Market Parameters before entering a Trade

Hey Everyone,

Basically I am looking for a a criteria that will allow me to go long or short on a stock that I am interested in trading.

Something that will restricted me from opening a position if market conditions do not favor it.

For example going long on a stock

1. Dow is up on the day
2. Stock is above its 8 ema on the daily


etc etc


Really interested to hear what you all use as guidelines before entering a trade. Would to learn from all your experiences.

Thanks

When you get that nailed down and perfect, let all the rest of us know.

Not trying to get anything perfect just trying to improve on my win loss percentage. Hard to get help nowadays though, sarcasm seems to be the new thing among experienced traders.

Sorry!

It was just a bit to easy. Are you a Gary Williams student? If not then I imagine you won't get much from this forum cause most everyone here are current/former Gary Williams students.

Most of the vet traders here tend to be lurkers, without ever posting anything. There was a time when things were active, but now not so much. Maybe they just come and read the posts looking for a good laugh.

Per RichieRick's post, most on this forum are students (current/former) of GW who has a proprietary trading system.

I fundamentally believe that to be successful you need a system that you are bought into and willing to stick with. One place to start would be some of Elder's work. He system includes risk management, entries/exits, and the psychology of trading.

Very similar, at a high level to GW's techniques/approaches. Also, would take a look at the Triple Screen method for something that seems a reasonable starting point.

Lol,

Gary himself says he didn't invent anything with trading. He is/was completely self taught by reading tons of books and testing many things until he developed his own system from all that. I think Elders is all in it. By keeping what worked and getting rid of what didn't work..

What Bruce Lee did for Kung-Fu Gary has done with technical indicator trading. Of course he will admit that there are many systems out there, and many work while some just don't. Gary has even said that if you went and read all the the same books and covered all the same material he has since he started this journey then you could have to same thing on your own. Why start from the beginning if you don't have to, when he can teach you from what he has already learned.

It may sound like it, but I'm not a GW fan-boy or a Groupie. Frankly they annoy me, especially in class. But I do respect Gary for what he's done, and for his knowledge. When it comes to trading and his system he does know what he's talking about. At the end of the day though, he's just a man. No different than me.

@Taz43

I think RichieRick and I are saying the same thing. GW has an effective method for what you are saying you want, entry/exit criteria, etc. To RichieRick's point, he has streamlined it so that the guess work has been eliminated, with essentially a set of strict rules to follow. That said, the method/class is taught on site in NC. Class contacts are posted elsewhere on this site.

I've also heard good things about Dan Sheridan's training/mentoring, that may give you some insights as well. A former co-worker has had success with his methods.

Best of luck.

I appreciate all the feedback you guys have given. When you guys refer to Elders, is that a person or a system? Is there a link to Elder's information so I can read up on it.

Thank you

I believe he is referring to

[www.elder.com]

Correct. Particularly like the Entries and Exits book (Visits to sixteen trading rooms)

Read up on the triple method by Dr. Elder,liking what I'm reading so far. Do you guys have a book recommendation or a video series regarding this?

Thank you

Would like to pick the brain of someone little more experienced in the triple method screen. The 3 charts on the right represent a daily swing entry with weekly, daily, and 4 hour chart. The 3 charts on the left represent an intraday entry of 4 hour, 1 hour, and 15 minute chart.

I understand the daily isn't a confirmed entry but the intraday is, what are some thoughts you can comment on regarding this trade. Basically just to learn here not actually trade, I'd like to know what are your thoughts or comments with this.

Thank you in advance

charts

@Taz... Trading for a Living is good background info but if you are looking for something that resembles his, Elder's system, get Come Into My Trading Room. I believe there is a study guide that goes along with it. If memory serves me correctly, triple screen is touched on in depth in this book although it's been 12 years since I read it. If you are not going to take GW's course, I STRONGLY recommended Come Into My Trading room and picking the minds of folks in this forum that will share. Happy Trading!

NCT