Cody Willard Disses TA (again)

mhashe · Aug 18, 2005

Quote from PoundTheRock:

Few people have the will and drive to study intraday price action for years... but a funny thing happens along the way. What happens is that a full-blown framework emerges, as the market swings from one level to another. Take a couple of moving averages for trend, some bands for mean reversion, and throw in key S&R -- and all of a sudden it's magic, but only after much study of how the market reacts above/below/around these levels.

If you have the stamina to grasp choppy markets, then you achieve knowledge that others will not bother trying to understand -- there is an underlying microstructure, and you're part of a small fraternity. All of a sudden, what seems to be a muddle becomes clear as day -- day after day.

If you want to play the orchestra, then you need to understand both dimensions of time and instrument. What are the ES, NQ, and YM doing on a daily, 30-minute, and 5-minute basis, for example? Which is the leader, and which is the laggard? Which are hitting key resistance? Which are touching key support? What starts to happen is that you flow from level to level (the closest thread is Jack Hershey's SCT) in an effortless manner.

Finally, I have to believe that Cody Willard loved the movie Pi because of its entertaining notion of an ultimate market key -- that's what everyone wants. But I think the movie was all about Max's search and drive, and his countless hours of devotion to the craft. You can work hard all your life and never find the Holy Grail of trading, but you can come pretty damn close.
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Pretty much sums up what trading is all about.

Duard, place/print Weekly and daily pivots, support, resistance on each chart you have open. The psychology: other traders put buy and sell stops around these numbers, so you must observe the reaction of the market when the market hits these key price levels. The reaction will tell you wether there is supply or demand in the market.

Personally I print and mark these levels by hand. I'm including todays marked up chart. Looking at the chart, how would you expect the market to open?

nzbryant · Aug 18, 2005

Quote from PoundTheRock:

Few people have the will and drive to study intraday price action for years... but a funny thing happens along the way. What happens is that a full-blown framework emerges, as the market swings from one level to another. Take a couple of moving averages for trend, some bands for mean reversion, and throw in key S&R -- and all of a sudden it's magic, but only after much study of how the market reacts above/below/around these levels.

If you have the stamina to grasp choppy markets, then you achieve knowledge that others will not bother trying to understand -- there is an underlying microstructure, and you're part of a small fraternity. All of a sudden, what seems to be a muddle becomes clear as day -- day after day.

...(the closest thread is Jack Hershey's SCT) in an effortless manner.
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Yes!

dcraig · Aug 18, 2005

Quote from mhashe:

Pretty much sums up what trading is all about.

Duard, place/print Weekly and daily pivots, support, resistance on each chart you have open. The psychology: other traders put buy and sell stops around these numbers, so you must observe the reaction of the market when the market hits these key price levels. The reaction will tell you wether there is supply or demand in the market.

Personally I print and mark these levels by hand. I'm including todays marked up chart. Looking at the chart, how would you expect the market to open?
More...

How are weekly pivots calculated ? Over the previous calendar week (Monday to Friday) ? Or over the last five trading days eg supposing it is now wednesday would the pivots be calculated over the period from last wednesday through tuesday ?

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Cody Willard Disses TA (again)

mhashe

ym channel.doc

nzbryant

dcraig