May 10, 2011
- in Uncategorized by schooloftrade
Different PHOD and PLOD Levels on Monday Morning
– Calculating the PHOD and PLOD on a MONDAY morning
o I use 24/7 charts, no open or close of the pit, 24 hours a day
o I will show the price action from the WEEKEND
o I need to ignore the PHOD and PLOD on Monday
o Ignore the HOD/LOD on Sunday, and use the HOD/LOD from the previous Friday
o Why not just use the template 24/5?
§ I still need to know where the highs and lows from overnight/over the weekend were
o End of morning move
o Usually occurs when there is NO NEWS in the morning session
o If there is no news and no speed or movement this looks VERY good for a late morning move.
– Drawing Trend Lines on Multiple Charts
o Global drawing objects turned off on 4/8/ATR/POT/
o Fast charts, turn off plot executions to speed up your computer
– 4 contract ATM strategy
o Log into your advanced course and check out the document titled ‘ATM for Every trader’
How much big money does it take to qualify ‘big money’
– Its not a science, its an art
– I want to see as many big orders in my direction as possible.
– If I have concerns over price action I will wait for MORE to qualify the trade
– If I see a strong clue that makes the trade higher % I can trade without as much as I would normally need
– Rule = 50 contracts or more = big money
o 5 x 10 = 50
o 2 x 25 = 50
o 10 x 5 = 50
o No matter how they show up, 50 contracts should be enough to tell me the BIG MONEY IS HERE.
o The 50 value is only a guide. There will be times when you need more, or when you need less.
o This is only for gold and crude oil
o ES = 1,000
o Euro = 500
o TF/CL/GC, anything not highly liquid and 50 is perfect.
Best way to get started:
– Quick Start Guide = 45mins to set it all up
– Fast Track, learn it and begin to trade it on demo
– Set up your Auto Trader and start on a demo
– 1 week on a demo to get your confidence and now you know what to expect and you’re off to the races.
– Start earning profit on BOTH, the FT and the AT
