OAC

Please note : MetaTrader and Metastock are two totally different platforms.

Just ignore him then. i am only quoting what he said only because his last name is Wolfe.

Just to let you know, those manuals are reprint of LBR's book, "Street Smart". According to Bill Wolfe, they are not accurate.

Yes, that is a valid one. But I saw a bigger Gartley pattern after that measured move, AB=CD

The stock market is a forward looking mechanism. Stock price is a reflection of expectation of future earnings, especially when dealing with high-tech companies. If their current financial is mediocre, and there is a good REASON why it is over-priced. In general, there is probably positive outlooking on the company regarding such matters as new products in the pipeline, major contracts to be signed, adoption of new management...etc.

Isn't that book out of print and is there a reprint available? Any idea where I can find a copy ? Edit: I found it. It is like a complete trading course, almost 500 pages.

I got this interesting piece in the e-mail today: "Since 1995, this stock market indicator has flashed "buy" on 41 days. If you'd bought stocks the day it flashed, and simply held three months, you'd have made money 39 out of 41 times – that's 95% of the time! The largest of the two losses was -1.7%. Meanwhile, the biggest gain was 33% – in three months. The average gain was an incredible 13% in three months. That's not an "annualized" number... 13% is what you would have made in three months. I tell you this because the indicator flashed again on July 10. Fortunately, you haven't missed the gains yet... The stock market is only up about 2% since the indicator flashed. To equal their average 13%gain in "buy" mode, stocks still have to rise another 11% in just over two months. The indicator is simple. It's from Jason Goepfert, who runs sentimenTrader. The indicator is simply the difference in "Smart Money" Confidence versus "Dumb Money" Confidence. Jason says: If the Dumb Money Confidence is at 100%, then that means that these bad market timers are supremely confident in a market rally. And history suggests that when these traders are confident, we should be very, very worried that the market is about to decline. When the Dumb Money Confidence is at 0%, then from a contrary perspective we should be [buying stocks], expecting these traders to be wrong again and the market to rally. Jason's "confidence indexes" are built based on real money – what real traders are actually doing. In mid-July, the "Dumb Money" (essentially small traders) was remarkably scared. Jason's Dumb Money Confidence Index dropped to 17%. Readings this low are incredibly uncommon. Meanwhile, Smart Money Confidence stood at 67% – a whopping 50-point spread. Whenever this spread hits 50 points, history says you have a 95% chance of making money over the next three months... with an average gain of 13%. In general, I've found sentiment indicators are difficult to use as timing indicators. The results look good. But as they say, past performance is no guarantee of future results. It's better to use a sentiment indicator like this one from Jason as a "get ready to buy" or "get ready to sell" indicator. Still, the timing this month wasn't bad... The indicator flashed on July 10, and the market appears to have bottomed just three trading days later, on July 15. Since then, the market has spent the last two weeks fighting its way into an uptrend. So far, the "up" move has been so weak, we can hardly call it an uptrend yet. But it's trying. Actually, when you step back and size things up, we're very close to an ideal situation for making money in stocks: 1) Stocks are relatively cheap now... For example, the forward price-to-earnings ratio of the Dow is only 12.5 today. 2) Investors are scared, as Jason's Dumb Money Confidence Index shows. 3) We're just missing the uptrend. "

If your "magic number" price had to work only with S/R derived from PA, then they don't work at all. Period. My opinion is that you are looking at over-used and over-abused levels like the Floor traders Pivot and basic Fib Retracements. Even indicators like Stochastic and MACD used to make fortunes for their inventors before they got too popular. This is an extremely competetive game, you need to be smarter and dig deeper than everyone else in order to discover your edge. Although S/R derived from PA do work. Since they are quite well known, PA is quite choppy and unpredictable around these levels. Your edge can only be obtained through countless hours of screentime. I think it would be a disservice for any newbies reading this to not be shown the whole picture. http://www.traderslaboratory.com/forums/f34/why-screen-time-is-important-4226.html

Sounds fishy to me too. BF, if I were you, I would want to be 100% sure that everything is strictly direct-access and nobody is trading my orderflow. Just my 2 cents.

I buy at the bid and sell on the offer on ES all the time. You must know your support/resistence and be prepared to enter the limit order early because I believe they are filled on FIFO(first in first out) basis. The only time where it is hard to sell on the offer is when the market is reaching a buying exhaustion.Then you have to watch T&S carefully and be ready to cancel and hit the bid when both the buying momentum stalls and the bid level start to thin out. I rarely have problem selling on the offer on the first impulse wave up.(Selling to people who don't want to miss the boat)

How about those tight contracting triangle or tight horizontal coil that we see all the time ? Is it not trending, trading, or volatile ?

I found this post on "Re: Why Screen Time Is Important" interesting and have nominated it accordingly for "Topic Of The Month July, 2008"

I found this post on "Re: Support and Resistance" interesting and have nominated it accordingly for "Topic Of The Month July, 2008"

Whether it is 84 possible combinations or 27 possible combinations, isn't the Guppy's Rainbow or the VMAR bands much simpler or much more intuitive way of identifying market conditions ? Or at least a more practical way for the discretionary traders ?

Have you tried Ensign's chatroom ? http://ensign.editme.com/chat They have quite a community of traders and also their support staff there. May be you want to pick their brains. I have never seen Ensign ESPL being discussed in this forum.

Although there are some effects. But you need not worry about it since vast majority of them don't overlap the US regular trading hours. Since Ym represents only 30 Dow stocks, you have be aware of any potential news that may have a serious impact on any of the more heavily-weighted component companies. http://www.usatoday.com/money/perfi/columnist/krantz/2006-05-24-dow-components_x.htm

It is not an either or situation( Either you are conscious or unconcious at a given time) You can be absorbing the market information consciousely and unconciousely at the same time. But that traders intuition we covet comes from long periods of unconcious learning. For instance, if you are talking on the cellphone while you are driving. You are conscious of talking on the phone and unconciousely(subconciousely) driving. If you are conscious of both, you will probably crash.

Here is an example of implicit learning in your own words in the "I Look Back.." thread: "Then one day out of the blue, the little red and green candles started to make sense. I saw patterns develop over and over in the same spots. I placed a trade and made a profit. But I had done this before. I removed the MACD from my charts. Placed another trade and made a profit. Maybe I am on to something. Removed the channel indicator that I stumbled across. I could still see the action and new what the MACD was doing and where the action was in the channel without them even being on the chart. I even stopped drawing trend lines. It was just me and the screen. I planned every trade. I knew exactly when, where, and why I entered and exited. I was patient. I became a predator. Lurking and waiting. I took every shot the market gave me."

Second nature is different from implicit learning according to the above article. Actually they are just the opposite. Implicit learning is learning from a subconcious level through immersion and later becoming conscious. Second nature is something you started doing consciousely and then through practice, you gained unconcious competence.

I found this post on "Various Indicators (Squeeze,2FastMa's,etc)" interesting and have nominated it accordingly for "Topic Of The Month July, 2008"

The ultimate Holy Grail ?

Anyway I am going to retire from this thread. The only reason I have been posting so much is because I haven't been feeling well and shied away from active trading. They say those who can trade, trade. Those who can't trade teach.But Gann did have some very expensive courses that he sold. I have heard about the son in the Boston bank.(May be Gann did sell his system for untold sums hidden away in an offshore account and doesn't want the IRS to know about it,who knows) One thing though,I have never heard anyone claimed that the 1909 article in the TICKER DIGEST magazine was fake, especially with Wyckoff's name on it. Somewhere I also have a scanned copy of the original also , if that ever prove anything. So I wonder why? Why Wyckoff interviewed Gann ? Why such unabashed endorsement ?

I am surprised that they didn't mention your car because your car engine is based on the law of vibration. Nothing esoteric about law of vibration. It is all based on mathematics and physics. Other terms can be used such as cycles, harmonics. Dr. Alan Andrews of Andrew's pitchfork was a professor of Thermodynamics at MIT. Robert Krausz, who was featured as one of Market Wizards has done extensive work in this area. Even Wyckoff himself said Gann was an expert mathematician in the a 1909 edition of TICKER DIGEST, now known as the Wall Street Journal. Try Tim Morge, a top currency trader in the world, majored in Physics at University of Chicago or Michael Parson,author of channel surfing. As a matter of fact, our distinguished member Waveslider who is a hedge fund manger himself used to work with Parson. Also our member Bigkuhuna knows quite a bit about this topic. Why go outside when you have all this talents in-house.

Again I don't want to sound like a broken record. That is all fine. This is the Technical Analysis section, all viewpoints are welcome. Why are you trying to run a crusade here?

Just because I mentioned Gann. Don't overreacted . The concept of trendline governed by law of vibration is embraced by many that is too long to list...............