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DbPhoenix
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Everything posted by DbPhoenix
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Here ya go: What I find interesting is that he's so proud of getting so many people to sign up, but the fact that he's been able to hang on to so few of them doesn't seem to bother him.....
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Change "now online" to 50,000 beginners and 50,000 vendors and you'll have something.
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Here a midpoint, there a midpoint..... Price finds support at the midpoint of the upmove on the 23rd. Price then finds resistance at the midpoint of the previous trading range. Price then finds support at the midpoint of the upmove beginning on the 23rd and ending yesterday (which, while stretching credulity, does coincide with the midpoint of the trading range which occupied the first week of the month). Price then stalls at the midpoint of the trading range from the 20th and 21st.
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I don't ordinarily pay a great deal of attention to premkt, but this morning was unusual, at least in the NQ. It tested 69 twice, then 65.25, then back up to 68.5 twice, then back to 65.25, then up again. This kind of precision is not usual and drew my attention.
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To add to Karim's post above with regard to this morning's activity, note that price opened in the NQ at the midpoint of the range established between the afternoon of the 21st and the EOD of the 22nd. Whether one considers this to be the "POC" of a prior trading range or the resistance level of the range established on Friday and Monday is not as important as that this gives the trader a place to look. (The boxes drawn on the underlying chart are the same as what I posted yesterday; however, given the position of price before the open, I adjusted the top of the last box upward slightly on my current chart to incorporate the morning's swing high on the 23rd since price action prior to the open showed this to be more important than I anticipated.) Note that the "initial balance" is determined by 0937 (see the inset). One can then sell this or buy it. Whichever he does is entirely up to him. But, again, this gives him a place to look whereas he might otherwise be nibbling on his toast and surfing message boards.
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They are combined. However, it is important not to get too bogged down in "what Wyckoff did" or "what Wyckoff would do". No trader who has been in the business for decades trades the same way he did twenty or thirty years earlier, and he will not likely be trading the same way twenty or thirty years from now. Or even next week. Anything and everything written represents a point in time, and change is more likely to be a factor than not. Therefore, focus on principles and concepts, not on details. Among the more important ideas here is to avoid the attempt to trade chop and to initiate trades only when it looks as though price is actually going somewhere. If you're interested in this particular approach, I suggest you pump gassah in his P&F thread.
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Yes it does. Thank you. *whew*
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This is all I see. Don't know why.
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Yes, I find charts much easier to use than T&S. When it comes to tape reading, particularly W's approach, one must remember that his book, first published in 1910, provides only part of the answer. Yes, if one is trading only one stock (or, today, one futures contract or one ETF or one whatever), then he can be expected to "keep all of this in his head": support, resistance, the trend, all the minor fluctuations with their accompanying volumes. But to do it for several stocks is beyond the capacity of the average trader. Charts enable him to keep track of all this for n number of whatevers, however many he can handle. By the time he assembled his course twenty years later, P&F charting was in usage, though I don't know how common it was (it was not codified in book form until around 1933). He used a shorthand-style of P&F on whatever was handy in order to keep track of where prices were going in whatever it was he was watching, thus freeing him from having to "keep all of this in his head". If he'd had a laptop with streaming data that could be plotted on charts, I seriously doubt that he would have left it in his desk drawer. As to orders, what matters is the consummated transaction. However many orders there might be is irrelevant if no deals are closed. People can "intend" to move price up or down until they turn blue, but unless price actually does move up or down, who cares? As to filtering out orders of fewer than 100 contracts, you could give it a try. I can't say whether it would make any difference or not since what matters most is the behavior of price. Later: Those who are interested may find it useful to compare Chapter 8 from the 1910 tape reading material with a similar chapter from the 1932 tape reading course, below. THE TAPE READING CHART.pdf
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You're mixing apples and oranges. There have been a number of market-moving factors in the past which prompt not much more than a ho-hum these days: consumer sentiment, the price of oil, home sales, unemployment, etc. What moves markets the most these days is interest rates, but not the raising and lowering per se. Instead it is the outlook for rates and rate changes that causes the moves. Re 4/30, what moved the market was not the rate cut itself, but the concern that it might be the last.
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Is the "Ignore This Thread" option still in the queue?
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That's pretty much the subject of the entire Forum and my Blog, so a brief answer isn't easy. Whether volume is higher now than then is irrelevant. What matters is the character of the volume wave and how it relates to the price wave, both within the context of support and resistance and trend. And by "wave", I'm not being esoteric. I'm referring to the character of the flows of price and volume (call them oscillations, if you like) rather than focusing on individual bars. See post 3 in the Trend thread. This can most easily be seen on a chart, though some may be able to see it in a T&S display.
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Under Time Frame, just click Time, then Custom.
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Macros and micros. Macro-macros (two years) can be found in the Trends thread.
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Another look at the forest. This is two years rather than four (the first post) in order to make the TL placement more accurate. If we can't move back above these TLs and hold there (in the Dow and S&P), then this was just a bear market rally after all. It should also be noted with regard to Dow Theory that, except for a couple of truckers, the only thing holding the Transport Average up is the rails. As for the sectors, financials and healthcare continue to do poorly, energy and utilities continue to do well. The rest are having problems of one sort or another.
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Or even to the trader. The trader really has no idea what the risk/reward "ratio" is, only what he hopes it will be. And I suspect that many traders stay in losing trades because of the reward that they are sure they are going to receive. I suggest, therefore, that beginners focus on the risk, then stay in as long as the market allows them to.
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But the reversal took place the previous afternoon. There's no reason to expect a test and retest every time price reaches a demand line, or supply line. (It would help if you were to provide dates and times on your charts.)
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And as soon as someone makes a new post, the thread pops up again. So you're not done.
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It's not a "who" thing. It's logging on in the morning and seeing long lists of threads with unread posts, many of which (the threads) one has no interest in. As for the ignore function that's applied to individuals, that's pretty much a waste of time.
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And FWIW, I'm coming up with blank pages on all but the first pages of each of the book reviews . . .
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Firefox. There's no button as there is with IE. I've cleared the cookies (and followed the instructions from your link), logged out, restarted, blah blah. Still nothing.
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How?.......
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All right, you two
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All I get on the drop-down is the first three options. I logged out and back in again, restarted the computer. Any suggestions?
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Yes, but that doesn't have anything to do bars. One sees this motion even better by plotting volume as a line.
