MightyMouse

I agree totally; know-how is far more important.

There is a certain " If "A", then do "B" to it. When the range is small if i am going to take a trade, I lower the contracts, and change to a higher risk, low reward, high probability trade. I call it discretionary; however, the intuitive part of discretionary trading is really just someone combining past events and projecting them onto current or future conditions. It's brilliance when we are right, and just another bad trade or lack of discipline when we are wrong.

Only take range base trades if the overnight of a particular instrument is only a particular number of ticks and there is no major news pending. Over night means from Chicago open to almost up to the NY open before a major news announcement. If there is major news pending, then try to get positioned for a move one way or the other before the news. If the overnight range is more than a particular number of ticks for a particular instrument, then do not take range based trades; instead, take directional trades and try to add.

OK, so MP is it and everything else sucks.

To day trade etf's you need 25k or you need to go get fleeced at a prop shop. You need capital to trade. Lots and lots.

Looks awesome! I expect to see James and the Giant Peach float by

Sometimes it does capture behavior. You should be able to identify the behavior and if you can, then you have something. Sometimes you are capturing a statistical fluke that will go away over time. Or, it may already have gone away and no one told you. That's the chance you take by trading based solely on backtesting a high probability nothing.

Gold and Crude have good movement in Asia. Es moves in reaction to the Asian Indexes. If you want to trade a market index, Es is just fine as far as relative after hours liquidity is concerned. In currency futures, the JPY is very active too. Break a leg.

I wonder why that post was deleted.

Sure. If it captures a behavior, then it is something that you can hypothesis will occur more often than not and you might find it on other time frames as well. If you properly test it and determine that it does capture a behavior like fear, greed, aggressiveness, weakness, etc then you may want to add it to your trading. If it doesn't capture a behavior, I personally wouldn't do anything with it. As an example, I have never made sense of the 80% rule we have all learned from MP and I will not trade it. It makes no sense to me why it would traverse the balance area if the circumstances set up the 80% rule. On the other hand, there are things that I do that I will do 1000 times out of 1000 times because they make sense to me and they occur with a lot less frequency than 80%. Cabese?

TN. No. I am not in it.

Simply because someone disagrees with a view does not make it hate. You, in fact, may hate to read someone disagreeing with your view, but that is an internal issue. Much is learned through disagreement.

I\Maybe if you would have asked Santa for a move up, you would be happy with the result.

Your ego is the very last thing you give up before you die. It is impossible to shrink it.

Seems like an interesting observation. Some questions to ask yourself: Does this phenomenon capture trader behavior that is identifiable? Does this phenomenon occur in other time intervals?

On Viagra: [quote=hunter1;134350 I can teach anyone to trade using the VWAP with EMA and guarantee with my cash that they will pull 4 points ( 16 ticks) per day from the ES. Off Viagra:

I assume you are aware that there is a back testing issues with PnF in tradestation. Or, at least there used to be.

The definition I posted is totally my definition. I didn't like his casino edge as it applies to trading. If normal distributions with finite outcomes were possible, then I would agree with him.

Each will be trustworthy for a period of time. It's a guess which will be more trustworthy during the period that you are trading. All you need is a little luck and a little trust.

The person who said that is I. A set up is a 61% fib retracement from a high. If you trade this and use his suggested trade management, your account will be drained in time. An edge is knowing if you should take the 61% pullback long or if you should short into it or if you should simply stay away. And, based on what develops after you enter, how long you should stay in. Basically, it is knowing if there are traders in the market who are willing to pay you. If they are not there and you get in or stay in, then you will likely be the one paying I have not read TITZ in while so I am not as studied on it as many here and therefore may be misquoting him by recalling what I thought was negative in the book and that is certainly not fair. Sort of like being asked about an ex wife and the only thing I remember is that she was a bitch. But, if I recall correctly he indicated that he scales out of positions with the first scale coming out just for peace of mind. That may seem like a reasonable strategy for a newbie and it did seem reasonable to be, but later on I realized that it was a guaranteed loss in your account. A guaranteed loss does not give me peace of mind. I then concluded that he really does not trade since no one can trade for long by taking trades that guarantee a loss. Of course you could trade with a guaranteed loss if making money wasn't the objective. Surprisingly, there are lots of traders who trade for other reasons than making money. I also felt that the book focused too much on entry as if all that mattered is the entry and that you were sort of at the mercy of the market gods after you entered. Once again, my ex wife is a bitch and my recollection might be negative. But, my experience has shown me that entry is not everything. I could be wrong and have learned the wrong way to take money from the market. The reason why it is a guaranteed loss, is that he indicates that " to this day" he would scale out of a third of his contracts at 4 ticks and have a 6 tick stop. When you play this out at a 70% success rate and take into account commissions and that the market must go 5 tics to guarantee a 4 tic exit and only 6 tics to give you a 6 tic loss, the $expectancy is about -$4.5 per contract. If the success rate is less than 70%, the loss rate is more. Again, this lead me to my conclusion that he does not trade or more accurately he does not trade profitably which to me translates into he does not trade. However, I do give him kudos for writing a very successful trading book. If your goal is to write a successful trading book, then following his lead is a great direction to take. My statements may anger some; however, that is not my goal. I am offering a short cut to others who may be reading it seeking a solution and are about to sip the cool aid.

Dude, that's funny s--t!

The problem is that price didn't go straight up to the poc 78% of the time. So, to trade it, you had to trade it with blind faith and sit through the draw-downs of when it first went down to test lower or prior value and then proceeded to reach the poc target. If you believe in magic, you might sit through the huge loss and get lucky, but if you employ any sort of sane money management, you'll end up getting stopped out far more than 22% of the time like the 78% success rate might imply to a fool ready to lose money.

All in all, I thought TITZ was a good as a beginner. I Suppose TITZ could still be useful to many traders. Two things I know for sure is that TITZ are harder to get when you are older, but it is still exciting to talk about TITZ.

It's all good. In fact, a lot is learned when there is disagreement. MM

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