Hi Mak, Here is how it worked over the last two years of fed meetings starting only at 2:15 pm EST. 8/9/05 -137.50 6/30/05 137.50 5/3/05 -962.50 3/22/05 837.50 2/2/05 -125.00 12/14/04 -200 11/10/04 -162.50 9/21/04 250 8/10/04 -37.50 6/30/04 275.00 5/4/04 -50 3/16/04 -537.50 1/28/04 825.00 12/9/03 50 10/28/03 137.50 9/16/03 -12.50 8/12/03 -137.50 6/25/03 637.50 5/6/03 -437.50 3/18/03 75 1/29/03 -462.50 The net BEFORE commission is 232.50 and after commission is a loss. This doesnt seem the stuff of $75,000 per year per contract does it ?
Bar 12 in black most of the time and bar 11 before it gave us some caution regarding PRV level but 11 closed at the high and we feel good. WE feel real good cause even on lesser volume than bar 10 we held our own AND we didn't have a FTT did we? You do not know cause there is no LTL and by now you neet draw one. So you did, I believe. It is there and touches bar 10. You had it made though by drawing it through the top of bar 7. So thought one of the day is draw that LTL on the point 1 bar if possible. It is point 2 and point three is on the next bar (7). We have our act together. If you had MACD you would confirm rocket probably by bar 8, 9, or 10 or 11. we just knocked off a run that goes from the Lo of the day to bar 11 and bar 12 is black on an initial higher PRV than bar 11's PRV. You write these # on your log somewhere.
You can see we are making a new high on the fourth highest volume of the day. B2R is working. EXCEPTRUNNING AHEAD OF THAT FINE CONTROL IS A COARSE SWEEP OBSERVATION.
You See that the FTT is promptly followed by a BO on the rocket RTL. But before that even the black bar 12 becomes a RED bar as the price drops below the close of bar 11. We are in the trade from point 1 (the FTT reversal) and that second leg of the daily W is now history. What comes next in the daily sequence of the four legs? First lets be sure you noted the traverse RTL by connecting bar tops of bars 12 and 13. Point 2 is off bar 12 and 13 is a sneaky looking potential FTT. We are grooving and we are tired of things by now. By13 bars we are holding on our 3rd trade composed of an initial entry and two reversals. All sweeps ended with decisions to hold except for just two so far. 13/81 is ___% of the day. 15% or so. Two profit takings and we are well over 4 points.
Hi grob, When did this method make $75,000 a year nominally ? I will test it for you since you obviously didnt actually trade this way, but nonetheless recommended it.
Thanks Jack. I love the bar by bar stuff. It helps a lot. I was actually very close to you through bar 22. I did not take the retrace to 22 but did short the bounce off the RTL. When I exited this trade I was over 4 points and went into protective mode which is what I was complaining about in the post I deleted. I left all the pm money on the table. When I am up a lot in the morning I invent reasons not to take any more trades and I cant seem to get out of this mode.
Your chart has a lot of stuff on it and about bar 12 you go into a slowdown mode for the day. thisis a common activitiy that most traders get into. at bar 12 and 13, i recommend that a person look at the putting green that i set up for stalker who is not posting his putting grrens. We see the RTL of a slower fractal coming upward into the scene. This is big bucks time coming up. we are going into a DU volume period and it will be signalled by the first low volume bar somewhere along the way. your MA in there is showing convergence and is not a thing I would recommend giving any time to at all. Too lagging. We are "anticipating. When is the pm BO bar comming up? Well not that far ahead as we sit in bar 13with declining volume on a B2R. I think that the AM action is about over and therefore we are in the first traverse of the midday. That is a fair conclusion as we do sweeps that are not very exciting. We feel like we have bagged a lot more than 4 popints in the am and we are not trading as frequently as usual. So......
I dont see any year since 1997 in which this 30 minute system made ANY money at all let alone $75,000 per year.
So 12, 13, and 14 give you a traverse in a new setting and you have the FTT for that traverse. If the RTL was short before, then the RTL will be long this time and come off the FTT bar which is bar 15 bottom or bar 14 bottom if you are being really precise. Split the difference and see that you have a horizontal TL going as the RTL. Because you waited till bar 22 top to draw the RTL from Bar 12 (this is a good idea, the drawing ASAP from bar 12), you do not get the picture of what is developing as carefully as is possible. We look for all trends to have pace and volatility. The expansion of the opening trend was a good example of keeping an eye on volatility changes. the second trend was arocket to the high (so far) of the day. the bottoms of bars 14,15 and 16 are telling. Bar 17 is red to start and that locks in bar 16 as point 3 of the new trend because we have two traveses in place. A short traverse and a lateral traverse following. You are not annotating this stuff today and it is something to do always in the future. So a hold from bar 12 top going short and reversing on bar 13 (volume says so) bottom and holding to point 3 (bar 16) and reversing short sort of spels it out. Lets take a deep breath here and then consider how a trending day works.