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[Previous entry: "S&P E-mini update."] [Main Index] [Next entry: "Japanese Yen Update JPY"]
02/14/2005 Archived Entry: "Is it worth it?"
This is the best kind of email: G'Day Neal, 26 degrees C here today and expecting a real hot one friday/saturday with 40 degrees C expected. We have bushfires in South Australia but for us Sydney siders its the beach and outdoor dining. Now that I have rubbed it in I am writing just to say how helpful your daily updates have been particularly now that they are in the "live" format. I have found however that the theory of trading has really fallen into place since you have gone to the "live" format where I can listen and watch a set up for a trade, concerns that you have etc. I have found this to be so good because I can now review trades as they develop and learn every day. It is the liitle things like today for example how you explained how it is possible to scalp on ACH and to watch for pullbacks on the 5 minute chart. The other day you expressed some concens because the TRSI was at the 60 level and you weren't sure if there was going to be any momentum. My trading has improved out of sight. I am not trading the US market because I am either sleeping or getting up in the middle of the night to take my 4 year old to the toilet!! However, I am trading the Aussie Market and I have now developed a patience level and ground rules that are paying huge dividends (based on my kitty - I have a long way to go before I get back to square). I sold a long position today in BHP where it hit SK support and turned over on the 30 min chart. My broker was telling me to stay long but I have listened to brokers too often and every time they have cost me money. Sure enough the 60 min turned down prior to close and I have taken a quick scalp on close for exit tommorrow morning. I really appreciate your charts and when you are wondering whether it is all worth it I can guarantee you a very big YES!!
With Best Wishes,
Paul D
(sydneyswan)
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