Monitoring........what exactly?

[Trader Question]

when you say monitor - monitor - monitor.....are you monitoring the "distance" the price is from the Nearby resistance and support? (the green boxes relationship to the bars (whatever timeframe) "close price")

In other words for example - as the distance between the Close price and the resistance "widens" or moves up and away from the close and the support narrows or gets closer to the Close price - it means that support is increasing and resistance is weakening and "all things being equal" you are looking for the price to move up

I wanted to be sure what "specifically" I should be monitoring

D.M.

[pldot]

You monitor everything, but especially monitor the LTP flow... how the market is acting and whether or not it is making progress towards tit target.

[Trader Question]

I think I have it
I just did a trade the "right" way I think??
its simple -
monitor the support on the 60 min chart (taking into account the HTP numbers P&L su/re)
1st Calculate 60 min bar and monitor the next price bar against it
if it holds go long to next target - resistance level then - Monitor the price in relation to the resistance
does it pull back but hold above support ?? if it
does - hold long - to next resistance level, etc. etc.
until that time when the price slips into the support of the previous 60 min bar (or whatever LTP your using)

And as you said - monitor all and any support or resistance that pertains to or comes into contact with the trade.

Something like that??

I missed a good part of this move looking to short resistance being so far away from the PLDot

But today I learned that the most important thing is "flow" as long as we're moving higher and support is holding - stay with it - don't worry about going short until we see resistance beginning to hold and support giving way

All in all a great learning experience today that hopefully has brought it together for me.

D.M.

[pldot]

You're starting to get the drift....

[Trader Question]

the 60 min Chart was looking good and it just reversed itself and headed south

I knew it going into the week and even might have mentioned it in a daily analysis this week - "short any rallys"

But today - I've just grown to trust (no I already do that), appreciate that the HTP's were pointing down and "well" - the mkt went down - what a concept!!

I was wondering why the mkt started to move up this week-although it wasn't too remarkable and was a "narrow" trading day Monday at best

No more second quessing P&L - like I said We knew that we should be "shorting" any rallys this week because the HTP's are in that type of trading - so until they turn around the best we can hope for is congestion action trading forget the Trend Runs up for a while (well at least until "Flow" changes her mind)

These last two weeks have been brought me - peace of mind in the mkt - each day I feel more confident and I'm beginning to establish my "belief systme" in P&L - its getting pretty solid now

I've got Tradestation up and running on my home computer and plan on putting it on my computer at work and start to trade with it - a bit nervous in that I've only placed orders with a "human" before - this is my first shot at "electronic" trading
Again thanks for your help.

D.M.

[pldot]

Yes, the patterns play out pretty regularly.

How do you like TradeStation?

[Trader Question]

Its OK - I have to adjust to its peculiarities would like to try to make a few trades with it in real time - before I cloud the issue with more new stuff

Like I said I'm new to placing trades over the internet instead of the phone - once I get by this trauma of "did I push the wrong button!!" and "oh s@#*!! how can I cancel that order!!" - then I'll be alright

Ya know - just another "sweat free day" walk in the park

D.M.

[pldot]

Electronic Trading carries a danger in that it is so very easy to place a trade that one can fall into overtrading without blinking an eye.
I have also on occasion made buy-for-sell errors because the buttons are easy to miss with a mouse, and when distracted can make a trade without realizing it. So... lessons learned... I always double check that I did what I wanted to do...
I want to get you working with the DG software because I think it will improve your vision...