bobcollett

Dear XS You have an interesting biography. Joshdance made the comment that he would not trade a market without volume. My CFD market has no volume. Maybe thats why I cant read the tape. What do you think? Kind regards bobc

Carltonp, Slowly but surely you will get some useful info. I am also interested in reading the tape and have tried. A chart showed me the same thing. So now I have to make controversal statements to get members to respond Unfortunately its the same few members and their advice is scant. Maybe everybody else knows something? Thank goodness MMS cleared all the vendors who were hijacking your thread Regards bobc

Ok Joshdance, So you do need volume to read the tape. And there is so much more volume, thousands and thousands of deals transacting, that , unless you pick a market like Orange juice,you will not see the wood for trees regards bobc

Hi Phantom Looking for some info in your thread I came across the above question. I dont quite know how I overlooked it, probably because you never addressed it to me.But it needs an answer. I cant remember why I said what I said. More likely in jest. I have always admired Joe Ross ,,and his Ross hook is the same as Al Brooks H1 pattern,a good price action pattern. Mayby I should scrap my price action and add some indicators. HEAVEN FORBID bobc

Hi Wilddog, Please explain. regards bobc PS Will the member from Halifax please pay attention.

Hi carltonp, Tape reading was the method used by traders in the olden days. And it was a correlation between price and volume And most important, the number of trades was low. And there were no charts. If 83% of all trading on the NYSE is alogrithem, there is NO TRUE ORDER FLOW. The computer buys the market on 1 tick up and sells on 1 tick down, or similar. Therefore ,tape reading has as much usefulness as watching paint dry. Thats my view I await the tirade from tape readers. Kind regards bobc

Hi davt, What is the e6,e7n and DX.? Not my markets!! Do you know what the ALSI 40 is? Regards bobc

Hi joshdance I trade the South African Top 40 index future. Its like forex. There is no volume available. Regards bobc

Dear joschdance You sound knowledgable Two questions Would a tick by tick chart not give you the same info? Is the tape useless without corresponding volume? Regards bobc

Hi Chris Go and buy this book Schwager on Futures by Jack Schwager (the same guy who wrote Market Wizards) He teaches a simple longer term trading method ...... using the failed breakout of a flag / pennet And there are 200 examples regards bobc ps What have you been doing since you joined in 2006?

Hi Davidee With what stop??? Regards bobc

Dear method I dont believe there is such a thing as over trading. If the market is running your way, why stop? Friday was the release of the Non Farm Payroll Report.............. USA All world markets fell , big time Were you long or short? If you were long,you lost your $3000 This means you trade on technicals . You ignore the fundamentals. Good luck bobc PS I wish you good will in the Rugby World Cup.

Dear sheaphillip, There is a "holy grail" in forex Please read my book "How to stop losing money trading forex" Chapter 2 "Dont trade forex" bobc

Quite thought provoking I wonder how they produced all the kids? I am going to print out this pic as motavational material. There , but for the grace of God , go I. bobc

Dear Soultrader Do you still look at this "hot zone"? Or has the market moved on. Kind regards bobc

Dear JEHs You write beautifully.............so,maybe, ultimately, we are looking for a friend. bobc

I have found this thread very interesting and also a bit disturbing. Especially when I see a name on the vendors list who I thought was a good , helpful person. Some of these vendors do offer useful info and their posts create talking points for the Traders Laboratory Forum. But I am influenced by the posts and if a person says that the position of Mars will help my trading, I just might go and buy a telescope and waste 3 months .Further,the vendor has an ulterior motive to sell his product, so the info supplied is not necessarily honest. I believe that a vendor should identify himself , because he will loose creditability once identified. I also think the vendor should pay a fee to post. Nothing big , but say $200 a month. Afterall , he will get it back very quickly by using his trading skills.And I think he will gain respect from the members by supporting the Forum. bobc Ps... looking to buy a cheap telescope.

I thought they did pay bobc

Dear Windsurfer Can you please test the following. BBC (born before computers) Only trade the breakouts. In any direction. As long as you see higher highs and higher lows in an uptreand and visa versa. And your stop is a mental $100.It feels like if it goes against you , you are out!!! 5 minute chart. Dont trade the dips.You must get out in the dips.And get back in on the upthrust. Kind regards bobc

An 18 year -old girl farm girl tells her Mum that she is pregnant. Shouting, cursing, crying, the mother says "Who was the pig that did this to you?Your father is going to kill you." The girl picks up the phone and makes a call. One hour later a Ferrari stops in front of the farm house , a mature and distinguished man with grey hair and impeccably dressed in an Armani suit steps out of the Ferrari ,and enters the house. He sits in the living room with the father , mother, and the girl. "Good morning.Your daughter has informed me of the problem.I cant marry her because of my personal family situation, but I'll take charge.I'll pay all costs and provide for your daughter for the rest of her life. Additionally, if a girl is born,I'll bequest her two retail stores, a town house, a beachfront home and $10 million. " "If a boy is born my legacy will be two factories , a cattle farm and $14 million" "If twins, they will recieve $12 million each " "However, if your daughter should have a miscarriage, I'm not really sure what to do" At this point, the girls father, who had remained silient, places a hand on the mans shoulder and says "Then you try again son". bobc

The opening GAP will close 70% of the time on the same day, and will always close eventually bobc

This looks like Mighty Mouse without his cape bobc

Dear Phantom I have traded the Ross hook for 5 years and the only time I made money was late Friday, in the after hours market, and I had tasted my first bottle of Dry White. Kind regards bobc

Dear Darvasfan, Thats a very good synopsis of Darvas And like Wykoff and Livermore and the rest, they relied on Volume. Today its called Tape Reading. The tape read like this... 100 UST @ 158.20 200 UST @ 158.20 1000 UST @ 158.30 hello 500 UST @ 158.20 1000 UST @158.30 hello BUY Today the volume is so much higher ,the system is difficult to apply. Unless you work for Trade Guiders. Do you trade like Darvas? Do you make a living? And if Mighty Mouse reads this, he will ask for your trading statement. Kind regards bobc

Well, there you have it! I have read all sorts of strange things on this thread. From stops to no stops. From controlled risk to unbounded risk. And best of all , the low skill required in trading.Its mostly luck and money management. Whether I have learnt anything remains to be seen. But what I will say is there are a lot of traders working out how long they will stay in business , rather than looking for a nice entry , or better still, a lucky rabbits foot. bobc