I guess I can understand how some of their comments can seem
short and cryptic or maybe they might seem like they don't explain
things completely. You do have to have a good understanding
of what the outcome of things like, pennants and falling or rising
wedges and other patterns, that are recognized by Steve and Matt
during the day. Hang in there and it will get easier.
Also, listen carefully the night before when they talk about the
charts and what possible patterns might play out. You will
see them post annotations to these charts the next day (of what
they talked about the night before) as these likely outcomes play
out during the market session. This is a HUGE help to me. Big
thanks to Steve and Matt for pointing out patterns as they develop
during the day. I trade a lot based on these and I believe
you really need to watch these posts.
I would bet that the issue you might have with some of their
posts is that you have to know why they are posting chart patterns.
Sometimes they don't give a clinic every time they post
something. When they post something like, "Rising wedge
playing out" you have to know that the wedge is expected to break
against the direction of the wedge. Sometimes they just post,
"Nice Wedge on 5min SPY" and then they have a chart. You are
expected to know what to do with the info and trade on your own.
Once you get this and you get to this level, you will trade
better because you aren't having your hand held and you aren't
dependent on a "guru" to call exact trade numbers - there aren't
any exact calls day in and day out.
I do get that it would be nice if they add a little more like,
for example, "Nice wedge forming - may break down to the 50dma."
But, sometimes/often they do exactly that.
Another thing, there is a complexity of possible outcomes during
the day that rely on a confluence of chart levels that my be from
MAs, patterns, fibs and EW etc.. A lot of the time there is
no comment that applies with certainty to a pattern that Matt or
Steve identifies. You have to be juggling many fluid
technical concepts in your mind and apply these to your own style,
timeframe, judgements and level of risk. So, the charts that
Matt and Steve post during the day are often just meant to be
pointed out so you can use the info to add to your own construct of
how your trading day is evolving.
Good trading.
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Chart Comments
Posted by auni on 14th of Oct 2011 at 08:54 pm
Keith,
I guess I can understand how some of their comments can seem short and cryptic or maybe they might seem like they don't explain things completely. You do have to have a good understanding of what the outcome of things like, pennants and falling or rising wedges and other patterns, that are recognized by Steve and Matt during the day. Hang in there and it will get easier.
Also, listen carefully the night before when they talk about the charts and what possible patterns might play out. You will see them post annotations to these charts the next day (of what they talked about the night before) as these likely outcomes play out during the market session. This is a HUGE help to me. Big thanks to Steve and Matt for pointing out patterns as they develop during the day. I trade a lot based on these and I believe you really need to watch these posts.
I would bet that the issue you might have with some of their posts is that you have to know why they are posting chart patterns. Sometimes they don't give a clinic every time they post something. When they post something like, "Rising wedge playing out" you have to know that the wedge is expected to break against the direction of the wedge. Sometimes they just post, "Nice Wedge on 5min SPY" and then they have a chart. You are expected to know what to do with the info and trade on your own. Once you get this and you get to this level, you will trade better because you aren't having your hand held and you aren't dependent on a "guru" to call exact trade numbers - there aren't any exact calls day in and day out.
I do get that it would be nice if they add a little more like, for example, "Nice wedge forming - may break down to the 50dma." But, sometimes/often they do exactly that.
Another thing, there is a complexity of possible outcomes during the day that rely on a confluence of chart levels that my be from MAs, patterns, fibs and EW etc.. A lot of the time there is no comment that applies with certainty to a pattern that Matt or Steve identifies. You have to be juggling many fluid technical concepts in your mind and apply these to your own style, timeframe, judgements and level of risk. So, the charts that Matt and Steve post during the day are often just meant to be pointed out so you can use the info to add to your own construct of how your trading day is evolving.
Good trading.