Smh prep 06-04-06
SR
R3=3900
R2=3850
R1=3750
S1=3730
S2=3700
S3=3660
Economic news
BOE Announcement 7:00 ET
ECB Announcement 7:45 ET
Jobless Claims 8:30 ET
EIA Natural Gas Report 10:30 ET
Unfolding action
Yesterday price managed to close above 3700.
It broke past my (10d15m) regular prepare chart1, so chart2(1yd) is added to the prep.
Scenarios for the foreseeable future:
1]more upside: target 3850/3900
2]sideways: round yesterdays close 3735
3]reversal into recent: range 3550-3650
4]other scenario's.................
Hindsight
chart3 =100% hindsight markup of 4 and 5 april entries.
In real time my intermarket filter has to confirm each entry.
SR
R3=3900
R2=3850
R1=3750
S1=3730
S2=3700
S3=3660
Economic news
BOE Announcement 7:00 ET
ECB Announcement 7:45 ET
Jobless Claims 8:30 ET
EIA Natural Gas Report 10:30 ET
Unfolding action
Yesterday price managed to close above 3700.
It broke past my (10d15m) regular prepare chart1, so chart2(1yd) is added to the prep.
Scenarios for the foreseeable future:
1]more upside: target 3850/3900
2]sideways: round yesterdays close 3735
3]reversal into recent: range 3550-3650
4]other scenario's.................
Hindsight
chart3 =100% hindsight markup of 4 and 5 april entries.
In real time my intermarket filter has to confirm each entry.
Attachments
Last edited:
prep 13-04-2006
SR
R3=3850
R2=3800
R1=3730
S1=3690
S2=3670
S3=3635
Economic news
Import and Export Prices 8:30 ET
Jobless Claims 8:30 ET
Retail Sales 8:30 ET
Consumer Sentiment (p) 9:45 ET
Business Inventories 10:00 ET
EIA Natural Gas Report 10:30 ET
SR
R3=3850
R2=3800
R1=3730
S1=3690
S2=3670
S3=3635
Economic news
Import and Export Prices 8:30 ET
Jobless Claims 8:30 ET
Retail Sales 8:30 ET
Consumer Sentiment (p) 9:45 ET
Business Inventories 10:00 ET
EIA Natural Gas Report 10:30 ET
Trading in the zone synopsis(MD)
The Five Fundamental Truths
1. Anything can happen.
2. You don’t need to know what is going to happen next in order to make money.
3. There is a random distribution between wins and losses for any given set of variables that define an edge.
4. An edge is nothing more than an indication of a higher probability of one thing happening over another.
5. Every moment in the market is unique.
The Seven Principles of Consistency
1. I objectively identify my edges.
2. I predefine the risk of every trade.
3. I completely accept the risk or I am willing to let go of the trade.
4. I act on my edges without reservation or hesitation.
5. I pay myself as the market makes money available to me.
6. I continually monitor my susceptibility for making errors.
7. I understand the absolute necessity of these principles of consistent success and, therefore, I never violate them.
Trading Errors
1. Not Predefining risk before entering a trade.
2. Not cutting your losses.
3. Letting a winning trade turn into a loser without taking any profits. Have an organized, systematic, money- management regimen for taking profits when the market goes in the direction of your trade.
The Three Stages of Trading
The mechanical stage
1. Build the self-trust necessary to operate in an unlimited environment.
2. Learn to flawlessly execute a trading system.
3. Train your mind to think in probabilities (the five fundamental truths).
4. Create a strong, unshakeable belief in your consistency as a trader.
The subjective stage
1. Use anything you have ever learned about the nature of the market movement to do whatever it is you want to do.
2. Learn how to monitor your susceptibility to make the kind of trading errors that are the result of any unresolved self-evaluation issues.
The intuitive stage
1. Work at setting up a state of mind most conductive to receiving and acting on your intuitive impulses.
The Five Fundamental Truths
1. Anything can happen.
2. You don’t need to know what is going to happen next in order to make money.
3. There is a random distribution between wins and losses for any given set of variables that define an edge.
4. An edge is nothing more than an indication of a higher probability of one thing happening over another.
5. Every moment in the market is unique.
The Seven Principles of Consistency
1. I objectively identify my edges.
2. I predefine the risk of every trade.
3. I completely accept the risk or I am willing to let go of the trade.
4. I act on my edges without reservation or hesitation.
5. I pay myself as the market makes money available to me.
6. I continually monitor my susceptibility for making errors.
7. I understand the absolute necessity of these principles of consistent success and, therefore, I never violate them.
Trading Errors
1. Not Predefining risk before entering a trade.
2. Not cutting your losses.
3. Letting a winning trade turn into a loser without taking any profits. Have an organized, systematic, money- management regimen for taking profits when the market goes in the direction of your trade.
The Three Stages of Trading
The mechanical stage
1. Build the self-trust necessary to operate in an unlimited environment.
2. Learn to flawlessly execute a trading system.
3. Train your mind to think in probabilities (the five fundamental truths).
4. Create a strong, unshakeable belief in your consistency as a trader.
The subjective stage
1. Use anything you have ever learned about the nature of the market movement to do whatever it is you want to do.
2. Learn how to monitor your susceptibility to make the kind of trading errors that are the result of any unresolved self-evaluation issues.
The intuitive stage
1. Work at setting up a state of mind most conductive to receiving and acting on your intuitive impulses.
Consistent
Our subconscious minds have no sense of humor, play no jokes and cannot tell the difference between reality and an imagined thought or image. What we continually think about eventually will manifest in our lives. Unfortunately most of us are completely unaware of this fact and we do not monitor our thoughts with the care needed so that we can create in our lives the results we say we want. Since the great majority of people do not feel worthy and deserving of abundant good fortune, radiant good health and total success in all areas of their lives that overriding thought pattern controls the results people get. The first order of business of anyone who wants to enjoy success in all areas of his
her life is to take charge of the internal dialogue they have and only think, say and behavior in a manner consistent with the results they truly desire.
Sidney Madwed
Our subconscious minds have no sense of humor, play no jokes and cannot tell the difference between reality and an imagined thought or image. What we continually think about eventually will manifest in our lives. Unfortunately most of us are completely unaware of this fact and we do not monitor our thoughts with the care needed so that we can create in our lives the results we say we want. Since the great majority of people do not feel worthy and deserving of abundant good fortune, radiant good health and total success in all areas of their lives that overriding thought pattern controls the results people get. The first order of business of anyone who wants to enjoy success in all areas of his
her life is to take charge of the internal dialogue they have and only think, say and behavior in a manner consistent with the results they truly desire.
Sidney Madwed
superfly said:
Easier said than done, because something is running through our thoughts all the time, unless we are braindead. Are you sure that our subconcious cannot tell the difference between reality and imagination? What we must avoid, because it is a waste of time, is Walter Mitty type thinking. Thinking should be positive and, if ambitious, must be with a specific and realistic target in mind. Once that ambitiion as been achieved one can go on to the next realisable goal.
Split
thepoliteone
Member
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Has somebody been reading 'Think and Grow Rich'? I'm reading it at the moment, fantastic book, can easily see how most other self-help manuals are based on it!
-TPO.
-TPO.
Not yet. Looked it up at amazon. Has good reviews. If you have a strong idea from the book thatthepoliteone said:
you would like to share. Be my guest
Im rereading trading in the zone chapter 11 this weekend. Preparing to do the exercise he describes in this chapter with my own approach.
"You have to want consistency so much that you would be willing to give up all other reasons, motivations, or agendas you have for trading that are not consistent with the process of integrating the beliefs that create consistency"
Consistency here I come
