teq56: this is the same principle regarding shelves on tpo charts... am I correct or not! Of course
teq56: they always fill..... just takes time to break membrane
teq56: ok so why am I shorting on the 3rd hit
teq56: because I'm stupid but I think I have a solution
teq56: I need to just make notes at those levels how many times it has been there already
teq56: OK
teq56: so I short 4 cars from 7075 to 7275
teq56: and get stopped at 75
teq56: crap
teq56: back to drawing board
teq56: so I look at numbers ladder again
teq56: ok
teq56: prev hi at 75 and IB 1.5 is 76
teq56: great!
teq56: JP has short in at 76
teq56: I short 4 at 76
teq56: stop is like 79
teq56: set PP on all 4 at 71 and change
teq56: only take 1 point of heat and about 30 mins later I take all off for a net gain of $25 for the day
teq56: great MP trade supported by another number (prev high) for higher % of working
teq56: also using prev numbers level to exit has worked great cause so far market hasn't penitrated the 71 area
teq56: also to learn which is why I'm writing this
teq56: jp took 2nd short at 71 ib level and made some nice scratch
teq56: but he didn't take the 3rd short there like I did
teq56: hmmmmm
teq56: wonder why he didn't do that
teq56: well.... we now have the answer don't we
teq56: market is like a membrane
teq56: it will only resist for so long
teq56: be smart, trade smart
teq56: I'm learning somthing I already knew
teq56: but that is a good thing
teq56: OK
teq56: lunch break
teq56: got off 2 trades before lunch
teq56: first trade was I shorted 7275 area for Ib hi,yest close, vah, and gap
teq56: problem was It was the 3rd time it had been there during the day
teq56: very stupid
teq56: my teachings have been that the market acts like a membrane
teq56: it will resist a few time at a level... which each touch reducing the chance that it will hold
teq56: so by 3-4th time you know it's going to break!
teq56: 1-2 time is still strong enough to resist withthe first time being the strongest
teq56: by 3rd time % is prolly under 50% it willhold
teq56: this is the same principle regarding shelves on tpo charts... am I correct or not! Of course
teq56: they always fill..... just takes time to break membrane
teq56: ok so why am I shorting on the 3rd hit
teq56: because I'm stupid but I think I have a solution
teq56: I need to just make notes at those levels how many times it has been there already
teq56: OK
teq56: so I short 4 cars from 7075 to 7275
teq56: and get stopped at 75
teq56: crap
teq56: back to drawing board
teq56: so I look at numbers ladder again
teq56: ok
teq56: prev hi at 75 and IB 1.5 is 76
teq56: great!
teq56: JP has short in at 76
teq56: I short 4 at 76
teq56: stop is like 79
teq56: set PP on all 4 at 71 and change
teq56: only take 1 point of heat and about 30 mins later I take all off for a net gain of $25 for the day
teq56: great MP trade supported by another number (prev high) for higher % of working
teq56: also using prev numbers level to exit has worked great cause so far market hasn't penitrated the 71 area
teq56: also to learn which is why I'm writing this
teq56: jp took 2nd short at 71 ib level and made some nice scratch
teq56: but he didn't take the 3rd short there like I did
teq56: hmmmmm
teq56: wonder why he didn't do that
teq56: well.... we now have the answer don't we
teq56: market is like a membrane
teq56: it will only resist for so long
teq56: be smart, trade smart
teq56: I'm learning somthing I already knew
teq56: but that is a good thing
teq56: OK
teq56: lunch break
