ivanbj, WGSR stands for Working Group Support and Resistance. The indicator does two things for me. First it tells me where real support and resistance is. I can't tell you the number of times it will have resistance at let's say 120 110 and an important pivot from classic pivot theory will say that no, 120 035 is important. Price will go to 120 110. The second thing it does for me, is it gives me a mid-line and a direction. If price remains above the midline and the direction says long, then I'll stay in a long that I may have bought at the lower WGSR. WGSR is just a funny name I thought up. It doesn't really mean that there is a hidden hand out there influencing the 10 year and that I've discovered them. It is just a way for me to filter out the noise. At the time of my discovery I had been Googling the history of the US Gov't's market interventions, and I stumbled across a link to the actual PDF document about the US Presidential executive order about the markets. After reading that PDF, I decided to name my indicator, WGSR. In case someone reading this doesn't know, it is a real document. Whether the group still exists is another matter. MP is the closest thing I can think of to WGSR, hence my suggestion to study MP. Regards, John
Good job! What tool is that? I use IB as well, but I do my profit loss break down on a spreadsheet every day and its a pain.
NinjaTrader. Excellent order entry package and I like the charting too. It isn't the only charting package I use.
0659 EST Pre-market for Thursday 06 August 2009 No bias. I'm looking to sell a first time approach of: 116 020 116 155 All previously posted caveats apply.
0722 EST 116 000 was close enough. 116 020 remains important but I think a first approach trade is over. It might still work on a second approach, but I'm not confident. Back in an hour so after I put the kids to sleep.
0901 EST As you can see from my trades, I'm a bit all over the place with my short entries. I would have preferred to stick to my first short at 115 200 and ride it down to 115 130 which was a very obvious target. I'm going to take a break for a bit. I had a rather nice 19 minutes of scalping. Oh, I almost forgot. The reason I wanted to post the previous chart of my trades is that it is a perfect example of being all over the place in one's entries, BUT being consistent. I can give you a reason for each and every short there on the chart. Also, the trading seen in that chart is pure scalping based on the pattern of single bars to no more than 3 bars. On a 5 minute chart. The one displayed is a 1 minute to better see the trades.