Hi guys,
Here is another trade (or two or three) I liked very much. I was watching the 748-749 area. After the gap down, I didn't know if the area would provide resistance (as I was seeing it as possible support). But it stopped the market very well (in four separate periods). Even the thrust above the level into Thursday's closing range area (7 tick extension) can be seen as a fake out to draw in longs and a shake out of stops.
Please note, I am now calling the opening period A period instead of the D period as JP (of JPJ trading) calls it. This is more consistent with how most people list this. With this is mind, I and J period could also have been shorted. I haven't included the 6Rev Chart for these opportunities. I need to leave something for you to do.
Speaking of that, if you are not yet doing daily charts like this, what are you waiting for. I keep digital copies of all my charts in a chart book in a folder on my desktop. I print the ones I want to keep in mind during the trading day. Bill Duryea of IOAMT inspired me to do this and it is possibly the most valuable exercise I have ever done in my trading career. I use SnagIt which is pretty cheap and easy to use. Doing this process forces me to observe and think things out. I look at what I saw and didn't see in real time. I look at the trades I took that worked well and the ones that didn't. I look at the trades I wish I would have taken and observe the cues that were there to see in real time, if I would have had the wit to see it. It is now a habit for me to do this - one I would not want to give up. The rewards are that great.
Hope it helps,
MG
i see you have referenced two rooms that I am interested in, ioamt and jpj. have not subscribed to either yet, so am wondering if you could provide your opinion as to which room is a better educational tool, or perhaps the key differences between the two.
ReplyDeleteHi there AJS,
ReplyDeleteI have been a member of both rooms and they both have a lot to offer. My suggestions: JP is doing a free trial this week. If you are not already doing the trial, email him tonight. Go to jpjtrading.com He has his email addresses listed. You can probably start tomorrow.
I am currently in IOAMT room. The two rooms are profoundly different and will offer very different tools and experiences.
Both have helped me immeasurably. Every trader who wants to become successful and is serious about trading should spend some months on IOAMT, in my opinion. It is a very serious trading environment.
JP, Bill Duryea and Jackie (in IOAMT) are really nice people. They are honest and the real deal as traders.
So, my advice is check them both out. JP only offers a free trial 2-3x a year - so take advantage of it now. Feel free to ask me more questions if you have them. Let Bill and JP know that MGTrader sent you.
I plan to do a review of my time in IOAMT in the near future, so keep a look out for that.
Hope it helps,
MG