Brookwood

:puke: Is this just some AI marketingbot? An undiagnosed case of Asperger's syndrome perhaps? Oh, who cares.The joke just isn't funny anymore.

It seems that the OP (or his link anyway) is positing that TA doesn't ALL work in a consistent and repeatable way, ergo NONE of it can work. Silly flame bait. Proper TA merely reveals the record of previous buyers and sellers, who had the upper hand, and where. It is from there that one makes a leap to assume where resting orders may be or where they might come in, and who might get left holding the bag. There are obviously other moving parts to trading as well: your psychology (micro), market psychology (macro), position sizing... it's a long list of which TA is just a part. Is it a TA failure if you bet too big and bail on a temporary squiggle? Or if a half-million noobs sell a head-and-shoulders neckline break? It all goes back to my favorite comment in this forum ever ( I wish I could remember the poster) to the effect that trading aren't a magical wiggly line place- it's a market- people buying and selling. That's it. Charts are not the market. The map is not the terrain. And I would rather trust my own analysis than Cramer's.

I for one would welcome a discussion about returns in relation to volatility, and anyone who has attempted to quantify this would have my ear. I feel that my positive equity curve ( not "making winning trades", mind you,) has also been related to "Goldilocks" volatility- not too little, not to much,but juuuust right, which is a weak link in my trading. If someone has explored this issue and wanted to share, it would be a valuable contribution to the community. Cheers, Brookwood

Yes, Mr. Cox, for your modest but informative post, please provide Mr. Horseshoe with five years of Time&Sales at zero-lines for his specific instrument. Otherwise how could we possibly trust what you are saying?:rofl: And Mr. Horseshoe, Mr. Cox did indeed say you could take longs (and their corolary: shorts) into the "zone', so your JPY trades might have turned out ok.Just maybe not using monthly charts. I must say I feel this is a sort of soft-trolling, this "show us five years (why not ten?Volatility can change...) of data to support your claims or #$%^ off". Why not just look at a 5 minute chart and see what happens at so-called psychological levels for yourself? Let your eyes be the judge before you reflexively nay-say.Mr. Cox might not trade the same way as you do, yet there may be some validity to what he is offering. My ¥.0002.Oh, and Mr. traderunner1, I can't see anywhere in the post about arbitraging the cash market. Perhaps you could point that out. Folks are just blabbering without even trying to understand. What has become of the youth...:doh: -Brookwood

The cat is clearly out of the bag on this strategy. Maybe that's why I've seen "the zone" increase from ~10 to 15, 20 , 35 units over the last few years. The Brookwood Triple bank-shot strategy: Fade the people fading the people who are fading the faders (fading the noobs). But, Mr. Cox, point taken! One of the few lines on all my charts: The .00 line. :beer:

:haha: What is the term the kids use? ROFLMAO?:rofl:

Not directed at you roztom. I think we are sympatico. It was actually directed to the "We need to see ten years of backtesting or don't bother posting" guy. I hate to see a thread drown in its own chatter before there is any substance to discuss, or get shut down by The Negative Ones. Maintaining one's thread can be a PITA, so I say let's all just kick back and offer some breathing room at the very least. ~Signing off before I start becoming part of the problem :bad idea: -Brookwood

:doh: For heaven's sake people- just shut up and let the poster post, or not.His /her info will rise or fall on its own merit ONCE ITS POSTED. Its just a big echo chamber right now with four pages of commentary and conjecture about, well, nothing yet. PS: Haters gonna hate, as they say. Maybe the thread starter is full of it but I "love" how the second post is already smackin him down. How's about "Thank you for taking the time to start a thread- we will wait patiently to hear wait you have to say. Until then we will peruse the 87,000 other threads here at TL". -Brookwood

I'm starting to see the genius of this method: you can top-and-bottom tick the market every day and you don't have to worry about money management or psychology, greed, or fear. :haha:Just go all-in for every trade! Wish I would have found this thread years ago. It would have saved me a lot of grief. I just have to let go of my attachment to being a pompous fool.

..."Now apparently there are still a few die-hard pompous fools here who still can not comprehend what is staring them right in the face"... This bloke just called me a die-hard pompous fool. Way to make new friends, G. But, benefit of the doubt, perhaps DAVT is a Zen Master with a koan- Since I cannot see what he is talking about with his one-candle screen caps, and he won't explain it, I can not comprehend it. And yet, it is staring me in the face... So maybe his point is that there is nothing there at all, and if I look to him for a Holy Grail, I am in fact, a fool. Thank you Master, you have helped me achieve enlightenment! :idea:

Lol- Asked, and answered.

:haha: I think the mods should move this to the Bad Performance Art thread.

I had no idea Jamie Dimon is on the NY Federal Reserve board: Jamie Dimon - Wikipedia, the free encyclopedia (Also, a general rant for good measure): End the Symbiotic Relationship Between Big Government and Big Corporations | The Big Picture

Follow-up: NYPD- Praetorian Guard NYPD Cops are literally on the Wall St. payroll. "The taxpayer has paid for the training of the rent-a-cop, his uniform and gun, and will pick up the legal tab for lawsuits stemming from the police personnel following illegal instructions from its corporate master. Lawsuits have already sprung up from the program." Financial Giants Put New York City Cops On Their Payroll » Counterpunch: Tells the Facts, Names the Names

A friendly gift from Jamie Dimon to Bloomberg--->

I can't understand why the very serious people won't float the idea of repealing the repeal of the Glass-Steagall act. Actually, I have a few ideas why not, but traders could still make plenty of money- they just wouldn't be able to max- out their leverage by using the US GDP as their collateral. I'm old enough to remember "The Savings and Loan Crisis". Even as a lad I could see how "deregulation" worked: spend tons of money to elect a "market friendly" politician. He in turn allows you to use FDIC insured deposits to bet on everything this side of a cock fight. It's win/win for our noble Galtian Overlords- when they lose all the money- hey its insured, ultimately in some form by taxpayers. Which is a long way of saying when risk is socialized and reward is privatized you've got a big problem. Trust me, you don't want to see the USA with no middle class, and that is not a hypothetical situation- it's happening now, and fast. I for one am not looking forward to The New Feudalism which, without any countervailing force, will be the new normal. So if a few hundred "hippies" gather in the park as a protest, I say more power to 'em. Remember that the US is also a Democracy- or supposed to be- not just a Capitalist Utopia. (Of course there are other forces at work than just lack of regulation...) Unfortunately many people of more modest means are programmed to believe they are just a clogged toilet away from being rich themselves, but that is a post for another day.

For a while now the Europe open to NY open has had nice smooth tradeable swings, while the NY session is a train wreck. I've been getting up as early as possible:missy:

Brilliant move MMS to create a "vendor" thread!

We seem to be off of Pivot Points and on to Carter on general... Well my $.02: his book is more useful to a new trader from the business angle, ie; trade plans, trade management, and some nuggets in the foreword. Let's face it: entries are a dime a dozen- more like a gross. And yes,he has some. I used to subscribe to his freebie newsletter, mostly to keep in virtual touch with what other traders were thinking for the day, as a reality check for what is a pretty solitary profession. But you'll notice he is kind of discretionary in real life with his squeezes for example, if you follow him for a while. "The Squeeze" is a volatility breakout system of which there are many. Periods of low volatility are often followed by high, and vice versa. This is his attempt to standardize the phenomenon, and capitalize on it. IMHO they are more effective on long term charts than 5m charts. I'm personally partial to weekly pivots for some of the reasons that Fat Tails points out. I can see at a glance where price is in context of the previous week. But I'm a candlestick/ SR guy at heart so I always gotta manage my trades. I can't make hard-fast rules for pivots because ultimately Price is my master.

Great replies in this thread! ScottB's reply really points to the Achilles' heel of discretionary day trading. It's at your discretion! I don't know if another set of rules will help you with this problem since part of your problem is breaking rules, but write into your plan ( if you haven't done this already) that you will turn off your computer- not just "stop trading"- turn it off if you have a maximum draw down for the day. OK we both know that won't work. So call your broker and have them set a "circuit breaker" on your account so that if you lose X% you are locked out until 5pm. Then it's out of your hands, which works in the same way that following your trading plan takes each trade out of your hands, which works better than "just this once". You'll be very frustrated at the time, but you will wake up the next day and think "wow I'm so glad I made that rule"! Carter addresses this subject in his book which is well worth a look from a rules and trading plan angle. Live to trade another day!

Many will tell you to use tick or volume charts so the trading during the off-hours condenses into something meaningful, but I am a candlestick guy. I don't trade your instruments but my method involves using two charts per instrument. I have the 15m on the left showing the 24 hour session, then a smaller time frame on the right for entries showing the day-only session. The Globex sometimes informs the day-trades I take- this is the best way I've found to have it both ways. Cheers, BW

Hello Jeremy! If you are new to trading and NOT trading you are off to a good start. Just realize at the outset that it will take way more than this forum to make you a trader. Also, get over the idea of "leaping" into trading. You are beginning a long, arduous process and there are no shortcuts.You will probably blow out your first account, then your second if you have stuck it out that far. Then, when you find you are finally getting the hang of it you will face your most difficult obstacle: yourself. So, just start anywhere- you have to take it all in.

Who says it has to be an 8 hr day? I didn't get into this game so I could sit in a cubicle all day. You may even find that your trading success is inversely proportional to your trading day length. And don't forget about those commissions adding up the more you trade. For some, being at home is a difficult transition because you may feel "lazy" if you are not "doing something" but I was fortunate that I already worked from home. I start my day ~ 8: 30 or 9 EST and I'm usually flat by 11:30. Just trade when the setups occur ( for me it's the open) then turn the damn computer off and go to the gym. BUT: if you are just starting out get as much screen-time as you possibly can. Remember though that 12-2pm or so is usually deadsville so avoid trading then. Cheers, BW

Long ago I wrote a detailed post on another forum about this subject but I can't find it. However I did dig this up from my archives. Its a PDF about trading the London Open reprinted from Currency Trader magazine. Kathy Lien also discusses this strategy in "Day Trading the Currency Market" Cheers, BW BigBenStrategy.pdf

One, I stopped trading retail forex altogether. If I trade currencies at all now it is on the futures exchange. Two, I found some instruments that better suit my trading style and time zone- EST. Cheers, BW