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thank you for doing this again, and making it a lot clearer.
I really enjoy your teaching.
Also really appreciate your working to “give us more” value, including the training tonight on the Goodnight Gold Trade, tho I am one who cannot/will not risk $600. I will be in “class”, listening, for certain!
Thank you for your kind words.
Is there a TRIN reading that you use for the opposite ambush trade (ie., a gap down instead of gap up)?
Also, do you use any MA’s as a proxy for an underlying’s fair value? i.e.,How do you know on a chart if a stock or future is under or over valued?
Thanks for all your wealth (of knowledge)!
At this time I do not have a reverse crescendo trade setup.
Its a long only. If I find one that works I will let you know.
As far as under value or over value.
I use the ValueCharts.com
Hope it helps
So this morning I got excited and sold some YM pre market at 13297 based a one minute chart that I got ahead of on the indicators and price action. I was looking for some sort of gap fill but as you know the YM went to a high of 12356 about 60 pts from my entry. I violated a lot of rules and ended up holding most of the day and getting out for a 3 tick loss.
In a market like today where we are range bound how far should I set my stop? I set it too far I think at 13366 and almost got slaughtered.
Great question, I currently use a 20 point stop loss on the YM which is about a 2 point stop loss on the S&P.
Range bound days are hard to trade. Not a lot you can do.
One thing you can do is double your stop loss and cut your size in half.
Hope it helps