I searched for the rocket's information in ET and read the "beginner rockets.doc", but the information here is quite brief. Jack mentioned rocket in this thread: http://www.elitetrader.com/vb/showthread.php?s=&postid=1089860&#post1089860 but not much details. Where can I find more information?
Ummm, can you give a link or two. There is no information here, just a claim that someone did this. It's useless as it is.
Jack, am following your practice advice... this Sunday, am drawing the price bars from Volume only. First thing I found out is that there is no way that I can do 50 in a weekend lol...takes me about 20 mins per chart, have done 3 today so far. So I guess speed would be a metric for "facility", when I can do a reasonably accurate chart in a few mins.... then I'll switch to doing the vol pane from price only. Things are popping out though: I found that I could clearly see laterals (beginning to end) from the Volume pane only... a PA bar followed by a big drop...have never done this before, so that's cool... Best, Vienna
For me it is easy to get lost in the fine tune stuff, so I'm only been looking at a 15 min and 5 min chart of ES and drawing channels. For me the 15 min chart is ideal to identify the dominant trends. It's also very easy to spot early when the market is rangebound on this fractal. I've been papertrading for a while with this strategy: Identify main trend on 15 min chart. Only enter at the right trendline on the 15 min chart, OR if price-volume pattern is a bit unclear, wait for a traverse in the dominant direction and enter on a pullback, which is the same as point 3 on the 5 min chart. Stop behind last swing high-low, target left trendline. I've had better results with this than with anything else I've tried. So I'm wondering what Jack or people who actually trade channels and price-volume think about this approach? Is this simpel method something that is working with real money and over time?
This is the most common subset of those who wedge in an invention or are coming from a price only type strategy. Your earings doing 1/3 of the approach approach the high end trades in the CW orientation. Two people epitimize this level: nodoji and RN. If you have followed the prof, you see his non time approach is about 1/6 of the PEP approach. You substitute for annotating Monitoring and analysis) is to use a family of timed bars. This means you do not connect with the faxt that trends overlap; you just see the "retrace" function in CW. PEP and its apps swith to the "reversal function" which ends and begins the next trend. Notice that in all of Covel's books he does not "get" this. Why? It is simple; he only asks skilled people the questions he thinks up as a lagging BO trader. He is still in the up/down, entry/exit world. Multi family chart people lock themselves into time. To escape time colud be done as logicprof did but he missed the deduction and did induction instead. See if you can see three fractals all event based on the 5 minute chart. Use volume to introduce yourself to trading fractals that have a neutral bias.
There are a lot of flaws in your reasoning. Too bad. Study up on market "capacity". Also read up on "sweeping" accounts PEP has three applications to handle these limitations. Also check out the types and sizes of markets in the various application categories. Finally repair your definition of a full time trader. Mine is: A full time trader is a person who has not as yet learned to read and partner with markets to take their full offer. Since you haven't had the experience of trading with skill, you are still an "outsider". That will probably never change for you. If a person, other than that characterized in Behavioral Finance, recognizes someone making money by demonstrated trades and their results for over a year, then the person pays attention and gets into learning to learn and learning to trade. We spent about six years making a record of how to learn PEP and its three applications. All reduce to one pagers.