Great video Matt! Awesome advice on the going full time question. I’m personally working on this and getting closer by the day. I paid my debt off and am working on 1 years worth of salary as a cushion before I go full time.
Thanks Matt! For your next Q&A: I'm sure you've touched on this subject before in your trading videos, but how do you approach a long steady move that you've already missed or that you're currently watching play out? I got stopped out today (June 6th 2022) trying to catch the reverse of the 4156 to 4072 downward move from just after market open until about lunch. When I entered, it seemed like it had finally stopped, hovered and even went up a bit, but then continued down dozens more points. I find trending markets quite challenging, because when price starts to reverse against the trend, instead of joining the trend at the pullback opportunity I enter a reversal trade. When I do finally realize the market will be trending in a direction for a while, it's usually only after one (if I'm lucky) stop out. For now, I'll continue watching your archive to see how you've dealt with similar price action. It seems that during pre-market, which you mostly trade, you get a bit more up and down oscillation within the GBX range. Due to time zones (market open here is 0630) I often trade post-open in a trending market, so I'm really trying to figure this out. Despite asking this question, I do have a feeling that the answer is careful observation, patience, and experience. Always look forward to your uploads, thanks again!
Excellent question, I've been struggling with this myself since we've had a handful of big days like that so far this year. As it was falling today starting from 10am-ish (EST), I figured it was going down to test 4100, so I was waiting for a little rally on the way down to get in short. Problem was, a decent rally never came. It would drop a whole lot, bounce up 5 points, drop a whole lot again, bounce up 5 points again... I didn't trust these little bounces as short opportunities, because usually the market would need to come up further than that. In the end, I just sat there staring at it like an idiot and ended up missing every opportunity on the way down. However this behaviour, in my limited experience, is common on big single directional days like this, especially the down ones. But it's hard knowing if it's going to be a day like that until the move is already well underway. I ended up taking a few points long in a countertrend trade after price hit 4100, so I made money, but I missed all the real opportunities. Would love to see our man Matt's input on this!
Hey good question. I will talk about this more later, but long story short, while there are clues, you don’t know if it’s going to be a big move. I trade it pretty much all the same, if it shows weakness or fails, I’ll get out. Can always get back in. I didn’t trade today as we had an appointment I forgot about, but will have a look at the chart
@@johnomono9922 You hit the nail on the head describing how it is. Trader Tom has a strategy (assuming price is going down like today) of waiting until a candle's high (call it candle B) is higher than the high of the previous candle (candle A). When candle B, or the next candle, passes the halfway point of candle A, go short. There is also Stock Jock's CoC (candle over candle) method, which is similar but instead of using the highs as a reference (again assuming a short continuation trade), you wait until a candle's low is higher than the previous candle's low, then enter when the next candle passes that higher low. Knowing these in theory, and actually applying them in the moment when you're still thinking "it's already moved down so much, as soon as I enter I know it will reverse on me," are two different things. Plus you have to get your mind made up to take a continuation trade in the first place!
@@ultimatepu5h Thanks for the advice. I've tried looking at the 1H chart to draw the lines you're talking about and I'm not quite seeing it. Would it be possible to share a screenshot of what you're talking about on imgur?
Hey Matt thanks for answering my question in the video🙏 By far my favourite trading channel I always look forward to your uploads, it's great to find someone genuine, honest, and humble keep up the great work!
Hey Matt thanks for the reply to my question on the TICK timeframe. I've been using that and the other market internals a lot more lately and came to the conclusion that I really like a short timeframe on the TICK as well. Just another piece to this crazy puzzle. Things are definitely starting to click for me, or it appears that way for the time being. Thanks again for your uploads, you are a huge inspiration.
Love ur videos. Can I clarify - you mention that you use Tadingview for charting and Seirra Charts to execute the trades, so I also hear you mention AMP brokerage too. As a beginner, I would love how much it all costs to get up and running. I don't mean the monitors and computers but basically, the cost of having tradingview and Sierra Charts up and running? I am trying to wrap my head around the set up because I have heard of some other trader using Sierra Charts and Edgeclear, so does that mean that some people use Sierra Charts as charting software and use Edgeclear as the executing brokerage? Thx
