Steve's Basic System for Retail Traders

[steve46 12]

Of itself, ignorance is simply unappealing....knowing that we are all ignorant at some point, and about some things in life....causes me to think twice before responding to people.

 

In my opinion onesmith...you present yourself in a way that suggests some type of cyclical emotional disorder....and without further information, of which I assure you I have no interest, I can only respond to what you present in print...If you find that unpleasant I suggest you point and click elsewhere....

 

As for the thread....it stands on its own merits...apparently quite a few folks find the information presented in the posts....useful....if you do not...go someplace else

 

I think I have stated this in a neutral fashion and very patiently...I can assure you that at some point in time my patience will run out and I may decide to express my opinions in a less restrained way....

 

I hope I have made myself perfectly clear.

[onesmith 10]

You are in serious need of having your medication adjusted.

 

You know better than to say something like that. It encourages the type of thing I assume you are against. Speculation unsupported by fact and clearly known to be false at the time it's posted. Steve46 has a lot of history with a lot of people that you're not aware of. What you witnessed was an offer to put "our" part of his history behind us and form an alliance where we are friends or at least he respects the rule that says he's not permitted to say things about me that he knows are false at the time he's posting them.

 

I apologize to you Db.

 

I could have spent more time on the logical progression in my last post so you would understand the vague bits. I rationalized that laziness as a pre-alliance peace offering where revealing how all the bits fit together doesn't interest me as long as I get the apology owed to me and steve46 stops posting lies about me that he knows are false at the time he's posting them. I mistakenly figured steve46 (who definitely knows where the bits go) would see the wisdom of granting me an apology. But he has declined that alliance at least for now and apparently needs to see exactly which overwhelming truths he's facing.

[DbPhoenix 42]

His "history with a lot of people" is irrelevant. And unsupported. And has nothing to do with you. All this appears to have started when you went after wrb like a pit bull with lockjaw and Steve defended him. If any apologies are forthcoming, they should be coming from you.

 

Be that as it may, if you do not seek interaction with Steve, why are you here taking potshots? Shouldn't you be apologizing to Steve for disrupting his thread? Again? Steve may be 100% full of crap, but that also has nothing to do with you. Give it a rest.

[steve46 12]

so to get back to the subject of trading using a simplified system

 

As of this date, my class consisting of 4 students has done surprisingly well.....they all seem to "get it" right away.....they understand the basic concept (probably because they all have a math or science background), they understand the necessity to wait (at the open) long enough for the market to display a "volume trigger", and apparently they understand that trading "continuation" of previously displayed momentum generally results in a favorable entry.

 

I am surprised.....usually I have to go over (and over) the same material from a number of angles until I find "the key" they all understand....

 

We are done for the day but tomorrow the assignment is to take the pre-open prep sequence we generate together, and trade it on their own from the open to lunchtime....At that point we will rejoin and critique the results...

[steve46 12]

This note for DB and other (presumably some of whom are adults) readers

 

What you see here is something that I have alluded to quite often.....it is (in my opinion) the primary reason why so many people fail....not only to make it in this profession, but in MANY other professions and endeavors.....what you have in the previous posts is a classic example of narcissistic personality disorder

 

Narcissistic personality disorder - Wikipedia, the free encyclopedia

 

Take the time to go to the Internet link and read it....then check back and compare what you have read with the posts...

 

I realize this is a public site, and anybody can post, so what you have here is one example of how a person with a very real disability can unilaterally decide "l am going to post my agenda no matter what the rules....no matter what anyone else says....just because I can.....and everybody else can go screw themselves".....that's the underlying message this person is posting here......in a passive aggressive infantile fashion...

 

Perhaps at some point, MMS or one of the admin persons will figure this out and remove this poor person from the site....If not, I really don't see the point of continuing...

 

Good luck folks

[zdo 20]

... I really don't see the point of continuing...

 

Good luck folks

 

What is the DSM cat. for letting narci’s interfere with one’s contributions to empower others?

[DbPhoenix 42]

This note for DB and other (presumably some of whom are adults) readers

 

What you see here is something that I have alluded to quite often.....it is (in my opinion) the primary reason why so many people fail....not only to make it in this profession, but in MANY other professions and endeavors.....what you have in the previous posts is a classic example of narcissistic personality disorder

 

Narcissistic personality disorder - Wikipedia, the free encyclopedia

 

Take the time to go to the Internet link and read it....then check back and compare what you have read with the posts...

 

I realize this is a public site, and anybody can post, so what you have here is one example of how a person with a very real disability can unilaterally decide "l am going to post my agenda no matter what the rules....no matter what anyone else says....just because I can.....and everybody else can go screw themselves".....that's the underlying message this person is posting here......in a passive aggressive infantile fashion...

 

Perhaps at some point, MMS or one of the admin persons will figure this out and remove this poor person from the site....If not, I really don't see the point of continuing...

 

Good luck folks

 

And one of them is careening through the halls even as we speak. A psychopathologist would have a field day, or, at the very least, a subject for a monograph.

 

But if I can survive Albert Labos, I can survive anybody.

[zdo 20]

It is difficult to free fools from the chains they revere.

 

Voltaire

 

Steve,

 

I think we've discussed this before.

 

Whether the narci,etc noise levels are high or low, your audience in here is extremely small and generally remains quite quiet. Focus on them... unless you're convinced they also are hopelessly 'gone'...

 

"It is impossible to free someone else from the chains of ego." Vultare

 

...none of us are indispensible up here...

... not even the masters among us... the ones who never even react to stoopididy and the ones who can't stop themselves from gettin' all up in it.

 

stay - it doesn't matter really except to a tiny, quiet few

go - it doesn't matter really except to a tiny, quiet few

 

All the best,

 

zdo

[DbPhoenix 42]

go - it doesn't matter really except to a tiny, quiet few

 

I disagree. Yes, Steve's thread is quiet. But that doesn't mean that nobody reads it. The Wyckoff Forum is quiet as well. But it's had nearly a million views.

 

There are a great many people who read this stuff who don't want for reasons of their own to get caught up in all the childish ranting (try Impulse Control Disorder; one can see an excellent example of it today in another thread).

 

This is not to say that Steve has any more to say other than provide ongoing examples. After all, if one doesn't have it after 500 posts, it's not likely that he will (ditto the Wyckoff Forum, in spades). But there are few of us left. Don't encourage anyone to believe that their presence doesn't matter.

[steve46 12]

I think the question of whether a person's efforts matter is largely personal.

 

I would hope to think so....but for me it is a matter of "faith". It is after all the only part of my life where concepts like "hope" and "faith" can be implemented without impacting my livelihood, and because recently I am dealing with the mortality of people who mean a lot to me, I seem to want to hold on to those ideas as long as possible.

 

I don't expect readers to monitor my every word, but I do make it clear that much of what I post is meant for a small crowd of adults....in my opinion that is the only audience that has a chance of making it in this business.

 

Generally when folks post comments like those above ("go or stay it doesn't matter") it reflects indifference....given the short duration of our lives, I think I will choose to avoid that kind of emotional emptiness as much as possible.

[steve46 12]

Same result as the last dozen or so charts

 

The overnight market opens and cannot make headway above the previous high

 

If one understands how to determine where the failure point is, its only a matter of putting a position on and being able to stay awake, checking periodically on the trade's progress...

 

I can tell you that it is a LOT easier to do it this way than to trade the RTH open and get tossed around

 

As I've said (many times now) its ironic that more folks haven't figured it out...What I think happens is that people see this, try it and fail (because you still need to generate an entry signal) and so many traders are undercapitalized or simply cannot tolerate the tension generated by having to hold to a reasonable stoploss...

 

end of my day and time to get some sleep

[robster970 10]

I have to agree with you Steve - yesterday was an easy day. Even if you didn't get on at the high you had a second shot in RTH around 88 on ES.

[steve46 12]

Hello Rob

 

Nice to hear from you....Hope we can take the elevator back up to the top floor (I am long at 81.25) but only time will tell that story...

 

Good luck tomorrow

Steve

 

PS..Ladyluck nodding in my direction this evening, I took a small piece off in order to buy a stop.....now if the Spaniards and Italians will cooperate by putting out decent PMI reports, maybe I can make some money tonight....If not I will take it on the chin like the rest of my mates overseas....

Edited May 2, 2013 by steve46

[robster970 10]

That's funny - I was looking to be a counter-party to your long around 81 to go short

 

Incidentally, I chose not to as I think it has higher to go (88 area)

[steve46 12]

So here is a nice example of the advantage that the overnight participant enjoys trading the S&P index

 

First of all depending on your time zone and the time of year (in the US) you have the possibility of coming home after work and having plenty of time to review data (including news) before you have to take a position. Here on the West Coast USA, we have Asian markets starting shortly after close of RTH, followed by DAX later in the evening and London representing the Euro Markets open at 1:00am PST. I did this for many years and aside from the issues of sleep (and other lifestyle issues) it worked out excellently.

 

This last evening, as usual I reviewed pending reports, charts and talked to associates overseas to get an idea of where we stood in terms of the ECB committee's pending action. Based on my analysis I took a position prior to the London open and waited for the reports to clear and the committee to announce their decision.

 

As can be seen on the attached chart, the market generates a high to low spread as participants express their views. Based on what I saw, I simply held my position thinking (as Rob did) that we were inevitably going higher (the result of the ECB doing what they could to ameliorate the situation in Europe)...My targets included 88 (again agreeing with Robster) and above to the test of the First Standard Deviation. For this market type, my goal is always expressed in terms of 5 or 10 point increments.

 

For those interested, the chart shows the opening range (also known as the "IB") after the London Open...

 

Best to all

Edited May 2, 2013 by steve46

[robster970 10]

I had one confirming moment this morning Steve that switched me - watching how FESX behaved around 2662 which I had as a support level. Sellers were absent - that did it for me really. I am surprised it made it higher than 88 on ES though. Looking at the base it is building just below the high (on ES), I am assuming positioning for new highs tomorrow, to move into a new value area and the assumption that those on the sidelines will be forced to join in.

 

Or I might be completely and utterly wrong :haha:

 

I'm having a day off tomorrow Steve - good trading to you and see you next week.

[steve46 12]

Thanks Rob, see you soon

 

and for folks who might be interested, here is today's long time frame chart

 

showing the upside breakout....this is pattern that so many of you would like to catch but never do.....and its actually pretty straightforward......the KEY is you have to have a way of seeing (recognizing) institutional volume entering into the market...

 

The process is part of my class curriculum, so I can't post here but I can say that there are two reasonably accurate ways of anticipating breakouts...one involves analysis of longer time frame volume and open interest....the other involves monitoring the overnight volume at specific times of the early morning (prior to the US open).

 

The preparation process I teach folks starts with evaluation of the longer time frame patterns (both volume & open interest) then moves on to the evaluation of overnight volume patterns and finally students learn how to identify (and confirm) the intraday volume patterns that create "continuation" (also known as momentum)...you see volume precedes price...price is actually a lagging indicator...

 

For those of you looking around and evaluating mentors, classes and rooms....I would suggest simply....if the person teaching you doesn't have a way of doing this....odds are you are going to lose money...

 

Good luck folks

Edited May 3, 2013 by steve46

[BlueHorseshoe 10]

I "get it" just fine Onesmith

 

and for the website owner Mark...apparently this guy is a stalker......I won't post on this thread again....

 

Hi Steve,

 

Why do you keep stating "for the website owner Mark"?

 

Is it because:

 

1. You wish to reassure Mark that he owns the website?
   
2. You wish to reassure yourself that Mark owns the website?
   
3. You think there is authority and/or kudos to be derived from knowing the website is owned by Mark?
   

 

Linguistically, it's just a curious thing to keep doing, that's all . . .

 

Kind regards,

 

The occasional website contributor BlueHorseshoe.

 

**************************

 

ps. I was looking at an old ActiveTrader article by Thomas Stridsman (attached) the other day. Elements of his thinking seemed to resemble what I know of your own - might possibly be of interest or use to you?

20021217132118_at-prch oct 2000.pdf

[steve46 12]

Hello

 

Do you have a problem with alcohol or drugs...or are you taking medication that might impair your ability to think?

 

Clearly one of the two is the case...

 

If so I certainly extend my sympathies to you...and your family...

 

 

Goodbye