Thanks for the explination ! Sounds like your doing something similar to Michael Jenkins developed Gann methods... "Pedlar Tom's" market maps were orginally based on Delta. Tom got friendly with Steve Copan and was using Copans intraday solutions. Hence all the Matrix links.. Then Tom got friendly with larry pesavento, who was inturn using a Map baised on Dennis Regan's neural net...Hence the "new" market map...Tom's stuff's a waste of time, as you say. Maybe the Maps help Citi index due to the punters following those maps:eek: Its hard work doing them scaled hand plotted charts...I've also done a few of those in the past...Marking of Fib clusters and angles ect..ect These days I just use Delta & EW (both are fibonacci based) Enjoyed reading through the thread ! Mup
Yeah well,that's why i prefer the predictive patterns i am using now its a lot less work and definately tells you something going forward.Take today for instance,i knew the night before that we were due a strong trend (either up or down) absolutely almost certainly.Stupidly,instead of remaining neutral until the market showed its hand around 10am,i took a view and jumped the gun.Luckily i knew i had the opportunity to redeem myself.On another day this would not have been as easy to do- a straight trend has gotta be the easiest pattern to trade.But how usefull was it to know in advance what was coming.It gave me the confidence to take on the extra risk i was carrying,but i could have made things a lot easier by simply selling 1363 early on when it looked as though 1364 was turning from support to resistance.It is funny you mention Jenkins as only last night ,thanks to a link given to me by infolode i downloaded one of his books.Interesting and i did pick up a couple of things,but what i am trying to focus on now is keeping things as simple as i can make them rather than complicating them any further.But as traders we are curious about other traders methods aren't we!?
I am short into the close at 1366.3 and i have another bet booked short 12.10-3pm i have to wait and see what price i get there-UPDATE- the price going short at 12.10 was 1364.4
Here is a quick primer on binary types. Fairly straightforward stuff. http://www.betsfortraders.com/help/index.html
I have added another short at 3.25pm into fridays close (1363.2) My first bet lost today if i had picked an ending time of 2.30pm(my usual choice)or 3.30 it would have won but at 3pm it lost.Annoyingly we dropped gradually to 1360 after my entry.At the moment,with 30 minutes to go the bet on the close is winning but could still go either way. (with commission we need to close at 1364 or under) Gyppo- bets for traders don't do really short term trades as far as i remember plus i hate those stupid price bar sliders!- shortest time frame is 3 days?
Yeah this was just for information, in the states you can't use their service. We are stuck with hedge street and Oanda. I guess the powers that be consider a binary x or y outcome gambling, as opposed to the market which does whatever it wants.
I have to say great call on your map... I know this is about fixed odds betting but , If you can get days like this with an 18 point range isn't it better just selling your timing high point with a 3-5 point stop with some one like IG Spead Bet and leaving it alone ?? Cheers Mup
Thanks mup.Lets put it this way.You would do very well yourself with that advice as i assume you got the discipline.Unfortunately i have not got the required skill set to deal with a moving price on my screen.Dont get me wrong,i intend to get there but there is no rush the market isn't going anywhere its just a case of building up my confidence through repetition before i feel ready to go back to spread bets and i look forward to the return match.Anyway, i won my bet on the close so i end the day at breakeven-a little disappointed i didnt win both bets and make some money but my no 1 goal is not to lose money so i am at least on target there.
lol, i have long since given up trying to get inside the heads of people who make these decisions but its nothing compared to the nanny state mentality of our UK labour government
Thanks GE! looks like i have won my bet on the close today (short 1363.2 from 3.25pm thurs) before we even start the session