I have to admit, his trading set up and ideas are similiar to mine. Maybe great minds do think alike. He even uses some of my indicators.
For a specific cycle, the market can be trending or not, but you can choose a cycle in which the market is trending.
If this is the same blog that I remembering reading on Saturday, then I would like to have one of those Fort Knox doors for my own front door. It looked pretty cool and almost heat proof unless there was a nuclear blast nearby or something... I have a lot of Gold to hide in my house...
That is why I always keep a 1-min, 2-min, 3-min, 5-min, 8-min, 10-min, 15-min, 20-min, 30-min, 40-min, 60-min, 90-min, 120-min, 180-min, 240-min, 300-min, 360-min, daily, weekly, monthly, and yearly, chart up. Not to mention over 20 different tick charts... And the volume charts... and the other charts... And this is in 10 different non-correlated mostly trending markets. It is virtually impossible not to find a trend somewhere in this mess... You know what I always say: If you can't find a trend, then you can't be my friend...
Mark Cook stated "All a trader needs is 2 indicators. A dominant one and a confirming one. Anything else is making trading more difficult than need be." I extend that to include time-frames as well. I have only 3 indicators on my charts. Version, if you monitor 10 trending markets, then by definition, you should be racking up trading points throughout the day, because there is always a position on somewhere. Are you?
nah, he's just joke'in withcha. you know version's quite the prankster thanks for your info and good trading to you FT, try to pay attention to the previous sessions's Support & Resistance levels as well, they tend to you tell you how Mr. Market is being valued today (based on the latest information, data, etc.) in comparsion to yesterday. best, jimmy
That's a good idea, JimmyJam. Say using yesterdays's ESTABLISHED floor trader's pivots instead of today's projected ones based on yesterday's action. I like it. What S&R levels are you referring to?
I loosely define as the Support & Resistance levels as the follows: Resistance = the last point at which the market was bought and was above the 20 SMA on the 15 minute chart during the afternoon trading session (1:30pm to Close) Support = the last point at which the market was sold and was below the 20 SMA on the 15 minute chart during the afternoon trading session (1:30pm to Close) It is not exact, but what it does is keep you out of the "chop" and tell you when the market is doing an obvious Breakout / Breakdown. Play around with the time frames (on different fractals, to use one of your phrases) and definitions (try a 34ema or 40sma if you like), add in some basic Technical Analysis (Lower Highs would negate a Breakout, and Higher Lows would negate a Breakdown; in both instances you would probably see a reverse in the momentum of the market) and see how it works for you. Backtest it and see how it works for you, I actually got the idea from 4re's thread on S/R Trading, so you can check that thread out and/or PM him as well. Best, Jimmy P.S. MarketSurfer also uses a "channel" method for trading Breakouts/Breakdowns in the markets (recently, with much success), so there is some merit to the technique - see, you can learn A LOT from hanging around these threads ... just like I've learned a lot from yours .