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waveslider
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Everything posted by waveslider
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Nicely put. I think that's how the manual puts it too. Locate pt. 2 and 3 then look for pt 1 slightly below pt 3 for bearish opposite for bullish.
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Go read the manual. Bill Wolfe often uses minor rather than major swings as pt. #1. Most important is pt. #2 and pt #5
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Nice to see you're on board bubba, Taz and I were discussing the same pattern in ES, looks to be the same points we're using. This has moved about 40 pts since yesterday, good trade so far... looks to gap down tomorrow...
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Patiently waiting for something to happen, another WW just formed as the top failed here... I don't know why I am seeing WWs recently more. I still don't trust them too much, they have to be traded with some other method. The steep pitchfork I had on that chart doesn't look so good anymore. I still think this market is headed south.
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yes here is an updated chart. I actually moved point 1 on this chart a little lower to where momentum actually started. This is a 45 min chart of ESZ08(24 hr sesh). Total disclosure, I actually took a position on this one short on the close today. I had another signal anyway, but I think I will trade a portion of this according to the pattern. I added the Andrews line because it seemed appropriate. I like the WW target here because it has acted as a genuine support and resistance line on both sides. I like how the WW target line also penetrates the pattern at the 50% mark of the pattern. There is of course another Andrews line that could originate from the #1 pt. which has an even more deep target. I am still convinced the charts say we are in a range, a time when WW works well (as opposed to trend). The classic descending triangle should be apparent to every one in this market. This is not going to be an easy ride lower (I anticipate), since its not close enough to be a straight fall. However the R/R is about 5 to one right now. I'm doing one contract down to that WW line (100pts). Its the most conservative line of the other andrews lines I see originating from that area. The rest of the position I'll take off around 850 if it gets that low. There is a real possibility of testing recent Nov. lows... notice that price is failing to stay above pt. #3. Every one who was going to buy bought on that gap up - weak volume follow through.. Well see..
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yes sorry, es.. Its just an hourly.
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Interesting pt. here... this is the second touch of the Andrew's line, also a potential wolfe wave. I like how this point one begins at the 50% of the range. Also its not a steep line. TIming wise, the distance from point one to three is almost equal point 2 to 4. The gap below is a big void - extremely possible it will be tested. A good plan would be to sell a retest of this box from below. any thoughts?
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Finally a newbie who is showing some discipline and patience rather than greed! You have potential, newguy. But I think you need a new name... But you need a discipline to adhere to, just waiting for waves - you might as well paddle out into some real waves! There is nothing wrong with scalping, but it requires extreme discipline. Paper trade as long as you can - don't worry about the commissions. If you become successful you will realize they are nothing - very minimal overhead.
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MRC- Discretionary trading is much more difficult to teach, but very possible. The demons can exist but be under control. All they are are thoughts in your mind, and when you are aware of what they are, and when they come, then you disregard them and their power is dissipated. What's stupid about that? Phreddy- there are so many scammers in this business who charge huge amounts of money - and people pay them. Think of this business as any other professional business. You don't walk into a hospital, start swinging a scalpel around and then start cutting people up to become a doctor. Its YEARS of education. Same in the trading business. Learning is EXPENSIVE, possibly more than required to become a doctor. It also takes time! YEARS for some just to get to breakeven trading. Discretionary trading means using evaluation to trade the market. Systematic (algorithmic) trading is using mechanical systems (usually based on statistical data) to enter and exit the market. These are the 2 basic forms of trading. Zoso- I think you are right that there are those who have overcome their demons and are still not profitable. They are the breakeven traders who know what NOT to do, but haven't found their edge to take them to the next plane. This is a difficult period in the evolution of a trader (from personal experience). Your efforts to teach are noble, and you are risking wasting time and effort in teaching.. but some teachers find it very fulfilling.
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you misquoted him, he said "I have a trading method that is discretionary and highly successful for me. " you left out the key words "DISCRETIONARY" and "FOR ME". Big difference. One of the demons Zoso is undoubtedly talking about is greed, a big one that the rest of your message suggests you haven't overcome. As the saying goes, look to hit a lot of singles, not home runs. Sorry for the interruption... Happy Thanksgiving from an expat in Canada, missing that turkey...
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Good points VJ. I think you nailed two important ideas for this thread. 1. Searching for markets in motion vs. 2. Specializing in a market and being patient waiting for the opportunities. As mentioned earlier, there are considerations like time of day, liquidity, etc. Most of us have figured out a while ago that each instrument has its own "personality" and will behave differently due to manipulations or the methods of the most active participants. For these reasons, it may be just as difficult to move around trying to jump on different trains as it is to be patient in a super-liquid market waiting for the proper set-up. Personally, my evolution as a trader is capitulating in my ability to be patient. I find it too much work to chase around what is moving, since with a liquid market like ES the opportunities will come to you if you can sit patiently.
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The ES is the most liquid market that I know of (bang for buck), I have devoted my career to it and SPY because of liquidity of those two products. If you can make $ trading these two, you don't need anything else. SPY trades 42 billion dollars a day currently on average. That's all the liquidity you need. I use the electronic exchanges exclusively (ARCX preferred). For an intraday, or short term trader, there are plenty of trends and the best part is that you don't have to "wait for the paint to dry". I'm not saying its easy, personally I blew up a few accounts to get consistent. It's best to trade markets that are moving. Some markets come alive for a while and then die - you can chase these around forever, and if you don't have a solid method for identifying them early, chances are you will get on towards the end. The good thing about ES / SPY is that there is always action on some time frame, and there is enough liquidity to go to low time frames.
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Use your MA system when market is trending. Adapt a different criteria when MAs or price action dictates a range. Multiple time frames are very useful for this, hint..
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Introduce Yourself Here - Don't Be Shy!!
waveslider replied to trading4life's topic in Beginners Forum
Probably are a few in Oz. We love Australians, welcome! -
OEC uses easylanguage, like tradestation style?
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Not to mention how messy it would get as April 15 approaches.... How it would be done "in theory" would be to have students open an account with a brokerage firm you have a deal with. You have access to account statements, etc. all of a sudden it's a major operation / pain in the a$$, and you used to be your own boss, work your own hours...
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Think about this from a business standpoint. What you are doing is creating a stream of passive income when you take a percentage of your student's earnings. Do this with more than one student and you are creating multiple streams of passive income. Ideally, the student will require incrementally less attention as they gain success (if the method and teaching are sound this could be true). In this case your business has scalability, in other words you are doing less work and making more money. Very desirable. What I would recommend is that you have a requirement that the student starts with $XXXXX dollars in their account. That way you know they will at least not blow up immediately, and if they do make a decent percentage gain you will benefit significantly. As a business owner I would not charge up front for an additional potential stream of passive income. I would carefully screen to make sure the student does have potential. People who charge upfront aren't necessarily robbing the student, but they are damaging the student's ability to be successful.
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Looking for a Concept of How to Detect Swing Highs and Swing Lows
waveslider replied to a topic in Beginners Forum
Joe Ross defines things nicely. Check out his work -
How Often Does This Happen? ES on 11/14
waveslider replied to waveslider's topic in Market News & Analysis
I still use #$%#$ tradestation. That's a huge difference in volume from what I have. You still use IQFEED? Thursday's # was close enough, but friday's was way off. Another reason why TS is lame. It's just an anomaly depending on exactly what time the contract opens/closes to the second, likely a software glitch. -
Some one please correct my data if I am seeing this wrong, I can't really believe what I am seeing. The volume on Thursday for the ES continuous contract : 4,449,284 The volume on Friday for the ES continuous contract: 4,449,284 stick that in your standard deviation.
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To me it sounds like you can make 25% on a good day, or lose 25% on a bad day. That's volatile. Its not at all hard to do with a small account - with the e-mini 25% would be 20 pts in a day with minimal account. When you start trading a big account, you will start dealing in percentage terms. And yes, percentage is relevant, because it demonstrates the amount of volatility in your account - no matter the size. The ideal trading objective is to achieve maximum return with minimal volatility in the account.
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James what is the IV index - forgive me for not having read this thread all the way through, I'm working on it, maybe you already explained. If so ignore this.
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I don't know if its been mentioned, but markets are statistically more inclined to move higher under democrat presidents than repub. That was first noted in 1950's (analysis of stock market trends was the book I think - a classic) and has been true ever since, or so I've read - haven't actually tested that one. Markets do climb the "wall of worry". Torero's right, this was a case of sell on the news. I doubt the markets would have rallied from an low volume overbought condition should McCain have won.
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Very nice observation! And when the low was rejected on 10/28, it was a perfect buy signal.
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I am looking for someone to help with what (I think) is a simple project involving arrays in Tradestation easylanguage. Your reward would be learning a valuable and proven technique for establishing support and resistance that is completely original. I like to learn by example, so hopefully your coding is neat and straightforward... thanks in advance! ws