Thursday, November 05, 2009

Setting up for Friday

90 minute

Nice looking set-up for a Mechanical Sell, if triggered


30 Minute

If 30 minute triggers SHORT, early indication that 90 minute will trigger


5 Minute

But nothing doing as long as 5 minute remains LONG


This is how I think. Although anxious to take the 90 minute Mechanical Sell, first the 5 and then the 30 minute charts have to turn down. That's why I get so aggravated when someone posts that I have been "Short" for seven months. On what planet? Holding a trading position against even a 5 minute uptrend is financial suicide.

With the right tools and rules, you can be dead wrong in your forecasting and still make money trading. I know some of you get it. As for you others, keep trying, persistence is half the battle.



A

7 comments:

Edwardo said...

I really don't like those wave counts. I think the wave 3 low should be a wave 5 low.

From the high last month to the wave 3 low displayed on your chart took nine trading days. It doesn't make sense that wave 4 should have taken four + trading days all by its lonesome. This is either a wave 2 or a B wave.

Allan said...

And I don't like politicians. They ramble on and on, lie through their teeth and all look the same, except the women politicians, who look like anything other then the sex objects they were meant to be.

Anyone else have any gripes?

Edwardo said...

Well at least we agree on something, I don't like them either.

alfaomega said...

hi Allan,
would like to know your opinion on this:

http://www.prisonplanet.com/g20-meet-to-finalize-dumping-of-dollar.html

many thanks
Ivan

RBharol said...

Allan,
Which trading platform you use?
Can I know and benefit from it?



regards
rbharol

T said...

Thanks Allan, for those charts,and good explanation too.

I think the same strategic thinking works that way with Forex trading as well. shorter time frames leading into the longer ones.except on a smaller fractal scale (1 minute candles lead into 5 min. candles,into 15 and the hour.)
sitting on a forex trade for a whole hour feels like a week of agony sometimes. youre just desperate to close the trade after 10 minutes and take your nice little scalp.
Its very hard to master the discipline.

Anonymous said...

Adam Hewison has a notable perspective on RIMM and 'general market'.

http://broadcast.ino.com/education/rimm1105/

Lucky Luciano