I dont see how the dom can be useful except on the very short interval. After reading Scientists post awhile back I tracked cumulative volume to see how often it moved as he said and I found no correlation. Would be interest to hear from anyone who got different results.
so there you have it - you confess that there are times where you are not IN. but even when markets are narrow, slow and choppy - money can be made - because if it weren't so - there wouldn't be any trading at all during those times. but it's not wise to be in a market that is undecided and therefore in consolidation mode. so - you - like everybody else - are OUT everytime your method has no EDGE.
Thre is a 138 page Jack Hershey document on channels that I have seen but I don't know how to download off of Traderuniverse.org. Does anyone know where I can obtain that document?
-------------------------------------------------------------------------------- Quote from jack hershey: Then at this time there is no money to be made so we can't. -------------------------------------------------------------------------------- so there you have it - you confess that there are times where you are not IN. but even when markets are narrow, slow and choppy - money can be made - because if it weren't so - there wouldn't be any trading at all during those times. but it's not wise to be in a market that is undecided and therefore in consolidation mode. so - you - like everybody else - are OUT everytime your method has no EDGE. I failed to communicate very well to you. Others may understand what my words mean. Maybe you should conclude that what I suggest has no merit, be on record and then just keep posting the link to your statement. Trading goes on all the time. As a market becomes as you describe and a perso has been in the marketleading up to the time it becomes narrow, slow and choppy or even more extreme in its near halt, then a person is wise to take profits having been on the right side of the market and having been making money to get there. I simply pointed out that, whether in or out of the market, since nothing is happening no money may be made for the time being The reason no money can be made is that there is no price change cpmapered to the cost of trading using market entries and reversals. What we have is some comments by me to ET. What you read is a confession. i do not happen to be catholic and so I cannot fathom the confessional value of comments I make. This is more a priestly thing. Suppose you are a judge of confessions and I am a person who needs to go to confession. I would make other arrangements than utilizing your services. So from now on please do not think I am doing confessions with you. I aint. With respect to market risk. My appraoch is to be very risk adverse. If the market doesn't allow me to be making money I have a strategy for that time and I am sidelined in most all cases. That rarely occurs. So I rarely am sidelined. Go back and look at some Summer posts; there you will be likely to see posts about being sidelined. Your posts are very humorous and that is only from my point of view. There are so many ways of making money; what I suggest is always just a choice that no one is required to make. Were I coaching you, I would suggest that you decide whether or not it appeals to you. If it doesn't, then be happy. If it does, then be happy.
Found a post that sorted out the FTT to FBO - BO confusion (for me at least), hope this helpful. Starting at #3, if you picture the chart unfolding in your head as you read it (log entry example), it should clear things up: http://www.elitetrader.com/vb/showthread.php?s=&postid=1203089&highlight=FBO+FTT#post1203089 Regards, EZ
Just wanted to extend an huge thanks to the efforts of Jack, Spyder and others that have contributed immensly to this thread. Today I spent the afternoon trading the ES using a simulated account. This was my very first session of watching and trading the ES. I traded a single contract from about 11:30am until about 3:40pm EST and my net profit as $307.00. I should have done better, but had a few distractions and did not trade the up channel from 1:30 to 3:40pm really well (got in late and had several wash trades). I guess I should not have stopped at 3:40 and helped my self to the drop at the end of the session Correct me if I am wrong, my take away from today's session was the importance of spotting the FTT quickly in order to get a really good entry. The good entry keeps you away from wash trades and gives maximum gains from the run. Even if you are wrong, one can change sides without a big hit. Once again thanks and a Merry Christmas and happy holidays to everyone. My chart is attached.
Nice trading. I'm always too late on the turns at this point, waiting for just a little more confirmation. One of the hurdles to getting closer is getting more comfortable with having to wash. As washing becomes "no big deal", there's more confidence in going in sooner. As you get closer to the turning points it's easier to wash too, some can become small gains. It's easier holding through a CCC or lateral if you're on one side rather than in the middle with price criss-crossing your entry. -EZ