Son of If You Can Draw a Straight Line . . .

Go ahead, I will join you. I have to start thinking EOD, I am afraid that nobody turns into a billionaire daytrading alone .

 

Are we planning on going all the way to individual stocks or do we stop in ETFs?

 

We'll start with ETFs and when the times are slow delve into individual stocks as well. I might not be pushing stocks much simply because the gap and unexpected news make it just unnecessarily risky.

Gringo

 

Since the idea originated with 40d, I suggest you focus on the nine sector ETFs, if ETFs is the way you want to go.

 

I prefer ETFs. Yes, I'll post something about the sectors but have gotten busy today.

Gringo

 

I will be interested in participating in the ETF sector thread. A follower at least, if I am not able to contribute.

DB, thank you for mentioning Schabacker earlier. I have not read him and just ordered his tech analysis book. Sounds like he and Wycoff were very similar.

 

Not really. Wyckoff wasn't fond of patterns. But Schabacker did urge traders to focus on the behavior behind the pattern and not use the patterns blindly. This was lost to a large extent after he died and his brother-in-law, Robert Edwards, finished up the work with John Magee and put it in book form. Now everybody knows Edwards and Magee but nobody's ever heard of the guy who started it all, Richard Schabacker. Donald Mack, an editor and lover of classical technical analysis, is largely responsible for bringing his work back into the light.

 

DB,

are you referring to the 9 SP sectors ?

ie XLF XLK XLI

Thank you

 

I'm a follower, not a leader. I'll go where the group goes. I do like the idea of making sector ETF's the main focus, though having started out as a day trader of individual issues, I have warm spot in my heart for common stocks as well. The best way to proceed would likely be focus on the ETFs, but allow for the occasional "here is a stock I'm watching, and notice how volume ..." type of thing.

I'll be watching for your beginning, Gringo.

 

Hi guys,

I have a question .. maybe a little out off topic but...about the previous days high-low.This levels act often like support and resistence, nothing new about this, but how do you calculate it?
Which session templates do you use? 24/7hours or just globex hours or just 9:30 16:15 hours..You can see in some days depends on which you used you get different levels..
I would like to see on the chart the same HPD and LOD that everybody see..

thanks