I have no opinion of Kingfish to share. I will say that anyone trying to sell an intraday trading "system", i.e. trading approach with <i>defined entry - management - exit points</i> will always (without fail) meet with despair. That is an absolute fact, because any defined system with rigid rules will only work during certain aspects of market action. Periods of high profitability will be followed by periods of failure, period. The biggest "edge" to successful intraday trading is individual ability to manage trades according to price action thru all market conditions. System trading is tough enough in swing fashion, let alone intraday. In the case of ES trading, most sessions do not range further than 10pts up or down from the daily pivot. In other words, systems trying to catch a push away from the pivot point (as the core approach) mathematically cannot hit their profit targets more days than not. Does this sound like a favorable risk/reward scenario to anyone? ** The daily pivot point will be hit (within 0.5pt) roughly 70% of the time between 9:30am ~ 4:!5pm EST. That is easily researched by simply counting the days each month in a year where the pivot is hit within a half-point for the ES or ER. I've done that math since March 2002 and the yearly average is above 65% of the time. Most of the days where daily pivot points aren't touched are gap & go sessions. If the gap holds open, keep trading with the directional push. Gap closes and looks to reverse, bet on the pivot being touched. Such was exactly the case on Thursday. Pivot values can be used to build a valid trading approach around, using other chart tools for filter confirmation. On their own, it is a 50/50 push. If any type of plain pivot approach had an edge, the market would have to eliminate it by necessity, or a majority of traders would exploit that edge to the market's demise. Successful trading can be kept real simple, but it takes more than just the pivot point on a chart to prosper. I myself have spent way more than $7,500 in lost capital = missed opportunity while trying to build a pure pivot method several years ago. The right information for profitable trading is truly priceless, and I would pay a lot more than $7,500 for what truly works. As for a pure pivot method - system - approach, I personally believe it is impossible to succeed that way over the course of time. Methodically Speaking Austin P
Fri. Sweet Setup. *** Just in case you're interested, I didn't trade Friday either. I like long, ranging days where I can maximize my profit potential, so I only trade 2 or 3 times a week (the ES used to range better, but hey, you adapt to the times), this way, so long as I can get the direction right, the probability of me succeeding is very high, and the probability of my failing is incredibly low. For most of these trades I would recommend at least 2 pt stop/2pt target, however you might get stopped-out of a move, so you might want to use 4 pt stop, 2 pt initial target, which when hit, moves your stop to breakeven +1 or 2 ticks, and let the rest ride (this way you maintain positive expectancy). Hope this helps some. At his best Kingfish uses a method similar to this ... and most likely, (from what I hear at least) he isn't nearly as good as this. Best, Jimmy Jam
The system as it stands is pretty OK, especially considering the fact that it's uh, free. It's up to the individual trader to test it and monitor it for themselves. This is where the work really begins. With a little (or maybe a lot) of hard work, experimentation, and good money management it is more than possible to succeed in intra-day trading. But it won't come for free, and a really great system is not for sale ... at any price, for obvious reasons. Later, Jimmy
Yes, you can. Since you're an idiot, you still won't understand it. But I'll take your money to continue to repeat to you the same thing(s) that I just said in this thread. Later Clown, Jimmy P.S. I swear, with clowns like this in such abundance at this site, I would never post my real shit here ... even though it was through ardous work and studying all of these threads that I put it together. Well, thanks for that, at least.
Thanks for the personal insults Jimmey. And I want to apologise for being an idiot. But can you confirm something for me? You said you would "never post your real shit here". Does this mean everything you have posted here is just plain shit?
JimmyJam, Thank you very much for sharing your charts and teaching us how to use Pivot points along with support and resistance lines, SAR and Fast stochastics to daytrade the ES. You're a really good teacher. You were very clear about explaining everything and getting your point across. I've read many 300 page books about daytrading and was just as clueless at the end of the end of the last chapter as I was in the beginning. But you make it sound so simple and easy within just a few short posts. You should write a book. I'll buy it. You're a good teacher. Thanks again.
You're hysterical guy. If you were a real trader (which I am sure you think you are), you would know that trading is an iterative process, the more you do it and apply yourself, the better you get. I moved beyond single-timeframe analysis quite some time ago, and while current price appears to be the most useful way of determining whether a trade should be initiated or not, it isn't. But since you are so incredibly smart, I am sure you already know all of these things and more. Ciao chuckles, JJ
Sure Sarah, hope it helped. I won't be posting anymore for this dweeb, PM me if you'd like to continue this further. Best of luck, Jimmy