Posted by keyhole7 on 25th of Sep 2024 at 10:00 am
On this website, If I have heard it once I have heard it a
thousand times, "Trade your Plan". Like everyone else, I have
charts with indicators. If the BPT signal lines up with what I am
seeing on my charts, then I take the trade. An example, I look for
new longs on the KISS systems. I sell PUTS on the stock when they
go long. CRWD went long last Friday Sep 20th. I did not take the
trade because my indicators were telling me to wait. Today will
probably be the day to enter. I understand your example of a pilot
trusting his instruments, but just as an instrument rated pilot,
you have to practice till you get proficient and learn to trust
your instruments. Learning to fly is expensive and learning to
trade is expensive.
Another example, NVDA went long today, I took that trade. My
indicators, along with BPT, said it was going long, so I sold PUT
options.
KeyHole7, I appreciate these comments and examples.
"Where no counsel is, the people fall: but in the multitude of
counselors there is safety” -- Proverbs 11:14
"Trade Your Plan" - I too have heard this over and over in the
newsletter, but what is a Trading Plan? How is one created? What
goes into a Trading Plan? I thought I would eventually learn this
by watching the newsletters and following the community but unable
to put one together. This is a gap in my education.
Learning to Trade is Expensive - Understood. I appreciate that
reality check. The cost to learn to trade is undetermined /
unclear.
Posted by keyhole7 on 25th of Sep 2024 at 12:30 pm
Silver,
I agree with Steve, Price is the only "real time" indicator and
all other indicators lag. But I use indicators to help me make
decisions. As the saying goes, different strokes for different
folks, IMO, the same goes for trading plans. Some of the indicators
I use are the 9ema, VWAP, and the Hull ma. I took Matt’s advice and
changed the Hull ma length setting to 15. Yesterday I received the
email saying NVDA was going long. I looked at my 1 hour and 15
minute charts. I look for the 9ema to cross VWAP and the Hull
ma to cross VWAP. NVDA is currently in an uptrend since Sept 6
th. After receiving the email I looked at my 15 minute
chart and saw that both the 9ema and Hull ma crossed VWAP at 11:15
yesterday morning. (Yesterday would have been a better entry) After
a short retreat last night, this morning at 7:15, VWAP, 9ema, and
Hull ma were all moving in the same direction up. With the trend
up, all indicators up, and the email confirmation of a long trade,
I was comfortable taking the trade this morning.
I like Demand Zones and Supply Zones. It's great when Steve and
Matt point them out. There are Supply and Demand Zones
everywhere on different timeframes. I am waiting on the
video Matt said he was going to put out explaining the zones. I
want to learn how to determine which zones are valid and which
zones are not valid. Also, there are valid highs and valid
lows as well as protected highs and protected lows. I trade stocks,
options, ES & NQ futures so my trading plans are similar with
varying differences.
I don’t want to mislead you. I am just a novice trader.
I'm sure Matt & Steve have forgotten more than I have
learned about trading. I still work a full time job. I just wanted
to give you some insight on how I trade.
One quick piece of advice - FOCUS on PRICE versus indicators -
they are laggards (you can employ indicators to look for possible
turns/triggers if they show divergence but PRICE is your
confirmation). Best thing I was ever taught, was to get rid
of indicators and focus on price with valid demand/supply zones and
moving averages (helps guide strength and turn points)
For trader's on indices - look for traps (stop runs below/above
previous highs for potential fades once/if momentum dies. We
refer to this as a "liquidity grab"
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Posted by keyhole7 on 25th of Sep 2024 at 10:00 am
On this website, If I have heard it once I have heard it a thousand times, "Trade your Plan". Like everyone else, I have charts with indicators. If the BPT signal lines up with what I am seeing on my charts, then I take the trade. An example, I look for new longs on the KISS systems. I sell PUTS on the stock when they go long. CRWD went long last Friday Sep 20th. I did not take the trade because my indicators were telling me to wait. Today will probably be the day to enter. I understand your example of a pilot trusting his instruments, but just as an instrument rated pilot, you have to practice till you get proficient and learn to trust your instruments. Learning to fly is expensive and learning to trade is expensive.
Another example, NVDA went long today, I took that trade. My indicators, along with BPT, said it was going long, so I sold PUT options.
KeyHole7, I appreciate these comments
Posted by Silver on 25th of Sep 2024 at 10:51 am
KeyHole7, I appreciate these comments and examples.
"Where no counsel is, the people fall: but in the multitude of counselors there is safety” -- Proverbs 11:14
"Trade Your Plan" - I too have heard this over and over in the newsletter, but what is a Trading Plan? How is one created? What goes into a Trading Plan? I thought I would eventually learn this by watching the newsletters and following the community but unable to put one together. This is a gap in my education.
Learning to Trade is Expensive - Understood. I appreciate that reality check. The cost to learn to trade is undetermined / unclear.
Silver, I agree with Steve, Price
Posted by keyhole7 on 25th of Sep 2024 at 12:30 pm
Silver,
I agree with Steve, Price is the only "real time" indicator and all other indicators lag. But I use indicators to help me make decisions. As the saying goes, different strokes for different folks, IMO, the same goes for trading plans. Some of the indicators I use are the 9ema, VWAP, and the Hull ma. I took Matt’s advice and changed the Hull ma length setting to 15. Yesterday I received the email saying NVDA was going long. I looked at my 1 hour and 15 minute charts. I look for the 9ema to cross VWAP and the Hull ma to cross VWAP. NVDA is currently in an uptrend since Sept 6 th. After receiving the email I looked at my 15 minute chart and saw that both the 9ema and Hull ma crossed VWAP at 11:15 yesterday morning. (Yesterday would have been a better entry) After a short retreat last night, this morning at 7:15, VWAP, 9ema, and Hull ma were all moving in the same direction up. With the trend up, all indicators up, and the email confirmation of a long trade, I was comfortable taking the trade this morning.
I like Demand Zones and Supply Zones. It's great when Steve and Matt point them out. There are Supply and Demand Zones everywhere on different timeframes. I am waiting on the video Matt said he was going to put out explaining the zones. I want to learn how to determine which zones are valid and which zones are not valid. Also, there are valid highs and valid lows as well as protected highs and protected lows. I trade stocks, options, ES & NQ futures so my trading plans are similar with varying differences.
I don’t want to mislead you. I am just a novice trader. I'm sure Matt & Steve have forgotten more than I have learned about trading. I still work a full time job. I just wanted to give you some insight on how I trade.
One quick piece of advice
Posted by steve on 25th of Sep 2024 at 10:56 am
One quick piece of advice - FOCUS on PRICE versus indicators - they are laggards (you can employ indicators to look for possible turns/triggers if they show divergence but PRICE is your confirmation). Best thing I was ever taught, was to get rid of indicators and focus on price with valid demand/supply zones and moving averages (helps guide strength and turn points)
For trader's on indices - look for traps (stop runs below/above previous highs for potential fades once/if momentum dies. We refer to this as a "liquidity grab"