..I beg to differ with your assertion that you don't use intraday S and R. Two of your calls matched within a tick of what my system called mechanically at the open. That was why I was so impressed with what you did.
Scalping intra-day with intra-day S/R levels is difficult to impossible. If you want to do right , do it well, do it consistantly use Daily & weekly charts ONLY!!!! I use the 5min and the 60 min charts to time entry points. I once stated in an earlier thread that what is constant in one timeframe must hold true in ALL timeframes! It is no coincedence that these relationships hold true.
It would appear that I have been lucky quite a few times: http://www.elitetrader.com/vb/showthread.php?s=&threadid=22589 and again http://www.elitetrader.com/vb/showthread.php?s=&threadid=22716 and again http://www.elitetrader.com/vb/showthread.php?s=&threadid=22807 and again http://www.elitetrader.com/vb/showthread.php?s=&threadid=22869 and a few hundred more! http://www.elitetrader.com/vb/showthread.php?s=&threadid=21684&perpage=6&pagenumber=62
How many of you actually followed along today and made money trading this system? How many of you actually paid close attention and think that you can put this system to use in your day to day trading or some variation of it? This chart should help to clear up todays demo.
Let's see. Show of hands how many people actually made money with the 2 Bar Charlie System today???? If you used the scalp method I outlined you would have made about 15 points today. If you used the basic 5min bar cross method I outlined in the original download you would have made at least 7.50 points today. NOW LETS SEE. the purpose of today's demo was to show you how you could use the system to make money both ways. Daytrading & Scalping. I told you where to put your stop loss (1406.00) I told you where to buy ?(1413.50). You could have got out this moring (if you scalped) or held on and got out with slightly less profit. If today's demo resulted in a loss there would surely be those waiting to throw insults. but now that the results were positive where are the losers now? What will they say? Oh, well I did not use the 2 bar charlie system as outlined in the original methodology????? WRONG! unlike your static mechanical methods out there for sale I use what I call "templates" as a guide to the current days price action. What does this mean?? you could have used the standard method or you could have used the variation that I used to demo the system. As for the earlier question. Why did I not short when the price crossed below the 40 EMA??? A) because the price trend was trading above the 40 EMA on the 60 min chart. OOOOOOOOHHHH now I get it. NOTE: This is why it is important to follow along and read carefully. the 60 min chart determines the trend direction that you trade in for the day.
T-REX, Did you go Long today ??? If so...at what price ??? If you did go Long today...what price did you exit ??? I know for fact that I and a few others were initially sincerely interested in what you were doing... Geeshh...you lost us all very fast... I still can't find anywhere that you said you were Long. I told several friends of mine today to go Long in the ES anywhere between 0940am - 0950am est via a specific trade signal... It was meaningless because I myself did not follow the same advice...nor did I announce I traded my own advice. We were hoping you would post your trades as you did in the EGO Challenge... However, you made a decision not to do so... which takes a lot of steam out of your realtime demonstration. Therefore, its all just advice if we don't actually trade our own signals and/or aren't clear about such... no matter how much of a demonstration it is. Once again...you did have our sincere interest... Man...you lost us fairly quickly and most of us have been trading over +10 years and have post-graduate education... Maybe it's time for us to go back to college and relearn basic english comprehension. Remember this...the best method to remove ambiguous information... is to post trades and not trading advice. You know what we are talking about because you have already done such in your EGO Challenge Trading Advice...is all this has been so far and nothing more. There are about 20-30 Yahoo! eGroups doing such already... we don't need another one here at ET. T-REX...walk the talk...you know how to do it because I've seen you do it before...that in itself...most will not do. I think you have a good system (there is a trader in our realtime trade posting room using your system and following you closely and was dissapointed your not posting your actual trades)... based on somebody I respect... Geeshh...aren't you getting tired of challenging people here at ET ??? Tired of trying to prove something ??? Just trade...your under no obligation to prove anything...if so... P.S. Last time I felt like this was watching the Jerry Springer show...I didn't know who was saying what or doing what by end of show. NihabaAshi
Hello NihabaAshi. My friend you make a good point. I have always respected you and I think you know that. But you are wrong. My intention today was simply to demonstrate the 2 bar charlie system and it's many uses as helpful in guiding the trader to understand and forecast price direction NOT TO DEMONSTRATE MY TRADING ABILITY!!!! (I've already done that before) Today was very important to me personally because I for once wanted to show that YOU could test and demonstrate a strategy in real time so that people could SEE and follow along. at several points I explained what I was doing and why. I also made it clear at what point I was in the trade. Even if you think I did a poor job at explaining a difficult method (which at times I guess I'll admit that I may not be as clear to others as I am to myself) you must however admit that THE SYSTEM WORKED!
T-Rex, Admit... Man...you blew it out of the water... NQ closed 1424.00 and moving higher after opening up at 4:30pm est. I can't wait to get you in the trading room... most of us got a few points only... I finish -3.00 ES points. NihabaAshi