Monday Log - Learning to Work Together

I spent most of the weekend studying the EWS. As with last week, I plan to put on a minimal amount of trades in regards to EWS methodology, at least not with real $$$. Beginning with today's session, I started sim trading with EWS trades and traded my live account for TC set-ups. I'm seeing some nice parities between the systems.

I began the day going short on paper in keeping with the EWS and pre-determined S & R. Entered short after 1000 in the 42's once price could not take out the high with half gap area of 39's as first target. Second target was 36's but missed by a couple ticks. Set stop at BE which was hit. In hind sight, the previously ID'd support level of 37 area was the better target. Sim Result: +3.0

I learned something today regarding the open and price targets thanks to one of the EWS members, Zeek as well as E. Ah-Ha moment. These guys as well as other members in EWS are truely awesome! Need a definition/example for collaborative support & effort? Become an EWS member!

Later in the PM session, TC set-up at 1330 for a long. Intial target was just below the intra high and missed it by one tick. I had my stop at just better than BE and was stopped out before taking 1/2 off (not wise). Got in long again on MA bounce set-up but did not let the trade idea work as I did not like being in the chop, thus the moon shot around 1500 took off without me. Result: +1.0

Combining EWS methodologies and targets with TC set-ups has a very nice overlay. The respective systems price targets and set-ups seem to have the potential of working very well together. There are several chart settings that are similar, TC set-ups are high probability trades and EWS has a structure that should evetually provide for a great edge.

Learning how to drive/operate the early prototype of this powerful machine will not be easy. Currently, my main focus is learning EWS with an eye open for TC set-ups. Gradually, I expect to expose the potential edge that the two systems have with EWS as the cornerstone of the methodology. Once I learn how the two systems can work together, and learn how they can compliment each other, I expect my trading edge to be very sharp.

Until then, it's all about putting together what I currently do have and understand; working together with those within 'E-Nation', collaborating with two systems as well as applying previously learned trading information from books, seminars and other traders within my network.

Working to put it all together. It's a beautiful thing. Someday sooner than later, I will be the one saying " the eagle has landed"!. Until then, it's about learning how to operate the machine that will help me ride those moon shots. After that, the stars are the limit!

Trade Well !