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SunTrader
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Everything posted by SunTrader
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All I can say then is I have a different reality. Market makers for instance run stops, when it is to their benefit anyway. Do they know or care if one indicator was signalling someone to enter a trade while a completely different indicator was signalling to another to exit, at that particular price and time. NO. There are probably by now thousands of ways to determine entry/exit points. The powers that be cannot possible know them all to manipulate price - or for very long - before market forces correct it. Trader incompetence is all that is needed to explain the very high percentage of losers. Markets have always worked that way and always will. It has to otherwise we would all be living next door to Bill Gates.
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including MA's and Stochastic crossovers, RSI ob/os levels etc etc. They have far better use of their time without having to bother watching those things.
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Merry, merry to you too Avery.
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Everyone has an ego. Whoever says they don't lie. But why do so many feel they have to trash another trader, or system seller or book author. Unless that other whatever is an out and out fraud. Mark Douglas' books have value of some sort for any level trader. More so perhaps for struggling, aspiring ones. To say otherwise is just slinging mud. Opinions are like ...holes, everyone has one.
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I have, where? All I ask was who does have such experience among those so quickly to criticize another. And while you are at it pointing to where I have done anything more than that, maybe you can expound on your pit trading experience. This should be good.
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Did anybody who was not aware of who Larry Levin is, prior to reading this thread, bother to google his name before deciding to trash him? I didn't think so. Has anyone paid for any of his services, I include myself in this? I didn't think so. But no problem giving opinions though. Wow! Although I haven't bought anything from him I was aware of him for a few years such as he was a 20 year veteran S&P pit trader. Any of us that can make that claim? All together now: I don't think so.
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Now who is talking crap.
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No it hasn't. 80% is the accuracy of backfilling the value area - not the size of the value area (which IS 70%). Please keep this point straight. Re-read the first post if neccessary. As far as whether or not 80% accuracy is correct, I don't know but I am not the one making the claim either.
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80% accuracy, not value area.
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Not just sensationalize but fill news pages or airtime. Like reporting the weather these days. All we want to know, with some kind of certainty if possible, what will tomorrow will brings us? They spend 15 minutes to tell us what has already happened today before they get to the actual forecast (30 seconds worth) for the following day. Sheesh! :doh:
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The worst to me is when markets drops and they say it is to do with "profit taking" but then it raises again next day. I guess "profit-taking"is always a one day event. Doh! :doh: They got to say something, Most of the time it is meaningless made up stuff. I don't care.
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I have my own "rules" which I wouldn't presume would be applicable to someone else.
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From a Bloomberg commentary the other day referencing the MF Global mess of Jon Corzine's doing and how he should have known better seeing the same thing (being over-leveraged) happen to Lehman while he was at Goldman: At Lehman, in the mid 2000s, executives took comfort in the notion that that the bank was in the “moving business” not the “storage business.” In and out. Bam.
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Yeah, crazy 15.25 globex range on Thanksgiving eve. Must be because Goldman never sleeps. :o
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For a first post this is the impression you made :haha:
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I watch markets, not videos. What? When the price is $40 that is the price anyone pays if they decide to buy.
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Deleted as I hadn't seen there were already replies to this and time to move on.
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I don't Everyone has their own interest, sometimes they align with others and sometimes not. There are times when other market makers trade contrary to Goldman. What then?
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An uptick is a tick that is higher than the previous tick (or the same as the previous tick). A downtick is a tick that is lower than the previous tick (or the same as the previous tick).
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Salomon Brothers, PruBache? What century are you trading in?
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Translation please ?
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I'm not sure of the exact details of this story I read once in a trading book but goes something like: A futures trading firm in Chicago (CME or CBOT) had a new hire who was a TA proponent that was telling the "boss" how a particular market was trading right near a key support level. The boss didn't care much for TA. He asked where exactly was this support and then once it hit that spot he signalled into the pits to sell 100 contracts. Blew out the support level - at least for a short while. He then asked "what happened to that support level?" :haha: Maybe without that sell the TA guy would have been right. The lesson I got from it is even when you know, you don't know.
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When someone bought or sold matters. Not where the market was as some random point in the past. Me, I am a day trader so I care only where each day trades, range/volatility wise.
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+1 Trying to follow someone else gets the same results as following the car in front of you to get to a different destination. It might work for a while until you get to the fork in the road.
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Here is another way to look at it. First decline has increasing volume, second does not. Selling is less intense therefore the decline slows and market begins to recover. As Tom DeMark has said: markets top not because there is intense selling, just an absence of buying, and markets bottom because of an absence of selling not because of overwhelming buying. Now once the turn is for real then the selling at the top or buying at the bottom does become much greater and volume figures should confirm that.