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Buying Pullbacks and Selling Retracements
Questions:
– What point does buying a pullback or selling a retracement become higher risk?
o When we enter into the chop zone
The middle of a sideways trading range
o When we have less than enough room for the trade to RUN
Long trade = beware resistance
Short trade =beware support
o When the pullback/retracement shows signs of losing control
Wave long = make sure the sellers are not in control
Wave Short = make sure the buyers are not in control
– How do we use the auto levels indicator?
– How do you qualify ‘enough speed’ in the market you are looking to trade?
o Markets may move too slowly (low volume) or may move too quickly (high volume)
o What is the speed of the market RIGHT NOW?
Is it rising? Take the trade
Is it falling? Avoid the trade / take profit
o Pace of tape indicator (POT) measures the speed of the orders coming into the market
o What does enough mean?
Joe = rising speed of the tape
Nelson = yellow POT
Ryan = Green POT
How do I know when the buyers or sellers are in control?
Big money on the tape
Increasing speed on the POT
– How often will you optimize this auto trader?
o Almost never
o We take a broad approach to the trading this auto trader uses, so we look for a winning ratio over a long term strategy
o We’re not ‘curve-fitting’ the strategy to the current market climate.
– When will be the next auto trader training?
o This Wednesday for members only!
Set it all up
Answering all your questions
– What are the Red and Green Divergence Arrows for?
o Divergence indicator, members only
– Fast Track Method
o Simplified version of the full trading method we will be teaching you as a client
o 1:1 risk/reward
o Uses limit orders for precise entries
o Simple patterns to make learning easy
o Start with only 1 contract
o And learn while you earn
– Do you need to continue to pay monthly for NT charts?
o No. we can provide a work-around for that
o But I would recommend if you can, continue to use the live version of NT
– How long have we been trading in the room?
o Room opened 3 years ago
o I have been trading for 10 years
o Watch the video on the DISCIPLINE CYCLE on the Blog and the Advanced Course
– How long will this take to learn?
o 2 weeks of learning
o 2 weeks of practicing on your DEMO
o Then start with the fast track method
– When do we use the auto trader?
o I don’t watch the auto trader at the same time im trading discretionary for emotional reasons
– What are range charts?
– Problem with downloading the new NT7 Indicators and I’m working on the solution for that as we speak.
– Another beta release for the Auto Trader later this week
o 100% complete end of the year