OAC

I don't really want to be the spoiler here, it is not me. But here is a dose of reality, all the floor traders and large institutional traders/scalpers are going to be replaced by computers. The geeks will rule the landscape if they have not already.

Frankly, you guys are not making too much sense here. Is it me or did one of you guys had too much to drink on New Year's Eve ?

The market is like a cameleon. The failure of a reversal pattern becomes a continuation pattern. Likewise, the failure of a continuation pattern becomes a reversal pattern. The moment of transition is the inflection point where your risk is at a minimum and your reward at its maximum. A reversal pattern trader is only half a trader. Didn't somebody said not to argue with the market ?

Ninjatrader is the best for this purpose. You can specify exactly when each trading day begins and ends.

Susana; How about looking at a shorter timeframe chart and trade a breakout of short-term congestion in the direction of your larger timeframe set up ? Your stop placed at the other side of the short-term congestion keep your risk small and an eventual confirmation of your larger timeframe set up makes your profit run.

I am not taking sides here, but 50% margin on futures ? That sounds like something only Sara Palin would say.

One great use of Quotetracker for Equities trader is to set audio alerts for NYSE tick($TICK). I have different audio wave files playing at different levels ( -1000, -800,-600, +800, +1000, +1200..etc)

Quotetracker has great intraday charts, Paintbar Studies with alerts, and Time and Sale Window. and it works seamlessly with IB. But for self programmed indicators, you should look into Amibroker as well as Ninjatrader.

I use the concept of market symmetry. If the current counter-trend wave is greater than all previous corrective waves, to me, is equivalent to "Jumping the Creek". The big irony is that i am using a horizontal S/R in this particular case which is preached by the crowd over there at the Wyckoff's forum. And yet I am extremely surprised to find that Wyckoff himself used a squiggly line that can be arbitrarily drawn to some degree. If he was a master technician as BB claimed in another thread, couldn't Wyckoff at least came up with a mathematical formula for the Creek similar to a variable linear regression line? As far as I know, they had slide rules back then.

Thanks, that is brilliant, Steve. I don't know why they called you a troublemaker over there at the Wyckoff forum ?

Or may be I should just google it. Isn't that how most of us found TL ?

Excuse my ignorance, since we have touched upon Wyckoff for a couple pages in this thread. Instead of getting thrown out of the Wyckoff Forum as Steve46 did, I am going to ask the question here: What is the proper way to draw a Creek ?

If they do have one minute chart or something on their desk, they probably wouldn't have anything on it except candlestick, same is true with floor brokers. But to suggest that a blank chart is the key to success for a screen trader is absurd. It is like saying the two richest men in the world Bill Gates and Warren Buffet both wear glasses, and if you wear glasses, then you will have a better chance of becoming filthy rich. :rofl:

This whole subject of event trading is fascinating. But I just feel it is inappropriate to be presented in a thread about ideas for struggling traders. It really should be reserved for more established traders who have already mastered the fundamental discipline of trading. It has many pitfalls , some may even be detriment, for beginning traders: (1) It will give them a bias. (Can be dangerous in this volatile market) (2) It will give them hope. ("Hope is for Dopes", Larry Williams) (3) Adding to a losing position (4) Having a stop that is too wide (5) Create confusion and lengthen their learning curve to profitability.

If I meet one of the world-renown professional traders that you are talking about, I would not be surprised if they say we are just trading "market noise", as most of us are intraday Index Futures traders looking at 1-min, 5-min, or tick charts charts. :o

This famous quote by Bruce Lee summarize my attitude toward indicators perfectly: "Before I studied the art, a punch to me was just like a punch, a kick just like a kick. After I learned the art, a punch was no longer a punch, a kick no longer a kick. Now that I've understood the art, a punch is just like a punch, a kick just like a kick. The height of cultivation is really nothing special. It is merely simplicity; the ability to express the utmost with the minimum "

I found this post on "Re: Price Action Only" interesting and have nominated it accordingly for "Topic Of The Month December, 2008"

I wasn't talking to you. I was talking to Hlm.

This is a thread about psychology, not entry and exit. But let me digress a little here regard to the above, most of us are intraday index futures traders here looking at the 1 minute or 5 minute charts or similar tick equivalent, in my opinion, volume has little value in this arena other than the occasional spikes. If there was value, I am sure Walterw or more people would have mentioned it. If volume has value, don't you think John Carter and his partner, Hubert Senters would come up with a TTM-Volume-trend indicator by now ? I think this is a great idea for a new thread.

You mean more Sizzles, but where is the Steak ? :frustrated:

Here is an exercise for you: Take a hundred dollor bill, light a match to it and say: "It is only money" :o

I suggest you read everything carefully before asking questions. The very first post that started this thread has an ES chart attached to it.

Let me guess, may be you are trying to rack up the numbers ? As you mentioned on page 4 of this thread: "NEVER LOSE AGAIN at BabyPips. 93 Attachment(s) Never Lose Again!! (Multi-page thread 1 2 3 ... Last Page) TheRumpledOne Today 06:15 PM by Shane Go to last post 2,208 136,834 Show me the money! [Daytrading] Thread was started: 08-22-2008, 05:45 PM 2,209 replies, 136,834 views. You can't argue with numbers." On the other hand, I could be wrong. :missy:

If the futures broker's figure is 95%, then the actual figure should be much higher. Because the 5% that actually win will include a few that by luck stubbornly held on to a postion that gave them a big win that wipe out all their other losses. Next time they may not be so lucky. What I am really interested in is their figure on day traders, someone who does not carry position overnight.

It is ironic that TRO has hundreds of his indicators published on the internet and dazzle us with all the bells and whistles on his charts that he can't just come up with something like the following to explain his strategy without leading his readers astray for some 16 pages: If Open(H1) < Last(H1) and (Last(H1)=00 or Last(H1)=25 or Last(H1)=50 or Last (H1)=75 or Last(H1)=00) Then Prepare to go Long If Open(H1) > Last(H1) and (Last(H1)=00 or Last(H1)=25 or Last(H1)=50 or Last (H1)=75 or Last(H1)=00) Then Prepare to go Short