I am probably going to be closing down my blog at the year end......
It's something I've been thinking about and the recent comments and emails make it a bit more clear.
Let me elaborate a little....by first briefly explaining how I trade now : (this is pretty much what I have said to any email enquiries).
I am still learning by the way and am part of the group which this guy teaches.
We trade only stocks which have news on the day e.g. earnings etc. Usually, we have a list of 5 or 6 stocks to focus on. We use 1 or 2min charts with a ema > and that's it, so no indicators > but the charts are mostly for reference purposes and primarily I am using Tape Reading. In fact I am trying to get to the stage where I don't even look at the chart other than to note daily levels and maybe intra-day pivots (identified via tape).
From the open we follow the tape to judge strength and weakness of the stock and to draw pivots. As the tape progresses we are fluid in trading in terms of cutting and adding to positions so that the aim is to catch the macro trend which should play out on a stock which has news out that day.
Specifically in terms of the tape > there is no Level 2 > we are reading Level 1 tape > which is the Bid, Offer, and the latest print. With this data and how the bid and offer change in relation to the latest print we are able to guage strength and weakness.
Picking the right stocks to trade is a key part of this method as you have to have stocks which are going to move. I must also say that to learn this method of trading takes time. As it is completely different to watching charts and entering from specific candles etc. It is much more fluid and managing a trade is crucial to the method. So you have to put the hours in and practice etc.
So, as a recent poster said why don't you put up charts and entries etc like you used to ? Because the object of the blog was to show people how I trade. That is a fair comment, but say I am in stock BUD (like I was yesterday), I had multiple trades , buying and selling , cutting and adding whilst reading the tape and trying to judge the strength and weakeness of the stock. If I put all my entries and exits onto a chart, it would be a mess of arrows some within a single 1min candle > that is going to be no use to anyone . And it will be implying that I used the 1min chart to trade....yes I have the chart up...but I'm not using it to determine my entries and exits.
In previous years, I developed a chart based stratgey using NR, NR3 candles etc based on 15min charts and then on 5min charts and I posted my entries and exits based on those patterns. Started well, but in all honesty I just couldn't get consistent trading that way....and believe me when I say..I have spent countless hours pouring over charts until my eyes are red trying to work out how to do it... Now that is not to say that it can't be done e.g people like TraderX, 00Nr7 etc seem to do well...but I just can't.
Having been involved in trading for a number of years....I haven't met a trader in person who trades profitably using just technical charts....but before people start jumping around...it's not to say that they don't exist...lol
So where does this leave the blog ? Well, my previous years, the strategy (charts) was what I developed myself, with lot of input from other blogs etc...so it was all free info out there. Hence no problem with explaining my entries etc. Now however I am part of a group and pay for the education. I can't very well quote chapter and verse on exactly the tape reading setups that I am using...how we select stocks etc..as it wouldn't be fair...aside from which it is all copyright etc etc and I would get my ass sued and probably my pants as well.....lol.
I did put up a brief video of my trading, to give a feel really of how I trade rather than to explain the exact methods. And I have been putting up my summary each day, just for my purposes really and to maybe indicate to readers that this method of trading does work (in my view of course). Hopefully I haven't jinxed myself.
Not much more to say really. Other than, I would like to thank all readers who have posted comments over the years and will see how it goes for the rest of the year in terms of the blog.
Longer term, I am going to carry on Stock Trading.......and maybe think about trying Futures again at some point down the road.
I have tried to be as honest as possible in this post....and no offence meant to any technical chart-based traders out there. But for the first time in a long while, I am feeling more comfortable about how I trade and look forward to the battle each day.
Finally ...the group I am part of ? http://www.tradingraw.com/ ...By all means check it out....