Grob/Jack, in case you've missed my previous 3 posts to you (and pms), I'll try one last time: Would you come into the ET chat one day and show us in real time (or as close as possible) your 'system'? Think of your students Jack. They would gnaw off their left nut to see the great 50 year experience in action. You know, all those Gussians flying left and right, iterations out the wazooo. What do you say Jack? http://www.elitetrader.com/ch/ Can you pass up this opportunity? I mean in one fell swoop you satisfy the burning insatiable appetite of your minions for all things Jack and you get to shut up the critics like me for good! How can you pass that up? I've got me a nice heapin plate of crow ready. I would really, really like to chow down Jack. All you have to do is come into the chat and give us entries and exits. That's it. Or are you going to evade this and insult me? Your call.
OT! At best it would be difficult for you to follow along since none of the items Grob sweeps for are aspects that you recognize. It would be largely a waste of time. Did you get a chance to scalp that YM break that just took place? Did you see the YM FTT that was being anticipated, it stuck for 4.5 mins for volume to punt it away... Here's a chart for the visual... Yes I am cheating and ghosted in pt3 for you. Having read your entire thread, I know you have time to troll while you wait for another setup later today, tomm, next week, etc... "/\/\"AK! Leg 5 "/"
I agree, but I think that everyone (me included) woud have no problem if Jack gave entries and exits. I know this is a quaint idea to someone as lofty as Jack but some of us are so lame that we actually like to talk about specific trades. Grob106... I don't know what's more sad. People who dress up and pretend to be Michael Jackson, or people who come to ET and pretend to be Jack. The challenge stands. Where's Jack?
Mak, what are your thoughts at the moment on the shape of the channels? ES appears to be developing more than the typical four distinct legs.
Can I ask what software you are using. It looks simliar to market delta which I tried for a little. Are you using button trader for IB? Also, I see that Jack used a 5,13,6 macd(absoluet oscilallating indicator). This essentially is using MAs. 5 and 13 ema and 6 sma i think. I have a 4 and 13 ema on my charts. You might want to give it a try if you like ma's for information.
It is what it is. Our MO is always anticipation, not prediction. At a minimum, I'm always prepared for at least 4 legs. AM Rush, AM slow down into lunch, PM pick up into rush, PM Rush to close. This is the basis for "M"/"W"''. More than 4 legs is icing on the cake. I had seen 4 legs before 2 pm, hence the preparation for an additional leg or two. You see earlier today Grob spoke heavily about volatility. Every channel has a volatility component. What you will find is that channels with high volatility are very wide (ie as in normal/perpindicular distance between the right and left trendlines). If this normal/perpendicular distance is small, it is a tight channel and if the angle is steep it is hold thru traverse and retrace for me (ie. don't reverse for the retrace). These type of channels are typically the AM/PM Rush. The AM slowdown and PM pickup is typically a slower pace with a channel that is not as steep but with greater normal/perpendicular distance to the RTL/LTL. If this distance is large enough and volume can sustain a sizeable retrace, I am reversing for the extra ticks. For me, the biggest aspects are tuning into how the active end of each current bar is extending, either with or against the traverse/retrace. Hitches/Dips/Stalls are also in the mix but for me they are typically decisions to wait until the next bar for furthur PV analysis for a more informed decision. For all the above, VOLUME is primo for evaluating whether the channel/traverse/retrace is continuing. If the bars are failing to traverse with increasing volume, it is time to look more closely at the activity. MAK!!! Thru 66... I hope they took the pt3 and scalped for 2 points assuming they were being sloppy...
Using Ensign for charting. Buttontrader for front end. EOD chart. Early channel contained price all day. Probably wont post any more charts for awhile. Everyday is pretty much a repeat of whats been posted so far.