torero

I believe floor pivots are more useful in futures, commodities and forex than stocks (personal opinion here). You have to remember that alot of people use or watch pivots. It doesn't mean they work all the time, but how prices react to them and if there are other important levels (fib levels, S/R) near it, it makes that area more likely for prices to respect. John Carter makes the point that R3/S3 areas where prices tend to stop. I tend to rely more on Weekly and Monthly pivots on ER2, especially on forex.

Wow, lots of shorts lately. Actually my EURUSD system went short as well. But thank goodness it's consolidating instead of going higher. I just hope time will kill the trade ha ha!

I actually heard it from an experienced trader, I thought it was the funniest trading rule ever heard, it stuck with me since. I didn't know it came from this guy. If it's his, then I may just read his book after all. After all, I'm just a newbie hanging in my lounge

Fibs are constant moving targets, always. So you have to move when price action create news price levels. This is the beauty of it (and pain to others), gotta work to get the level that may say something meaningful. This is why sometimes markets reverse for no reason to some traders, because fib levels do hide orders on the opposite side. Forex with 78.6% is notorious for reversals. Just read some of the examples in the forex section. Yes, as you move the move old becomes invalid, but remember, if you see levels that are confirmed by other tools, such as pivot points, in a cluster, this makes a stronger areas of hesitation or reversal.

Wheat just had a limit up day today.

You move the Fib levels as prices make new high or low or new pivots. This is one of the more dynamic S/R than your standard S/R levels.

So far the new high has a pullback now, a bull flag forming (chart should say bull flag not bear flag). Will wait for the market to breakout of this before taking a change on going long. GBPUSD and EURUSD look alot alike.

Looks like the carry-trade is getting contagious. I read this strategy is blamed for the Yen's movement in last few months. Don't know if it's true or not though. Forex seems to be on everyone's mind in recent times.

walter, I remember you did share with us a word doc with charts of your trading approach. Maybe you can repost them so people can see and use it to start sharing the setup.

Is there or should there be a different reward type/level for following the plan perfect that resulted in a loss and a win? I believe they both should be rewarded equally but the final result (monetary) makes it a slight difference, at least in my reward system. I think this is where the difficulty for news traders to grasp, you obey the rules and still get negative response (a gain) AND sometimes you get a positive response (a loss) even when you don't follow your rules. This create in the end a confused mesh of reinforcements that screw up everything in the end. Agree?

I was reading John Carter's book about rewarding himself in the trading plan section. The mentions how he rewards himself for following his plan with a new car, country farm, etc. It's a bit on a high end for me but I wanted to know how traders reward themselves when they follow their plans in losses and wins. For me, the reward is withdrawing cash from the account for winning trades upon following my plans to the letter. For losing trades but still following the plan to the letter, I reward myself with an ice cream or a music CD or buy a CD rack. I think the withdrawing cash reward ties in with money and it's a no-no but I think it's also an incentive and a reminder why I should follow my plan. How do you guys reward yourself?

How do you figure that it'll May 17th? Fibo time cycles?

ER2 pulled back to top of the gap and moved upwards til closing. So far so good.

If it is, then there's no place for pollution here. One more of that, we'll nip it quickly. Please be advised, heluvamoo, that we expect more constructive and informative content and not frivolous tips. This site is not a hot tip hotline.

Pardon? What does this mean?

Market's in a tough choppy part so might be rough for a while.

Excellent post, Mark. Didn't read this until today.

I think Soul was interested in US Treasuries and Bond futures, not companies bonds. I'm interested in learning about @US myself.

I was amazed to read invasion of Normandy was more than 1 million soldiers. Not sure if it's the biggest count in a single battle but looking at the old pictures and of course the movie Saving Private Ryan make give total respect to all who were involved in the invasion. If you read battle of Hastings going down in history as a famous event, the troops were around 10,000s. Compared to WWII, it's short of a significant in human count.

Don't you just love Wikipedia? I read up on the Hannibal and his battles against the Roman Republic. Considered the best military tactician, created few battle maneuvers that routed the Romans 3 times,despite being outnumbered almost 2 to 1. They learned their mistakes and took his tactics and the rest was pretty much history.

I say, didn't know that, thanks cooter & malvado. My bad.

Thanks, cooter. I tried to get it but Java app just hung on me. Hope it was worth the time.

malvado, How strong is the relationship between S&P and DAX? And also DAX's relationship to opening of the US markets? Does DAX trade overnight as well? Thanks.

notouch, does Ensign have Equivolume? TS doesn't provide it and I like to use it in the morning trades. I ran a trial in the past with them, but don't remember seeing that option. How's the coding structure, complex or simple like EasyLanguage?

Brown, I think you can set constant in TS, in the properties field where you keep the chart prices fixed. A quick question, on MC, are there an order entry like a Matrix or DOM? What broker are you using to do the trades?