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Tuesday, October 19, 2004



Purple Haze YM 5 min chart tribute to Jimi Hendrix. I was listening to some Are You Experienced? today. Pretty cool looking. I may keep it for awhile.

Today was a picture perfect day for signals and follow through. It's days like this with solid CCI results that bring in 50 new people to the chatroom the next day. I tried the "Gio method" today, keying off the 2 and 5 min charts. The 2 min chart was chock full of signals today. Too many. So I actually looked at the 5 min more and looked at the 2 min for simultaneous sigs for entries, going back to the 5 min to monitor the trade. I put up the 8 and 13 min charts (just the CCI), too, but can't say I paid them much mind today.

The unorthodoxy of going to longer and longer term charts is nearly as unsettling as trying to go priceless. While I'm sure most traders would also see it as illogical to be watching the 13 min chart off a 2 min entry, it serves the same purpose as going priceless: to reduce stress, fear and headfakes. As long as there's a nice trend established, Gio can milk a trade for all it's worth, and a big trade once in awhile can make your day or week. I'm going to try and emulate her going forward. To her credit, she took the time yesterday to spell out her methodology and intra-trade thinking in detail. Her two hour lecture yesterday was more beneficial to me than the usual daily advice of "read the CCI manual" (http://193.203.240.46/woodiescciclub/Trading-Woodies-CCI-System.pdf) and putting in 100's of playback hours trying to achieve pure Woodieness enlightenment with my own discretionary entries, exits, trendlines, timeframes, targets, stop losses, # of contracts, etc.

Also want to give kudos to NickTrader who has started to post some trades in realtime again. He's also started a journal thread to post charts (though infrequently so far), and to r7 and racer who have shared their trading plans with everyone.

1 Comments:

At 9:38 AM, Blogger Fearless said...

LOL, I'm not rocking out while trading, just during my midday break while doing a 30 minute workout and having brunch. We've got plenty of Mozart, Bach, Vivaldi, etc here all day long with my wife playing music for the baby. That filters into my home office, but these days I like to keep it quiet (no TV, no music) while watching the mkt. I just have the hotcomm moderator on low. Bracket-trader has the most annoying buzzer alert sound, so that makes me keep the computer volume low.

 

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