 |
kinggyppo
Registered: May 2006
Posts: 5836 |
06-08-12 05:24 PM
interesting first Rick Santelli should run for govt. I love his attitude no freebees, no bullshit, regarding his method I think it was hard to understand but I will tie it with pivots points. Welles Wilder said the pivot point is the mkts own guess of the future, high + low + close = next days pivot, I think this is so simple it evades us. So to me the pivot is the mkt saying here is the level I respect, on a lot of intraday runs you see mkt going from one level R1 to Pivot, a big trend day you may get a run from R1 all the way up to S2. I have a proprietary pattern that I use kinda along the lines of what he was talking about, I would tell Shan B but I'm not telling you Mav....
on a side note I would say that people expect TA to predict the future so they label it bunk. There was a guy named wave who was a great trader on the es thread. He came on one time in the morning and with the dow down around 50-75 points and said we will be down 400 dow points, dow closed down 440 points or so. Amazing call, the problem is that if you didn't get short with him you didn't get paid. So making a call is really no big deal, putting on the trade, dealing with the heat, executing, that's what the big dogs do well....
|
| |
|
Edit/Delete • Quote • Complain |
ammo
Registered: Feb 2007
Posts: 18258 |
06-08-12 05:28 PM
Quote from kinggyppo:
interesting first Rick Santelli should run for govt. I love his attitude no freebees, no bullshit, regarding his method I think it was hard to understand but I will tie it with pivots points. Welles Wilder said the pivot point is the mkts own guess of the future, high + low + close = next days pivot, I think this is so simple it evades us. So to me the pivot is the mkt saying here is the level I respect, on a lot of intraday runs you see mkt going from one level R1 to Pivot, a big trend day you may get a run from R1 all the way up to S2. I have a proprietary pattern that I use kinda along the lines of what he was talking about, I would tell Shan B but I'm not telling you Mav....
on a side note I would say that people expect TA to predict the future so they label it bunk. There was a guy named wave who was a great trader on the es thread. He came on one time in the morning and with the dow down around 50-75 points and said we will be down 400 dow points, dow closed down 440 points or so. Amazing call, the problem is that if you didn't get short with him you didn't get paid. So making a call is really no big deal, putting on the trade, dealing with the heat, executing, that's what the big dogs do well....
wave mentioned a book on the gist of what he was using, i think the author was a rocket scientist
|
| |
|
Edit/Delete • Quote • Complain |
kinggyppo
Registered: May 2006
Posts: 5836 |
06-08-12 05:31 PM
Quote from ammo:
wave mentioned a book on the gist of what he was using, i think the author was a rocket scientist
someone said he was a big name trader, I did pm him a couple of times. I never asked him about that he was a really humble dude.
|
| |
|
Edit/Delete • Quote • Complain |
| Receive
an email whenever a new post is added to this thread by subscribing
to it. |
|
|
|
|
