Oil

8 thg 8

8.8.24 I spent my time on oil because it's a potential reversal area to start moving lower and if you had entered the market at the support area you would be more than 3000 ahead which is not a bad return in the few days that you would have been in the market. on the other hand it looks to me like there are no sellers in the market and I would be looking for sellers but the price action suggests that the market still has more upside to it and I wanted to talk about that because if the market really is trading well in the direction that you're Trading you want to be able to stay a little bit longer in the market even if it only gets you a point or or so because that makes a huge difference on your wrist reward numbers your overall return. unfortunately when you haven't really thought out the distinctions that can allow you to modify your decisions... it is very easy just to get out of a trade because you absolutely do not want to lose money because you have fear of losing money probably because most Traders lose more money than they make when they trade so they make a decision based on emotion and not so much the patterns and behavior of the market itself and this makes a very big difference in your profile as a Trader. I decided to talk about Al Brooks because I purchased the program of his some years ago on the advice of a friend... had a love hate relationship without Brooks....Mostly hate. I would say it took me probably 2 or 3 years to get through his package of short videos. I felt so annoyed with him at first it occurred to me that my response was so intense that I must be missing something and it's something was wrong with me. and honestly I think that course costs 4 or $500 which is nothing. to put it bluntly... my response to his program was so intensely negative I truly wondered if something was fundamentally wrong with my thinking since I hated what he was doing and I wasn't making money in the markets and that maybe there's something wrong with me. and I knew that Al Brooks had an incredible reputation and I had fear that if I threw out those videos that that might be my last chance of changing my ability at Reading the markets. I decided to give you a concept of what a spike is as Al Brooks might think of it even though this would not be the perfect example for him.... because the concept ended up being very important to my thinking even though I do almost everything else differently from Al Brooks who thinks it's fibonacci's are completely bogus and he likes to do bar counts and that's not at all how I think.... but he did provide value and he was part of the significant change in my thinking that it would take especially once I understood extensions and other things elsewhere.