The Trading Quote of the Day has to be from this pro trader who sent me an e-mail about a point I made during a Webinar we did last night with BigMikeTrading. He wrote:
We’re just a flea on (the) back of (an) elephant going for the ride.
You can see the entire e-mail and its context below.
I was in your class tonight at Big Mikes. First time I’ve heard you, awesome class. You talk about a trader that had a bias to the down side, and then you had to let him go because he just couldn’t shake off that bias. I learned that the market can’t go down until the 50 moving average is over head and falling. Take the daily S&P 500 for instance, from last October of 2012 to this November of 2013: the 50 moving average is below and climbing. This S&P 500 can’t go down until the 50 moving average is over head and falling. We just got let the market tells us what its wants to do. We’re just a flea on (the) back of (an) elephant going for the ride.
I’ve also learned that a tick leg builds a single 1min green candle and multiple legs on tick builds a 1min green leg, a leg on the 1min builds a single 10 min green candle and multiple legs on the 1min (higher highs and higher lows) builds a 10min green leg and multiple legs on the 10min builds the daily green candle. You can’t have a green daily candle without the 10 min building legs. It’s just that simple. Ticks build the 1min, the 1min builds the 10min, and the 10min builds the daily, and the daily builds the weekly. Multiple time frame pairing. You just can’t separate them. Have you ever seen a picture with in a picture, when you stare at it, all of sudden a different picture appears out of it? It’s the same way with trading. The words I’ve said about multiple time frame pairing as the go from words to a revelation. It’s like OMG I get it, I see it, it as to become real unto them. Every trader has to have their own revelation unto their self.
Again, great class.
Great quote right?
“You can be better tomorrow than you are today!”
Related blog posts:
My Favorite Candlestick Pattern
Higher Time Frame Webinar Primer