Market Monk(ey)

Discussion in 'Strategy Development' started by floortradr542, Apr 2, 2006.

  1. I have recently been reading NO_PM_PLEASE's ES REVERSAL Journal thread. His method viability, patience and candor has inspired to create my own. Thanks, NO_PM

    Anyone remember the Market Monk thread? The general consensus is monk(ey) is an a$$. I recently had the unfortunate displeasure of doing business with him. I am still quite bitter about it so forgive me if I sound like I'm harping at times.

    This joker wanted $10,000 for his lessons. We agreed to a half now, half later payment plan. As a struggling trader, I felt his fee would be worth the 10 ES points per contract per day via his former blog. Greed got the better of me. I know better than this.

    I'll be damned if nothing good comes from all this. This thread is dedicated to sharing all that I have learned about his methodology. My unfortunate experience will be your gain. I'll disclose everything in pieces and I welcome all feedback; good or bad.

    I'd like to hack him up with a machette as much as the next guy but let's see if there is viability to the method and not discard the information because we (I) do not like its source.

    I will be referring to him as monkey from now on because to me, he is a big dumb ape. For starters, here are two important lessons..

    1. NEVER send cash to anyone you haven't met.

    2. Listen to your gut. Before I sent the cash my gut said "no" Greed got the better of me.

    Next up. An overview...
     
  2. Monkey uses a top-down approach to the markets. He trades ES only and used to trade Euro FX but the hours are killer.

    Tools are one 24" screen and nine 20" screens.

    The 24" screen displays the 1 minute chart. This is the primary chart for signals.

    The others display 15 minute 60 minute, 180 minute, daily, various time frames of the RSI oscillator set to ES price movement and another monitor's RSI set to $INX prices. The RSI of $INX is used for more accurate readings.

    With tools at hand, we are looking for one of seven patterns on ANY of the monitors and in order of importance:

    RISING TOP-LINES and DESCENDING BOTTOMS TRENDLINES: Unlike the traditional use of this tool, monkey takes a contrarian approach by using a bottom trendline to connect "significant" lower lows and a higher trendline to connect "significant" higher highs on a multi-hour, daily and weekly basis. The trendline is extended into infinity and as long it has not been broken by price action, it will remain on the chart forever. Great for spotting potential reversals. Reversal pattern.

    DOUBLE TOPS/BOTTOMS: Self-evident for the experienced trader. The patterns must be a minimum of 15 to 20 minutes apart on the 1 minute chart. Reversal pattern

    GANN SWINGS: Sometimes known as a 1-2-3 pattern. A high is made, then a higher low retracement and finally a break of the high is the signal for a long position entry. Low is made, then a lower high retracement and finally break of the low is the signal for a short position entry. The swing points must be a minimum of 15 to 20 minutes apart on the 1 minute chart. Continuation of trend.

    OSCILLATOR OVERBOUGHT/OVERSOLD WITH GANN FIBONACCI TOUCH: When RSI is overbought and touches a resistence level based on Gann and Fibonacci ratios then prints a key reversal bar on the 1 minute chart, this is a signal to go short. When RSI is oversold and touches a support level based on Gann and Fibonacci ratios then prints a key reversal on the 1 minute chart, this is a signal to go long. Reversal of trend.

    GANN & FIBONACCI CLUSTERS: Similiar to Gann/Fib touch listed above except there is a cluster of support or resistence levels from various time frames. Same signal applies as per 1 minute chart. Reversal of trend.

    TRIPLE TOPS/BOTTOMS: Similiar to double tops/bottoms, triple tops/bottoms in the ES are rare. If the price hits said level for the third time, chances are it will break thru and not reverse. Continuation of trend.

    MICRO GANN SWINGS/DOUBLE TOPS/BOTTOMS: Used only in chop market and only with great discretion and caution. Similiar to listed patterns above except the patterns are only 4 to 10 minutes apart as opposed to 15 minutes minimum. Use with extreme caution.



    There ya go. Monkey's basic approach to trading. Let's hack away...
     
  3. Monkey see. Monkey do.

    Not much hacking going on in this thread floortradr...

    Where in the heck did you find this monkey to give your $$$ to?

    Tell him to give it back or you will start sharpening your machete.
     
  4. Monkey started a blog that in hindsight was a massive solicitation for followers to join his "monestary"

    I'll send it to you...
     
  5. find the item that doesn't fit in the group:

    1. Market Monkey System
    2. Franz Shoar Patented Bullseye System
    3. Ponzi Scheme
    4. Brooklyn Bridge
    5. Land in Florida
    6. a well planned-out trading system

    basically, you're just coming on here and telling everyone that you've been "taken for a ride"

    OK, learn what you can from the lesson, and now read through, oh, about 100 threads, and figure out how to actually trade

    Jimmy
     
  6. You're kidding, right? If you're only trading one market, three screens tops is enough, five is waaaay more than enough, nine screens?3@!##@!.

    OK, now we have two different markets (which are duplicative), 4 different time frames ...

    ... and seven different "setups" which can happen across any of the time frames, each with its own complicated set of rules which may/may not require referencing other time frames. :confused: :eek: :p

    Can you say "shell game"?

    This "system" is impossbile to trade, you'd have more potential setups than the New York Knicks had line-ups during the regular season, with pretty much the same results.

    You'd get a long signal and short and short and long no, short, no long long no, wait, what were the rules for ...

    Come on, you're josh'in, you actually paid money for this? If send me just 3K I got an even better system for ya (uh, any system that you could get for free on google would be better than this "system").

    ...

    Jimmy
     
  7. Jim...

    floortradr came on here back in early April to tell everyone to look
    out for the Monkey snake oil salesman.

    He was warning ET'ers to look out for the rip off...

    NO ONE even responded to his post. Pathetic isn't it?

    I guess no one wants to admit that Snake oilys are even out there.

    Much less spend some time exposing them.
     
  8. Ahh... there you go again being a nice guy...

    Or maybe you really need the 3K...

    As you know, Snake Oil Salesmen do not let out there system before you
    fork out the $$$. That is why it is important to avoid them at any cost.

    And reading 100 threads at ET will not make you a trader BTW...:p
     

  9. 1 MARKET AND ONLY 10 SCREENS!!!!! give me a break.
    I knew a guy who traded one market like Monkey.
    In the end his family had to have him put down to end the pain .... their pain, not his as he had gone mad.
    It was all very sad really.
     
  10. Yeah. But the guy is talkin about the $10,000 course. The three screen job probably sells for $3,000.
    :D
     
    #10     May 19, 2006