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T-REX Journal - "Scalping 101"

  1. The purpose of this journal is to examine the different styles of "Intra-Day" market timing methods and provide hands on learning for all those interested in learning one of the most (if not the most) difficult method of extracting money from the financial markets on a consistent basis.

    There will be NO "flaming" in this journal.
    ALL rude & off topic post will be ignored and deleted and I will ask the moderators help in keeping this journal clean.
    No personal attacks will be tolerated!

    My goal is to ad value to ET by giving tutoring to those that request it. I have created a "Trading Plan" complete with rules on entry, exit, stop loss, and profit targets. Position size is up to the individual's risk tolerance and preference.

    Although I am a Discretionary trader by nature I have attempted to automate alot of my analysis so that I can be free to examine changing market conditions.

    I trade on a multiple of timeframes such as Weekly, Daily, 60 minute, 5 minute, and 1 minute bars.

    My primary indicator is the "Swing Vix". The Trading Plan has all of the rules included on how to interpret the Swing Vix.

    I do hope to spark some lively discussions in this thread as I will unveil some of my strategies along with some of the methods I employ while engaging in market analysis. I will also as time permits post some realtime trades so that students will have something to go back and study on their own time.



    Some of the topics that will be discussed:

    discovering the "Holy Grail".

    What is the "Holy Grail"

    Answer: finding a developing trend and following it all the way to the end.

    A1.) In an uptrend, Buy every Breakout into new highs!
    (Best Strategy)

    A2.) buy every pullback into the 10 day EMA of closing prices.

    (this includes corrections toward the 40 day EMA as well.)
    NOTE: buying pullbacks can be risky because you have no way of verifying if the correction is do to light profit taking or worse---
    TOTAL DISTRIBUTION! .....which marks the end of the uptrend!


    B1.) In a downtrend, sell every breakdown into new lows!
    (Best Strategy)

    B2.) sell every rally into the 10 day EMA of closing prices.

    (this includes corrections toward the 40 day EMA as well.)
    NOTE: selling corrections can be risky because you have no way of verifying if the correction is do to light profit taking or worse---
    TOTAL DISTRIBUTION! .....which marks the end of the downtrend!



    Scalping 101 (in the 1990's)

    When scalping as it so called one is looking to manipulate inconsistencies within supply/demand during the course of the trading day. In the early 90's this was referred to as "Daytrading".
    However, as time progress traders started dabbling with intraday price patterns and overlaying them with all sorts of technical indicators and regression calculations on moving averages and support/resistance levels with many standard deviation models........in the long run- All to no avail.

    By the end of the 1999 the market was at an alltime irrational exuberance. It was not until March 2000 that the 1st taste of "Reality" started to set in- Anybody can make money in a Bull market!

    Once the "Shadow of the Bear" started to awaken the daytraders found themselves in quite a quandary. their systems failed to perform. What happened?

    They did not know how to trade but rather thought that they could because everytime they bought a stock - it shot up in value.

    The 2 Bar Charlie "SCALP METHOD" was designed to exploit the anomaly of time vs. price within the supply/demand on an intra-day basis without the disturbance of random price distribution. this technique will help to filter out the noise of fancy technical indicators. what I would like to demonstrate is.........How to trade like a pro using a few simple rules, 1 major indicator and discretion!


    Now you will be able to see 1st hand how it is done along with the daily "Trading Plan" to help guide you along the way each day providing you with a daily roadmap into the market.
     
  2. Looking forward to it T, Seasons Greetings. :)
     
  3. So that we don't have a repeat of the last go-round this journal will be monitored very closely, and all attacks, abusive language, or off-topic posts will be removed. T-REX has also promised me that he will not respond to same, so those who do not want to add trading value here please go troll elsewhere. Thanks.
     

  4. Here is a "live" Sample of an actual trading plan issued on Friday December 19th 2003.
     
  5. Now when I post an alert you will be able to understand and follow along.

    When I say 1st , you will know that I am referring to 1st entry price on the Trading Plan.

    When I say 2nd , you will know that I am reffering to profit targets.

    When I say use "Brkout trigger" you will know that I am referring to intra-day support/resistance levels.

    When I say "2BC Channel", you will know that I am referring to a Swing Trade.
     
  6. Here is a sample of the Swing Vix Summary that is included in the daily "Trading Plan".

    This is also from the 19th Dec 2003:
     
  7. Here is a sample of the Swing Vix Indicator.

    This is from Today's Trading Plan.
     
  8. Alot of debate has centered around the use of 1 min time frames.
    Some prefer the use of tick charts. We will not delve into that relm. Some even prefer a longer intraday approach such as 5 & 15 minute timeframes.


    Let's dive right in!
     
  9. by now you should have noticed that there were ample opportunites to make money in ES today.

    What is the 1st thing that you notice with this chart?


    Anybody?
     

  10. One of the 1st things to notice is that I have two technical indicators with this 1 minute chart.

    The Stochastic helps to time entries.
    The MACD helps to monitor price strength/weakness.
     
  11. what about the sar?
     
  12. I notice it is a chart of the $SPX: yet you are looking for trading opps in the ES.
     
  13. While intraday charts alone can not give the big picture they do however give us insight into the "here and now" of price action.

    If you missed yesterday's breakout you were given another chance to capture some small intraday price movement to the upside.

    Contrarian opinion only afforded you about 3 minor opportunities to capture about a point while on the other hand the long side offered up at least 5 opportunities!

    Odds say go with the greatest possible opportunity to make profit with minimal risk.
     
  14. Sorry I missed that.

    I use the SAR along with the MACD to get a feel for the "miniture" cycle withen the current trend. Sometimes the SAR can give clues as to where the market may be headed. This is a little known and less talked about strategy. I will cover more on this subject later on in our discussion.

    thank you for your question.
     
  15. Correct!
    Great observation.

    We derive our EOD (End-of-Day) price inputs from the $SPX.

    For all intense purposes you are correct. I meant to post the ESH4 instead. However, this chart will serve our purpose for the time being. I will Post the ES chart later.
     
  16. Here is an example of how to use this 1 min chart to extract $$$ from the market!

    Taken from "ES Swing Trade Competition Journal"

    http://www.elitetrader.com/vb/showthread.php?threadid=26022




    --------------------------------------------------------------------------------
    Quote from T-REX:


    Yesterday (22 Dec 2003)
    L 5 ES @ 1084.75
    c 5 ES @ 1089.75
    ________________
    TOTAL = +5.00 Points

    5 X $250.00 = $1,250.00 profit


    Today (23 Dec 2003)
    L 5 ES @ 1086.75 (held overnight from yesterday)
    c 5 ES @ 1092.75
    ________________
    TOTAL = +6.00 Points

    6 X $250.00 = $1,500.00 profit



    5 X $250.00 = $1,250.00 profit (Yesterday)
    6 X $250.00 = $1,500.00 profit (Today)
    ___________________________________
    TOTAL 11.00 points in 2 trades in just 2 days = $2,750.00


    Now take a closer look at yesterday's 1 min ES Chart:
     
  17. Yes but where did you buy and why?
     
  18.  
  19. Now that you have seen the 1 min chart from yesterday it should become clear that trading within the overall trend is most profitable on shorter-term time frames.

    In a Nutshell: Buy the intra-day dips in an uptrend!
     
  20. the entries that I previously posted is where I traded.

    Why? Because we are still in an uptrend with upside room to go.

    This is a great segway into our next discussion on how to use The Swing Vix in connection with the intra-day SCALP METHOD.
     
  21. I must continue this discussion later.

    My son is having an asthma attack and I have to take him to the doctor's.

    Thank you for your participation in today's discussion.
    You may feel free to post questions and I will address them when I return.

    Happy Holiday's
     
  22. I'm looking at a trade report for Friday and your trades are for Monday and Tuesday... Did I miss something here before we even get started? :confused:
     
  23. I hope your son is ok.

    Best
     

  24. "B1.) In a downtrend, sell every breakdown into new lows!
    (Best Strategy)"


    I don't think that works btw...
     

  25. Sorry about this, but what is SAR ?

    Thanks
     
  26. Its simply the parabolic sar
     
  27. I'm trying to figure this out, is this it?
    (S)top( A)nd (R)everse
     
  28. This thread will not degenerate into a discussion of another website. While I'm aware of occasional links in the PDF files there will be no links in the posts. There will also be no solicitation thru PM (please let me know if such happens). Other than that T-REX is offering discussions of trading value to members at ET. I ask that all those posting stick to trading and offer the same. Thanks.
     
  29. Sulong

    Right on. Check parabolic sar on incredible charts.
     
  30. Thanks for all of your kind words of encouragement during my sons illness.

    Magna, I thank you for keeping a tight lid on things in my absence as you always do.

    :)
     
  31. T-REX, man it's nice to see there's still some ace traders alive around here.

    Regarding your trade entries - Do you enter trades at market or do you wait for price to enter on discounts / use limit-orders to minimize stops/exposure? Personally, I am a scalper, too, but quite possibly I'm a lot more short-term and keying off different things. Yet I'd be interested to hear about your entries - And exits. What stops do you use?

    Cheers and Happy New Year's,
    Scientist.
     
  32. Hello Scientist,
    Cheers and Happy New Year's 2 U 2.

    Thank you for your kind words.

    Re: market orders = I would only do a market order if my absolute life depended on it!!!
    I prefer buy/sell "stop limit" orders on entry and exits.
    I do however use buy/sell limits too.
    Re: $$$ management = I use (on 1 min charts). I will use a 2-3 point initial stop-loss. On swing trades I will use a much larger stop-loss i.e. 7.50+ points.

    Thank you.
     


  33. Or (S)upport (A)nd (R)esistance

    FYI: T-Rex.....intents and purpose....not....intense purposes
     
  34. I really do not use the SAR but that it looks good on a chart.
    SAR is part of the methodology.
     
  35. thank you Magna.

    I don't know how the discussion turned to websites?
    I started this thread to teach my method of scalping
    with the 2 Bar Charlie. This is not a solicitation to offer paid subscriptions to any newsletter or service.
    I did offer a free "hotlist" to ET members only some time ago
    but I have since discontinued that offer.
    I'd rather stick to the topic at hand and post trades in this forum.

    thank you.
     
  36. You don't use it, but it is part of the methodology? That makes it sound like you either don't follow the method, or you don't follow the whole method (thus making a new and slimmer version of the method).

    I'm a little confused, but what else is new. :)
     

  37. Thank you for bringing that to my attention.
    that was a key error.
    I meant to type: SAR is "NOT" part of the methodology.
    It is too late for me to change it now. But for the record:
    CORRECTION: SAR is NOT part of the methodology!
     

  38. Sometimes when I am in a hurry I forget to change the date on the Trading Plan. As you follow along it will become apparent what day I'm talking about.

    sorry for the confusion.
    :)
     
  39. LOLOL! I can identify with that... For those prone to a market-order habit - Do the DAX for a while... :D

    Same order types here, only limit brackets (generally even for exit), but the 2-3 point initial loss seems like a severe tolerance, at least to me... Well. Different targets, different frequency, different game. Interesting thread, T-REX. Keep maulin' & rippin'!
     
  40. FYI: ortega .... "Intents and purposes" - Not: "Intents and purpose". :D
     
  41. I'll admit I'm not the best writer and my punctuation and grammar are terrible. I use run-on sentences and incomplete sentences with incorrectly spelled words and phrases. It would appear obvious that I did not attend College or University.

    However, last I checked I beat the pants off the college grads in the market and I took all their money. I have beaten the best and the brightest. I.Q. means squat in the market. The market does not care how smart you are or how many degrees you have.



    Smart $$$ myth:

    I have to say when I was a Futures Broker I would raise accounts by soliciting "self-direct" clients (Engineers, Lawyers, Doctors, Accountants, and other professionals with Masters degrees and Doctorates) who were not doing so well in the market i.e. "Losing thier shirts".

    Needless to say that I had no end of prospects on a daily basis.


    IMHO I believe that ............

    Unless you have had the opportunity to post literally thousands of trades in several different types of markets.......
    .....................YOU ARE AT A DISADVANTAGE!!!

    Unless you have watched every tick in the market for at least a year (from 9:30am EST to 4:15pm EST for ES & NQ) and followed "ALL" the historical charts in the particular market that you wish to trade...................
    ..................................YOU ARE AT A DISADVANTAGE!!!

    Unless you have access to realtime data and know how
    to track intraday price patterns, recognize those patterns, test your ideas with realmoney in realmarkets with realtrades........
    ..................................YOU ARE AT A DISADVANTAGE!!!

    Unless you are aware of what fundamental data effects the market you are seeking to trade ......
    ....................................YOU ARE AT A DISADVANTAGE!!!

    Unless you are aware of what technical data effects the market you are seeking to trade............
    ....................................YOU ARE AT A DISADVANTAGE!!!

    As a broker I met alot of desperate people who were sold a pipe dream about how easy it is to become a full time professional trader.

    I would like to take the time to actually thank these "guru's" for making my career. Without them I would not have had any losing traders to disciple back when I was Futures Broker.


    It is sad to see that these types of false, misleading "Castle in the air" building advertisements still go on today. People actually think that they can "figure" out the market by themselves and that they can actually build a "system" that will consistently extract $$$ from the market on a consistent basis.

    It's not that easy. Wall Street has spent BILLIONS $$$ over the last 50+ years to be able to make that happen. In the 1990's Analyst were paid tens of millions of dollars to time the market. We still have the 1990's mentality alive and well today in that MANY think that they can do what so many have not been able to do.

    This is no different than the lottery. Everybody believes that they will be the 1/50 million to win today! The odds are stacked against you before you have even begun.

    This is no different than having unprotected intercourse with multiple sex partners and believing that the odds are in your favor that you will not catch a venereal disease or have an unwanted pregnancy. The odds are stacked against you before you have even begun.

    That is why I started this mentor journal. To help demonstrate that it is not easy and that it takes alot of hard work.
    For selfish reasons I must say that I do hope MANY more hopefulls come into the market because that is were I make my money.......(being on the other side of thier trades).

     
  42. Hey T-REX - Of course I fully agree with you!

    Let's face it: Most of those that had the super-grades in school are losers today. This quite literally here. I never wanted to end up that way. You're saying that the market doesn't care - And that's exactly what I love about the market. It is 100% indiscriminate.

    By the way, last time I checked, 8 of the 10 richest people in the world were highschool/college dropouts. FWIK that includes Wal-Mart's Robson Walton, Bill Gates and Steve Jobs. What it takes is initiative, and initiative will always cause resistance. Steve Jobs stayed away from school and went around phone-phreaking with little synthesizers he'd built. He even got caught by a cop once, but told him it was a "music machine". Stupid cop. Later on he went to built something much nicer in his garage. Bill Gates dropped out because he slept through his lectures in the day, for at night he was busy playing poker, consistently taking money off people, to get capital for his ideas. He had a system, he played, he had vision, he did it. Hey, he stole the windows idea from Apple, and Apple stole the idea from Xerox. But that's business, and that's the markets. Hold on tight or lose it. As much as I hate Bill Gates, but that's all the world is about. Not huge degrees and other expensive forms of toilet paper. Peace.

    Scientist.


    P.S: Regarding the punctuation & writing thing; I wasn't picking on you. I was picking on ortega, for he was anal retentive enough to pick on your little mistake, but then didn't get it right himself. That's why I pulled his leg.
     
  43. Right on dude!
     
  44. T,
    I don't mean to harp on something that is obvious to everyone else but..
    So far, we have two definitions of SAR, and I understand that you do not use it, but I would still like to know what YOU mean by SAR.
    Stop And Reverse or
    Support And resistance or
    something else?
    thank you

    sulong
     
  45. I have to sign off now but let me say that
    Stop & Reverse and Support & Resistance are one in the same.
    If price exceeds the level then you take that direction.
    More on the subject later.
     
  46. Where do you come up with all this? Stop and Reverse is NOT the same as Support and Resisitance. But perhaps you have twisted these commonly used generic terms and you mean to say that YOUR use of them contradicts their meaning and you have your own.

    I don't think you have the slightest idea what you are talking about.

    Michael B.

     
  47. Michael,
    he said he would be back with more on this. Allow the masters a little poetic license, especially when they promise to translate.
     
  48. Ok sorry...It's just that he makes up things as he goes....

    Michael B.



     
  49. OK Folks:
    Am I the only one who dosen't get it? What is "Swing Vix"? How is it derived? What is the added value a trader gets using it? Who is on the other end of "Investor's Edge"? I did a review (google) for that term and got a bunch of different sources. What is "Pulse Scan", and again, what is the value added here. When you do a google search, you eventually get to a website, but currently you cannot get much info. I am willing to overlook the disorganized character of T-Rex's Posts (its his dime so to speak, and he can "say it" however he wants) however I don't see any real edge here (so far). Looking forward to hearing something that makes sense. Happy Holidays. Steve46
     
  50. T-Rex,

    I appreciate your willingness to share your scalping methodology with us and I couldn't agree more with your statement that the market could care less about the education level of its participants. I was just offering a crumb of my knowledge to you. I'm sorry..... it won't happen again.

    Scientist,

    Hi -

    You are absolutely correct in saying intents and purposes, but so am I in saying intents and purpose. It can be used either way.
     
  51. T-rex..

    I dont understand what u are talking about. Period.

    Either be more clear and elucid or this journal is a big waste of time. These forums have some professional traders like myself.. and we can smell BS a mile a way.

    Not to insult.. but u are starting to sound like old man Hershey.


    --MIKE
     
  52. Just try to show us some added value.. something of an edge in what u are doing.. instead of posting a few charts with SAR's on them.. when u dont even have SAR's part of the plan.

    You are posting 1 min charts telling us sometimes u swing and sometimes u scalp.

    I'm lost bro.

    --MIKE
     
  53. Now you're doing it again!

    No, "intents and purpose" is wrong, period. Grammatically, it's an "article mismatch", mixing plural and singular. I suppose one could say "Intent and purpose" instead of "Intents and purposes", but what you're trying to convey is definitely not correct. Thanks for playing.

    Regarding SAR: As for Parabolic SAR and SAR in general - Well, generally, SAR, at least in the parabolic, refers to "Support And Resistance", but many people indeed use it as stop-and-reverse! T-REX is right in that he said it can be used the same way / can be the same thing. It really depends on what your trading style is, too. Generally, when support or resistance broken against you, you'd be looking to reverse, as well.

    Personally, I've given up on TA a long time ago, anyway. It's too unreliable, I call it all snakeoil. I watch price & volume in several periodicities, that's far enough to evaluate in order to make decisions. I want to see the genius who can watch price, volume, order flow in true detail, and still have the time to examine TA indicators and other spaghetti on their chart. But then I guess it's a bit different in scalping, anyway.

    T-REX: You have lots of questions coming up. Sure it's a tough call satisfying ET'ers and keeping flamers at bay, but you need to clarify some things here and answer some questions, so we can move on!

    Cheers!
    S
     
  54. So you make a living trading the Dax with no other weapons than price and volume?
     
  55. Oh, yep. Definitely primarily. Add order flow and correlation, and few more charts, and that's plenty!
    I've made a living on ES & NQ like that for quite some time, too.

    However, if you really want some TA things, I do have a few things that I use occassionally, such as an 18EMA on the DAX 5min, I find it to be a nice enough S&R tool to have it on the chart. I've also used Keltners and LSMA bands and a few other things, but essentially, I only look at these (in approximate order of importance):

    - Volume
    - Depth of Market
    - Tape (Time & Sales)
    - Price
    - Intermarket correlation (US: ES, NQ, YM, ZN; EU: DAX, ESTX, CAC, GBL)
    - Intraday "floor" pivots (and their divisions)
    - Trends on larger TF (15, 60, D)
    - Fib Levels on larger TF (15, 60, D)

    I essentially used exactly the same (all above) tools for the ES that I now use for the DAX, no kidding. It took me about 2 days to do the switch from ES to DAX, I couldn't believe it myself. Essentially, most futures markets are pretty similar in the basics, but as soon as you use indicators, you need to adapt them etc, which makes things more complicated - another reason for not using indicators. You might wonder why "price" is only on place 4 - well it really is. At best! I believe, contrary to local opinion, that price is NOT "king". Price, at least on arbed futures, is secondary or tertiary to me, as opposed to my primaries volume, supply, demand and order flow. In fact, most of the time I fade the excess movements in price which diverge from underlying S&D, volume etc, that's how I make money.

    Essentially, my style is shockingly similar to Mark's (I know, I literally dissected his execution log LOL), but then I suppose scalping is scalping. Yet, if you want real inspiration, read Mark's stuff or ask him - While I don't have a Bloomy and the like, I'd say he's a much better trader than me anyway. Probably the single best on ET.

    Sorry Baruch for not replying to your PM by the way - I know it's still there - I'll answer it ASAP! Peace.

    Scientist.
     


  56. I specifically stated that I do not use SAR in my methodology.
    earlier I also stated that there is a little trick I use sometimes with the indicator that is not commonly used or even well known.
    I'll explain in further detail at a later date.

    Michael B. I'm sorry if my presentation is less than what you expected. I did not prepare a syllabus on the subject of my trading methods. This is not a well prepared thesis from a doctoral candidate. I am not the best writer hence I never went to College.

    However, I am no dummy when it comes to markets and extracting $$$ from the market. What I do have is a gift. It is the result of what I stated earlier above. I have extensive knowledge and experience with all kinds of markets and market conditions.
    I never claimed to "know-it-all". But what I do claim is that "I know what I'm talking about as it relates to my methods of extracting large sums of $$$ from the market on a consistent basis.

    I tried to lead by example with my last journal. I placed hundreds of "before the fact trades" but I doubt very many followed them.
    Had they followed them instead of making excuses about it being to difficult to comprehend my methods they too could have achieved large profits on a consistent basis. You don't need to fully comprehend all the intricacies of the method to follow the trades and profit from them. I made it quite simple: "Buy here, place stoploss there". You can not get any simpler than that other than me placing the trades for them!

    Furthermore, YES "I do make it up as I go along" as far as my presentation of the material. NO. the methodology does not change, only my presentation of the methodology changes so as to be easier to comprehend with multiple "hands-on" examples and charts and "realtime" trades. I am doing the best that I can so as to make it easy to follow along although you might not fully understand "why" I'm doing what I'm doing?


    Let's get real Michael?

    its not like anybody has any valid excuses here?
    Did I not give out my personal email address along with my private phone # so that anybody could call me and ask questions?
    Did I not speak to you several times in person?
    Did I not answer the phone when you called?

    I have done everything in my power to explain my method and give real examples so that it might be easier to understand, comprehend, and implement.

    Maybe I'm not the best communicator but I have tried.
    I am consistently working on ways to do it better and all of your constructive input is appreciated.

    Thank you.

    T-REX
     
  57. Thanks. So you don't trade the news flow (eco numbers) like Mark? I have also read Mark's thread, and hope it will continue one day.
     
  58. Spot on, T-REX!

    I've seen REX post many, many, many trades live, with high expectancy-over-risk ratio. The problem is, as soon as somebody actually gets his shyt together on ET and actually proves it with evidence, the crowd will symptomatically shift into a state of psychosomatic denial and become flamopaths, if in any attempt to prove that this guy is fake, regardless of all counter-proof.

    This is so typical of ET that it's just sad. I've seen it happen to almost any good trader I know around here, including AMT4SWA, who kicked ass live at the EGO challenge, posts his up-to-150+ contract ES trades live in a chat room everyday and is still being insulted and diminshed for the pure will to help (for free!).

    As for myself, I'd never post a journal here. Apart from the questionability of a 100+RT scalping log, I'm quite dead honest here, I wouldn't have the balls. If I make a mistake or a bad day, I get bashed, if I get it right, I get bashed double. And all the while, millions of PM's. Tell me, what's the point???

    But here's a bit of clarification for WHY EXACTLY this behaviour is so common around here: People want it easy. They want T-REX, AMT4SWA, VelocityTrader etc to give them a fully explained, 100% complete manual titled "How to print your own money". They want it the easy way, they want to have their bed made. Most of the people who flame T-REX are people who spit dummy because they haven't understood one thing or the other.

    Here's the reality: You will find that most, if not all day traders have difficulty fully quantifying their strategy. Why? Because, sorry follks, but trading isn't just maths. Trading is also art. As a matter of fact, it's a rare combination of both. No trader, particularly really good discretionary ones, can quantify every sublety of their trading approach. Now, in the few cases where one can, such as with fully automated systems, you can quantify it. But then, will that trader give you all the parameters / code??? No?!!! So why do you expect a discretionary trader to do so!

    Get a grip everybody. Try to peruse T-REX's and other journals for the value in it, if there's a little thing you can learn from it - Great! If not - Go somewhere else. After all he's doing it for free!

    Scientist.
     
  59. I don't trade any news. You can't trade news unless you have Bloomy / Reuty. Your news will come about 15s later on mainstream newsfeeds. I haven't had broadband till about 2 weeks ago when I got this city apartment, but now that I got 1.5Mbps I might consider the Bloomy thing at some point.
     
  60. I think it's really cool of you to post one of your methods in a public forum. I just started reading it. But, the charts you had in the beginning of it are not coming out. I'd really like to see them. Is it something I'm doing wrong or is everyone else having the same problem with them. Thanks and have a great New Year's.
     
  61. try saving it to your hardrive 1st. then you should be able to open it.
     

  62. We will discuss the Swing Vix in our next discussion.
    "The Investors Edge" is another name for the "hotlist" that was offered awhile ago. PulseScan is the Technical Indicator used to build the "Swing Vix".

    Furthermore, you will not find anything that I am teaching you here on the internet. I do not have a public website nor do I intend on doing so. This journal is for ET users only. PERIOD!
    I did have a website awhile back but I no longer use it that is why you can't get on it.

    What I do here at ET is "FREE" and will continue to be "FREE".
    I do not want this journal to deteriorate into a discussion about my now defunct website. It just isn't germane to the conversation at hand.

    Thank you.
     
  63. This journal is only a few days old. I had an interruption when my son took ill so I was unable to continue at that time. We will pick up from where we left off and I will explain everything that you need to know.

    It would be to your advantage to discard everything that you think you already know and free your mind from most of the garbage that has been paraded around in the market.

    I'm not saying that you are not a seasoned trader or that anybody else who reads this journal isn't but that I believe that you can learn something of value that you previously did not know.

    Furthermore, if you are already consistently profitable then you are wasting your time reading this journal. This journal is for those that ARE NOT consistently profitable and what to improve themselves.

    Why would you want to waste time with this journal when you could be improving your already profitable strategy?
     
  64. How do you calculate pivots on the dax Scientist?

    BTW I trade the hang seng - as training for the dax.
    Robert
     
  65. Calculate? LOL I could give you the formula, but I think you're making it too hard for yourself. Use a plugin. I still use "YodaPivotPointAll.efs" from Woodie's site, but I think eSignal has it on efs, too. Essentially, it's just; Pivot, S1, S2, S3, S4, R1, R2, R3, R4.

    HSI? LOL are you kidding? It's like "I'm just at the range firing 22mm semi-automatic pistols - as training for the air rifle."

    Here I referred to some of my own HSI ventures:
    http://www.elitetrader.com/vb/showthread.php?s=&postid=396157&highlight=hong+kong#post396157
    http://www.elitetrader.com/vb/showthread.php?s=&postid=394479&highlight=hong+kong#post394479
     
  66. With all due respect roberk
    This journal is not about pivot points or trading the dax.

    Please lets keep it on topic. I will be discussing the next segment soon. In the meantime here is tomorrows charts that we will be focusing on.
     
  67. I must be very difficult to trade without news, because it is the news which moves the markets - near-term and long-term. Maybe you should invest in a Bloomberg/Reuters screen?
     
  68.  
  69. With all due respect Baruch
    This journal is not about Bloomberg/Reuters.

    Please lets keep it on topic.

    p.s. I would beg to differ that the news does not move the market but rather the market already factors in the news i.e. government reports, earnings, etc. The only news that would change the present course of the market would be something like madd cow or 9/11.
    IMHO.
    :)
     
  70. Sorry. I hope that our friend/genosse Scientist will make his Journal - like Mark did.
    PS. I can't understand why you think that the market knows the (eco) news before they happen or get published. The news moves the markets.
    PPS. Great thread, T-Rex.
     
  71. It is not that the market already knows but rather the market already factors in the most likely outcome and prices tend to move in that direct. So in that regard the market already factors in the news i.e. government reports, earnings, etc.

    Again The only news that would change the present course of the market would be something like madd cow or 9/11 in which a parabolic shift would occur in the opposite direction. Note most extremes are corrected in a "V" like fashion.
     
  72. Why don't you make your own Journal (so T-Rex can get some peace) now that Mark had to stop his ?
     
  73. Well, I suppose that if all the eco news from now on was negative, the bull market would be over pretty soon. Off course it is the BIG NEWS (surprises) which moves the market. PS. So you must invest in a Bloomberg or Reuter screen...
     
  74. T-Rex, tried again at home and the links work. My work computer probably did not have the right software to read it. Thanks for the fast reply.
     
  75. Nah, but I'm not stupid, I'll turn on CNBC or listen to Bloomberg radio on the internet when I know that a report is due out.

    Real life example: When I was a Future Broker back in Jan 2000 I was debating the idea of putting on some short ES trades for a client. The market was topped out intra day and it seemed like a great play to pick up about 15 points. But for some reason I just could not make the decision to pull the trigger. My gut instinct was telling me "NO.NO.NO". Wait not now!

    I'm glad that I listened to my gut instinct because within about 2 minutes of me getting back to my desk after discussion the matter with one of my fellow brokers..............I could not believe my eyes......"Holy ************************!!!!
    My fellow broker shouted at me........Did you see that?
    Look at your screen!

    To my surprise the NQ rallied about 600 points, the ES rallied about 110 points , and the Dow moved up over 600 points!!!
    all in the matter of 2 minutes.

    Point of the story: Even if you don't have Bloomberg on, the truth of the matter is already factored into the price and only those that were "long" the market made money that day. Those that were short got "DESTROYED"!

    You did not need a realtime news datafeed to tell you that something very unexpected had just taken place.

    The FED lowered interest rates without warning and in between meetings! What a day that was!
     
  76. you are most welcome.
    :)
     
  77. OK, I will start a thread called "DAX Scalping Discussion" in the "Eurex Trading" forum, and we can discuss things there. Anybody who has questions, can ask them in that thread. So as to leave T-REX in peace. :)

    The thread is now open: http://www.elitetrader.com/vb/showthread.php?s=&threadid=26299

    S
     
  78. Very good idea (if I must say so). PS. Maybe you should inform Mark about your new thread?
     
  79. Fine story. Maybe we also have insider trading before the big eco news? I don't know if it's illegal? Who should be the insider? Greenspan?
     
  80. Yes - Having Mark there would be cool. I think as many people as read this, should PM him on their own, so he's convinced to come. :D

    But honestly - Would love to have him on board. His sheer aggressive proficiency and news plays humble me, I am hardly a match for him. Yet he seems very much on my wavelength... It's a shame his journal is closed, though. Hope it'll open again soon... :)

    CU on my thread!

    S
     
  81. Maybe, but I like to explain it this way.

    If the market rallied ahead of the news then collapse after the announcement is that not profit taking?

    An old technique on the floor is to "run-up" the market then crash it back down- "running stops".
     

  82. Why not?

    You must learn to think outside the box.
    You must learn to "think" correctly before you can act correctly.

    YOU MUST CHANGE YOUR THINKING!!!


    BOTTOM LINE:

    Unless you are able to find someone who can guide you through ALL the rubbish out here in the world of trading for a living, then you must be willing to spend at least $100k on an education (realtime trading) in the markets (with real money). After that there is still NO GUARANTEE that you will succeed at it.


    THE REASON:

    Successful trading is a closely guarded secret that few if any is really willing to teach you. Sure some things you will just learn on your own by trial and error but the vast majority of books and seminars on trading are truly hype and sensationalism to boost product sales. You have to read through sooooo much garbage that by the time you find someone worth reading or following, you have blown your capital.

    SO WHAT:

    I realize that no matter what I say there will be some who won't listen to a word I've said. I'm only speaking from experience as an X-Broker/insider who got 1st hand knowledge of the industry and I know what works and what doesn't.


    WHAT DO I KNOW:

    How many people do you know who has placed literally THOUSANDS of trades in just about EVERY FUTURES market, COMMODITIES, STOCKS, & FOREX?
    I HAVE! I have seen clients lose HUNDREDS OF THOUSANDS $$$$$$$$$ in the markets!!!!!!
    Trust me YOU WILL BE one of them.
    I too would not be trading today if I did not have the privilege of seeing it done right before my eyes. OVER & OVER & OVER again in various market conditions!!!!!


    SO WHAT / WHO CARES!!!!:

    I do. I don't want to see would be hopefuls get all dissaullusioned about the whole idea of trading for a living.

    That's why I offer "FREE" mentoring here at ET.



    There are 7 phases of
    emotional distress to becoming a successful trader.

    Here are some of the various stages success:


    STEP ONE:

    Realize that Your a loser! (95% percentile) of ALL traders period. ESPECIALLY here at ET.

    STEP TWO:

    You will learn how to trade quickly but your risk capital will dwindle quicker!

    STEP THREE:

    You read every article in every issue of Stocks & Commodities magazine, Futures magazine, Barons, Forbes, Wall Street Journal, and IBD (preferably dating back to 1985), Read the works of Linda Bradford R., Warren Buffet, George Soros, Go to every Seminar across the country. Spend $10k on Trade Station and have someone to program the dog gone thing for you. Lose continually. Lose some more. Watch others lose. Give up and convince yourself that it just cant be done and that those that claim to do it successfully are liars!!!!
    Become VERY VERY VERY discouraged!!!!!!!!!!!!

    STEP FOUR:

    Become depressed, get up and try it again. Lose some more. Trade less than before. Study charts and technical indicators. Determine that most standard Technical Indicators that come with your charting software are TOTALLY USELESS.
    Quit trading again.

    STEP FIVE:

    developed your own system of trading based on your own risk tolerance and desired level of trading and your present commitment level. beside what time frame works best for you given your current lifestyle. Backtest the idea of your new system.

    STEP SIX:

    Trade your new system. Lose much money. Become discouraged again. Now you scream out loud with a loud voice--
    "THIS SUCKS"!!!!! I'LL NEVER BE A TRADER!!!!

    STEP SEVEN:

    Go back to the drawing board. Stop trading against the prevailing trend. Make some money. NOW YOUR READY TO BE A TRADER AND READY TO SERIOUSLY TRADE FOR A LIVING! GREAT JOB.
    YOU ARE NOW ON YOUR WAY TO VAST FORTUNE IN THE TRADING GAME AND YOU ARE NOW ON YOUR WAY TO GREAT WEALTH BEYOND YOUR WILDEST DREAMS!!!!!!


    p.s. Unless you are prepared to go through the above harsh PSYCHOLOGICAL realities of trading these markets then-
    "QUIT WHILE YOUR AHEAD"! YOUR ALREADY A LOSER!-
    Don't THINK ABOUT IT EVER AGAIN IN LIFE.

    FIND A CAREER THAT BETTER SATISFIES YOUR LACK OF COMMITMENT!
     
  83. Here is the Swing Vix Summary for Today.
     
  84. Here is the Swing Vix Chart for today.
     
  85. (Today’s BIAS) = “LONG” + Momentum.
    (Swing Vix) = +.45 PulseScan (Overbought)
    *Look for a possible intra-day "RVSL" @ 2nd trigger handle.

    BreakOut: 1098.50
    Resistance/Support 1096.00 /
    2nd Short @ 1098.00 /
    1st Long @ 1093.75

    (Watch & Wait for support/resistance to be confirmed before entry. On occasion you may have to actually enter on the BreakOut or Resistance/Support “triggers” if Support/Resistance is confirmed but either the 1st or 2nd trades are not triggered.



    *RULES:

    (NOTE: ALWAYS trade in the direction of the BIAS/TREND.
    If 1st Trade is triggered then use 2nd Trade as a profit target and/or Stop&Reverse.

    NOTE: If prices collapse below the “Intra-Day SUPPORT” then use this level to catch the reversal on the “long” side. Likewise if prices rally above the “Intra-Day RESISTANCE then use this level to catch the reversal on the “short” side.

    Intra-Day SUPPORT = Long above 1091.75 /
    Intra-Day RESISTANCE = Short below 1100.25
    _____________________________________________________________________________
     
  86. TODAY'S PULSESCAN SWING VIX INDICATOR -
    (See "Rules" for the indicator below)

    The Yellow (Swing) Vix Indicator = +. 45 Overbought.

    The Blue (Pulse) Indicator has now managed to move above the red line which signals a reversal in short-term trend with positive convergence crossing above The Red(Scan) Indicator and is now gaining upside momentum. Expect a down price channel to develope with some downside momentum in the short term.




    *RULES:

    Rules for the PulseScan Swing VIX Indicator The "Black" Line is your normal daily Stochastic Oscillator.The "Yellow" Line is your Signal line.The "Blue" Line is your Pulse line.The "Red" Line is your Scan line.

    The rules on the Black line is 100 = Extreme Overbought
    0 = Extreme Oversold. This is common with the normal Stochastic Oscillator function. However, as a stand-alone it can be very misleading as it can stay overbought or oversold for an extended period and is prone to false signals.

    The rules on the Yellow line are +. 29 = Overbought
    +. 40 = Extreme Overbought.
    -. 29 = Oversold
    -. 40 = Extreme Oversold(This is your lead indicator)

    The rules on the Blue and Red line are - they both plot the current position of the market and move in lag to the Yellow signal line. Remember that The Yellow line is the signal line that you follow for the current days reading.

    NOTE: It is important to remember that the Yellow line often will lead the mark et 3-5 days out!
    So you need confirmation with the daily price action.
     
  87. By now you should have your 1 min ES Chart up and have already read over today's trading plan and are aware of the game plan?

    You should be watching the current price levels for failure attempts at a new high.

    NOTE: ES 1100.00 is the psychological resistance level to break and close above today. Expect some hesitation and consolidation around the current price level before an attempt at a breakout.

    According to the Daily & 60min chart (see a few pages back) the market still has some upside potential but expect a VERY nice pullback in the next few days. Trade the plan but watch for the reversal.

    Any Questions???
     
  88. So did you wait for 1091.75 support? which never arrived....or did you enter long at 1093.75?

    Call your trades .....don't waffle. If it gets near one of your levels YOU should be the first poster in here teaching and training if you are sincere in what you do....


    Michael B.



     

  89. Good morning.

    I was hoping to get some dialogue about todays trading plan before the opening bell and no later than 10:30am EST but no questions were asked so I assumed everyone understood.

    Consider today a test to see if you can follow directions.
    I gave you the possible scenarios along with triggers to watch for.
    Now it is up to you to tell me what you have done.
    I will tell you what I did after the closing bell.
    Until then I'm busy trading the ES so I will not entertain anymore questions until after the close.

    Again this is a simple test to see how well you have understood what I have posted and to see if you can follow simple and easy...."buy here/sell there"....instructions.

    Remember, it is not about me and what I did today but rather it is about you and your ability to comprehend the material. You are right in that this IS a teaching journal for those seeking mentoring in the field of "SCALPING". If this were a excercise in proper placement of working orders and triggers I would have posted that. We will engage in that a little later on in the tutorial.
    but for now please follow the trading plan. This is a "POP-QUIZ".


    If you are uncertain how to proceede may I suggest taking a quick look at the Daily and 60 min chart that I posted earlier along with todays trading plan.

    Good luck.

    p.s. see you after the close.

    T-REX
     
  90. T-rex.....I am not going to play your games....good trading....I am through with you...

    Michael B.



     
  91. Either you are serious about learning or you are not?
    This is not a game. This is my livelihood.

    I trade fulltime for a living how about you?
    It is essential that you be able to follow directions or else how do I know that you understand the material that is being presented?

    1. that you ask relevant and intelligent questions.
    2. that you participate in the labs.

    I like hands on training because that is the best way to learn.

    The Trading Plan is NOT rocket science and is written in plain english so that you can follow along with what I am doing.

    Did you take the Long @ 1098.50 breakout this morning?
    If not then you just missed the most easiest trade of the day.

    We will discuss more about today's trading action after the close as I stated earlier.

    p.s. you of all people should know that I don't play games.
    I gave you direct access to me. you had my phone number.

    what more do you need?

    If you do not understand something all you have to do is ask.
    or call me or email me or just post it here in the journal so that others that might have the same problem can benefit.

    Let's get beyond this. C U after the close.
    :)
     
  92. Thanks T-REX.

    you practically handed us the ES today on a silver platter.

    I went long @ 1098.50.:D

    keep it coming.:cool:
     
  93. I got email notification that there was activity on this thread, so I checked back and find this post:

    "I gave you the possible scenarios along with triggers to watch for.
    Now it is up to you to tell me what you have done.
    I will tell you what I did after the closing bell.
    Until then I'm busy trading the ES so I will not entertain anymore questions until after the close. "

    I think the general concept "expect the market to move up" is common sense. I also expected a positive rally this week, with consolidation at new highs. The rest of it "I'm busy trading the ES" for instance, is what I call evasion. Look at price activity for this market and ask yourself how "busy" a trader has to be here.

    I am going to make another effort to gather data relating to the so-called "swing vix" and "PulseScan" . Up to this point however, I consider this to have been a waste of my time.

    For the record, I started the day long 1 ES, and have executed a couple of trades, in and out as price bounced off the 50 EMA. In a predictable holiday uptrend this works just fine, and does not require any mystical intervention or exotic indicators.

    Most of the profitable traders I know were long this morning, and expected a pullback or break down about mid-day. To this point it has not happened. I expect that if there is a pullback, it will be mild. In general I expect a continued uptrend tomorrow as well, with price continuing to bounce off the 50 EMA. I intend to be long the market at the open with a stop of 5 ES points. If the market breaks down (below the 50) I will close my position and wait. There you go. Simple directions. Just working off price and volume. Lets see how this stacks up against the market genius and his pulsesan and swing vix.
     

  94. T-REX: I'm not a genius.

    I went long ES @ the breakout point today 1098.50 and took profit @ 1107.50. I made 9 ES points today with one trade.


    O.K. now that the trading day has ended its time to discuss today's market as it relates to this mornings trading plan.
     
  95. There should be a rule in ET.. that will seperate the garbage from the pros. If a trader wants to teach.. his credibility must be earned.

    T-REX put up a snapshot of your weekly p&l and the rest will be history.

    The only person to do this was the guy on the dax thread from velocity trader.. and he was the real deal.

    T-Rex is just another b/s artist trying to make his name. I have read some of your posts and they are just as baffling and arcane as Jack Hershey.

    I know this is a free forum so u dont have to do anything.. but what pisses me off is when newbies and naive traders actually take this crap for real.

    I am just calling it the way I see it.


    --MIKE
     
  96. Here is the 1min ES chart from this morning.

    You should have had time to position yourself to catch the breakout today and at least rode it out to 1100 before the slight pullback. However if you had more patients then you could have held out all day until the close.

    :D
     
  97. Show me a snapshot of the p&l stated above.

    That will quell all naysayers like myself.

    If u are gonna take the time to teach why not establish some real credibility.

    There is absolutely no reason why u cant show us that u are for real... you can delete all the personal info.

    Many people on ET have done this.. and have earned some real credibility.



    --MIKE
     
  98. P&L statements can be altered. Calling the market and posting trades before the fact, can not be altered. Either you made the call or you didnt.

    Did I not tell you where to trade today?
    Did I not give you specific instructions?
    Did I not tell you what to watch for?

    AS for credibility. I have posted numerous winning trades here at ET. More than anybody else including yourself. I do not have to prove anything else to you are anybody. If you do not get anything out of the thread then you are free to leave it and never come back.

    As for your "so-called" care for the newbies , why don't you start a Mentor journal since you obviously feel that you can do it better?

    If not then sit back and you might just learn something of value.
    :)

    Thank you.

    T-REX
     
  99. why is it so hard for gurus to just post their trades as they do them and not be so evasive.if they cant post the trades in real time it always makes one wonder if the trades are real.
    whats the point of all this controversy when its so easy to either show us the proof or keep it all to yourself and quit wasting out time.
     

  100. Mike. where were you during the "Ego Challenge"?
    Go back and do a search. You will see my trades.

    As for the rest of you I will be conducting more realtime intraday plays in THIS journal so that you can see how it is done.

    I don't just talk about it like some.
    I trade what I say.

    Thank You

    T-REX
     
  101. If you want to know if it can actually be done all you have to do is a search and you will see my "Live Demo" along with trades that I posted in the "Ego Challenge" and the "ET Challenge journal" (My trades were deleted because they were afraid that my intraday trades would win me the challenge).

    Be patient. I'm trying to take you through this one step at a time through each stage so that you might learn something.
    If you just want a quick fix then you have not come to the right place. This journal is for those that want
    to "earn while they learn".
     
  102. Well, its 2:02 PST and I can see the throngs of posters waiting to comment on your trading plan.
    Regarding the subject of effort, I took the effort to go to the pulsescan website. They do not offer supporting information for the product. They do ask you to try it for 30 days, AND at the header you see advertisements for broker services. I contacted the A.B.Watley rep Steve Pearlstein to request information about PulseScan. So far No Reply. From my point of view, you have no room to comment as to whether I am making an effort.
    My two trades netted a profit. I use the 50 EMA on 3 min and 1 min charts. That is why I commented that price "bounced off" the 50 EMA. I remain long the ES with a profit. I continue to use a 5 point stop because it works. I also use a 5 point stop because my testing indicated that during this season, 5 point stops work. I don't hear anything about testing from you, and have to assume that you don't do any. Once again your comments about effort are interesting but don't apply to me. If my stop gets hit overnight, I will still have a profit. I intend to be long when the market opens tomorrow or flat after booking a profit. I will be long because testing indicates that this is a good time to be long. By all means keep talking about effort. Good luck. Steve46
     
  103. Nice excuses. Just show us a snapshot of p&l and i'll be gone... not trades called out. There is a difference between trading real $ and paper money.

    Its so easy to do.. much easier than your 1000 word posts. But u will continue be evasive and do anything possible to avoid establishing "real credibility".

    We want to see the real deal... a snapshot of p&l.. not some calls on a message board. What is wrong with asking this?

    I am not smart enough to be a mentor.. and keep my trading to myself. But if I did decide to become a mentor and be taken for real I would first establish credibility and show what I have accomlplished for my own account and silence all the naysayers.

    Its funny how someone will go through such great lengths to teach and write longs posts for the goodness of education.. but when they are asked to put it on the line and do something which takes 1 min.. they are always making excuses.




    --MIKE
     
  104. "Be patient. I'm trying to take you through this one step at a time through each stage so that you might learn something.
    If you just want a quick fix then you have not come to the right place. This journal is for those that want
    to "earn while they learn"."

    sorry i dont have time to try to figure out if your for real or not. its up to you to show us you are credible with proof.
     
  105. The purpose of today's journal was to determine whether or not students could read and follow simple directions?

    It is becoming quite clear that the reason that most traders will never make it is because they don't know how to follow directions.

    What good is my posting realtime trades day after day after day if you don't comprehend what I am saying?

    To complicate matters further , those that say that they don't understand don't speak up until it is too late and the day session is now over.

    Did I no end today's trading plan with the phrase-
    "any questions"?

    Posting my trades in realtime is not the problem.
    YOUR ability to follow along IS.

    So until I am convienced that you got it then I'm not going to post live trades. this is an instructional journal not a track record of my intraday trading prowess!

    Thank You

    T-REX
     
  106. wanted to try and sift thru todays trading plan and understand what actions were to be taken in light of how the ES traded today. Want to see if I am interpreting things correctly .

    Bias was long so was looking to to enter long 1st @ 1093.75 . never happened .

    watch and wait for support/resistance to be confirmed before entering :
    resistance /support 1096 since the market traded up immeadiately does this mean that support was confirmed ?

    It blew right thru 2nd short 1098 then slowly traded back down to this level around 11:00, how would we know not to short at this point 1098? because the broken resistance had become suppport ?
     
  107. U dont have to post trades in realtime...

    Post your daily p&l today.. let us see how u really did in your own account. The dax trader from velocityfutures did exactly this.

    I noticed that every credible journal had the trader post his p &l snapshot. The other gurus such as Jack Hershey have been banned from this site..

    If u dont have the software do a snapshot of your p&l.... just PM me.. I will be glad to set u up.


    --MIKE
     

  108. Sorry. I don't give out my private and personal info.
    Nice try though.
    I would not mind to see yours though since you brought it up.:D

    But you are right. If I wanted to raise $$$ then I would need to show some documented, audited performance. But I'm not looking for managed $$$. All you have to do is just follow along with what I am doing and you can see for yourself rather or not I know what I'm doing?

    YOU ARE DEAD WRONG! though about calling the market in realtime. It is NOT easy to do on a consistant basis. If it were then everybody would be doing it.

    But lets draw this out to its logical conclusion. If one had the ability to call the market correctly on a consistant basis doesnt it make logical sense that that individual had access to info that was not made easily accessible to the public? Doesnt it make sense that that individual could translate that into profits?

    I rest my case.

    Thank You

    T-REX
    :)


    ________________________________________________

    steve46: Regarding the subject of effort, I took the effort to go to the pulsescan website. They do not offer supporting information for the product. They do ask you to try it for 30 days, AND at the header you see advertisements for broker services. I contacted the A.B.Watley rep Steve Pearlstein to request information about PulseScan. So far No Reply. From my point of view, you have no room to comment as to whether I am making an effort.



    T-REX: I told you NOT to look up my old website because it is no longer in use. What ever company you called it is not mine.
    I am my old website and my phone number is listed in the sample trading plan.

    FOR THE LAST TIME .....

    DO NOT GO TO THE OLD WEBSITE!
    It is NO LONGER in use. Whatever info it contained is irrelevant to this discussion. Eveything you need to know about what I'm trying to teach you will be listed in this journal. PERIOD!

    Everything that I am currently doing is here @ ET in this journal.

    NUFF SAID! Let us move on from here.
     
  109. Great job. you have the begining part right about how the mkt moved today. The key is the prior resistance high. In this case it was the prior trading days high. once prices traded above this level that marks new support, i.e. the old resistance now becomes the new support. You would not have shorted today unless after the days huge run up the mkt collapsed back down through old resistance i.e. new support.

    Thank You

    T-REX
     

  110. You will not rest your case .. until u just show us a snapshot of your p&l today. I want to see how many points u actually made. U can easily erase or delete the personal info part. Many traders have already done this.. if u dont know how I can show u how to do this.. w/o an type of invasion of privacy.

    There is no reason for me to show my personal p&l because i am not the teacher...

    The more u avoid this simple issue.. the worse u will look.


    --MIKE
     
  111. (Today’s BIAS) = “LONG” + Momentum.
    (Swing Vix) = +.45 PulseScan (Overbought)
    *Look for a possible intra-day "RVSL" @ 2nd trigger handle.

    BreakOut: 1098.50
    Resistance/Support 1096.00 /
    2nd Short @ 1098.00 /
    1st Long @ 1093.75
    ---------------------------------------------------------------------------------

    T-Rex, ok I'm trying to make sense of your call. You said the bias is "long", you were right. I can understand if you meant buy if resistance becomes support on a break of 1098.50. But what does "2nd short @ 1098" mean then? How do we know if we are supposed to be buying or shorting based on what you said?
     
  112. " YOU ARE DEAD WRONG! though about calling the market in realtime. It is NOT easy to do on a consistant basis. If it were then everybody would be doing it. "



    Calling a market in a chat room or message board is not the same as moving a $50,000 contract of ES.

    One is about ego and the other is about making money.


    --MIKE
     
  113. In all fairness (which is difficult in this case), what you're requesting may not even be necessary IF he were to be specific about the setups and IF he were to explain why the setups are selected.

    Unfortunately, TRex isn't teaching anybody anything about how to trade. What he's doing is "teaching" people to take his calls and to rely on proprietary indicators which he refuses to explain. In other words, he's teaching people to depend on him. This is not mentorship, and I can't for the life of me understand why this journal is allowed to stand.

    Now if he were to explain how to code these indicators that he seems to rely on so heavily, OR use indicators that are available to everybody, OR to explain what makes a setup and why one setup is superior to another, either inclusive or exclusive of indicators, AND something about entry and exit, THEN he'd be at least in the ballpark of mentorship. Until then, he's just a guru wannabe collecting gimmees.
     
  114. The answer is given in the rules section below.

    *RULES:

    (NOTE: ALWAYS trade in the direction of the BIAS/TREND.
    If 1st Trade is triggered then use 2nd Trade as a profit target and/or Stop&Reverse.

    The 1st trade was not triggered so the 2nd was not to be used a profit target/reversal point today.



    NOTE: If prices collapse below the “Intra-Day SUPPORT” then use this level to catch the reversal on the “long” side. Likewise if prices rally above the “Intra-Day RESISTANCE then use this level to catch the reversal on the “short” side.

    Intra-Day SUPPORT = Long above 1091.75 /
    Intra-Day RESISTANCE = Short below 1100.25

    If prices would have reversed back down below the 1100.25 then you would have then used the 2nd trade trigger as you short to catch the "falling knife" as it were. Sometimes you can use the
    "Intra-Day RESISTANCE as your trigger to get short.

    We will examine this closer with some live examples later.
     
  115. NOTE: If prices collapse below the “Intra-Day SUPPORT” then use this level to catch the reversal on the “long” side.
    ------------------------------------------------------------------------

    T-Rex did you actually mean to say "if prices collapse below the support then use that level to catch the reversal on the short side"?
     
  116. Trend Fader,

    You have made 6 posts today to this journal. It should be obvious to you that T-REX does not care to post his P&L. If that so thoroughly offends you then please do not read this thread, as your point has been made repeatedly.
    db,

    I can't argue with you that T-REX isn't truly explaining his setups, nor why those setups were selected at various times, nor the basis for his proprietary indicators. Unfortunately that's no worse than the majority of people starting journals. As to his further use of the word MENTOR in the journal title, that has been removed. And while I appreciate your self-appointed role as "protector of the newbies" I say to you as I said to Trend Fader, if this thread bothers you then move on, skip over it, there are plenty of other threads worth your attention on ET. As to everyone else reading this thread I urge caution and caveat emptor.
     
  117. No. What I mean is that once prices collapse below the support then use that level to catch the reversal on the long side once prices begin to rally off the lows.
     
  118. --------------------------------------------------------------------------------
    Quote from voodster:

    NOTE: If prices collapse below the “Intra-Day SUPPORT” then use this level to catch the reversal on the “long” side.
    ------------------------------------------------------------------------

    T-Rex did you actually mean to say "if prices collapse below the support then use that level to catch the reversal on the short side"?
    --------------------------------------------------------------------------------



    No. What I mean is that once prices collapse below the support then use that level to catch the reversal on the long side once prices begin to rally off the lows.
    ------------------------------------------------------------

    T-Rex, OK trying to understand. You mean if 1090 is support and is broken then you don't see it as possible resistance when the market bounces back up to it? Instead you look to go long at 1090? I thought only if 1090 WASN'T broken but held then you'd want to go long there. Can you explain?
     

  119. I think I see where you are going with this. We seek to sell resistance and buy support in an uptrending market. today's bias was on the long side with a "wait & see" for a huge intraday reversal that did not happen today.

    NOTE: if prices drop below intraday support then that "support" has now become resistance. we will examine this with some realtime trading examples.

    you are on the right track though.
    :)
     
  120. DP+"Now if he were to explain how to code these indicators that he seems to rely on so heavily, OR use indicators that are available to everybody, OR to explain what makes a setup and why one setup is superior to another, either inclusive or exclusive of indicators, AND something about entry and exit, THEN he'd be at least in the ballpark of mentorship"

    ========
    T-Rex, this seems a reasonable request?
     
  121. All further posts not specifically related to trades posted by T-REX, or his strategies, will be removed. While I see little merit in black-box methods there are many people at ET who find worth either in his calls or more likely in their ability to cull pertinent information from his posts i.e., reading between the lines. If you don't find value here then please move on, you are wasting your time in this thread.
     
  122. What is/was the EGo challenge? a live competition? just curious....
     
  123. 2 Bar Charlie "Live Demo"

    http://www.elitetrader.com/vb/showthread.php?s=&threadid=23300&highlight=EGO+CHALLENGE

    2 Bar Charlie "Live Demo" Question & Answer session

    http://www.elitetrader.com/vb/showthread.php?s=&threadid=23343&highlight=live+demo


    Bully on the playground

    http://www.elitetrader.com/vb/showthread.php?s=&threadid=22585&highlight=EGO+CHALLENGE


    "EGO CHALLENGE" (26 Sept 2003)

    http://www.elitetrader.com/vb/showthread.php?s=&threadid=22589&highlight=EGO+CHALLENGE


    "EGO CHALLENGE" (29 Sept 2003)

    http://www.elitetrader.com/vb/showthread.php?s=&threadid=22716&highlight=EGO+CHALLENGE


    "EGO CHALLENGE" (01 Oct 2003)

    http://www.elitetrader.com/vb/showthread.php?s=&threadid=22807&highlight=EGO+CHALLENGE


    "EGO CHALLENGE" (02 Oct 2003)

    http://www.elitetrader.com/vb/showthread.php?s=&threadid=22869&highlight=EGO+CHALLENGE


    T-REX Journal (w/track record)

    http://www.elitetrader.com/vb/showthread.php?s=&threadid=21684&highlight=TREX+journal

    _____________________________________________


    2 Bar Charlie System (Screen & Chart set-up)


    Tools.

    Use the EOD Swing Vix Indicator.
    Mark yesterday's High & Low.
    Use the 60min Candlestick chart to find current intra-day trend.
    Use the 5min &/or 1min Candlestick chart to time entry point.


    Technical Indicators.

    Use a 40-bar EMA.
    Use a Stochastic Line Chart (14,3,3 time periods)
    Use a MACD Histogram Line Chart (5,40,5 time periods)


    Chart Rules.

    When the 5 min bar crosses above the 40-bar MA = buy.
    When the 5 min bar crosses below the 40-bar MA = sell.


    Filters. (Are not necessary but are useful)

    (1.) Wait for the low of the 60 min bar
    to close above the 40-bar MA = buy.

    (2.) Wait for the high of the 60 min bar
    to close below the 40-bar MA = sell.



    Trade Set ups of the 2 Bar Charlie System

    *"Momentum-NEUTRAL" ENTRY Days: Consolidated intra-day plays. These days are more common after a significant rally or sell-off they appear during a brief period of consolidation within the trend. Watch & Wait for the pullback toward Intra-Day SUPPORT/RESISTANCE to be confirmed before placing the buy/sell order especially if the days close is above today's price trigger. See *Trade Entry Rules.

    *"BREAK-OUT" ENTRY Days: These days are less common but have a very high accuracy rate and are major trade signals. These types of breakouts tend to be very powerful moves and are typical within the current market trend. Usually, they occur while in a brief consolidation within the current trend after a strong move (but not always). See *Trade Entry Rules.

    *"TRENDING" ENTRY Days: These are days were the market is expected to rally after a pullback. See *Trade Entry Rules.TRADE ENTRY RULES: Wait until after 9:30am EST before trade entry. Cancel order if not filled by 11:30am EST. NOTE: In a Bullish 40-Day Trend Do Not place the buy stop-limit order if after the open the market is trading above Intra-Day Resistance and or yesterday's High. In a Bearish 40-Day Trend Do Not place the sell stop-limit order if after the open the market is trading below Intra-day Support and or yesterday's Low. Refer to the intra-day 60-min & 5-min charts for a possible reversal of trend signal before placing the trade. The system is on the sidelines unless the entry point is triggered.

    *Profit Target: = 1.25 - 3 points. The profit target is to be used as a guide to either move your stop-loss to breakeven or take profit in uncertain market conditions. You may also use the profit target as a working limit order if you don't have the time to watch the market and would like to take quick profits.



    *Trade Entry RULES:

    (Watch & Wait for support/resistance to be confirmed before entry. On occasion you may have to actually enter on the "BreakOut" or "Resistance/Support" triggers if Support/Resistance is confirmed but either the 1st or 2nd trades are not triggered.

    (NOTE: ALWAYS trade in the direction of the BIAS/TREND.
    If 1st Trade is triggered then use 2nd Trade as a profit target and/or Stop&Reverse.

    NOTE: If prices collapse below the “Intra-Day SUPPORT” then use this level to catch the reversal on the “long” side. Likewise if prices rally above the “Intra-Day RESISTANCE then use this level to catch the reversal on the “short” side.




    ...........the 2BC SCALP METHOD in a nutshell.


    T-REX



     
  124.  


  125. _______________________________________________

    Please take the time to read thru and study the above before proceeding with today's trading plan.:)

    T-REX
     
  126. And, again, how does one plot the "swing VIX indicator"?
     

  127. You do not need to know "how" to plot the Swing Vix.
    What you need to know are the "rules" for interpreting it.
    If you can't understand simple trading rules how can you understand how to plot an indicator?
     
  128. Unless it's plotted, there's nothing to interpret. Are you saying that it will be necessary for whoever follows your strategy to depend on you in perpetuity to plot this indicator for them? Or do you plan to explain how one can plot it himself? If not, are you willing to explain how to employ the strategy without the use of the "swing VIX indicator"?
     
  129. Yes. that is what I have done. The Swing Vix is a proprietary indicator that I developed that helps me capture big swing trades in the ES. I have added it here but it is not a necessary component in Scalping the ES as I have demonstrated already.

    Thank you
    :)
     
  130. So it will be necessary to wait for you to plot it? That is, no one who is interested in your strategy can plot it himself? Your strategy has no value without it?
     
  131. No. you can not plot it because it is my own proprietary work.
    You do not need to use it and I dont have to post it here if the major consensus is not to do so.
     
  132. T-REX, new to this discussion. Please clarify for me - is the system you are trying to teach (?) DEPENDENT on proprietary indicators that you are discussing, or INDEPENDENT of them?
     
  133. please read carefully.
     
  134. Thank you for answering the question.

    Now.

    Again, is its use necessary for the implementation of your strategy?

    If not, is there another indicator which will serve the same function? If there is, is it necessary?
     

  135. NO. its use is not necessary for the implementation of my strategy.

    Yes. the indicators mentioned in the "2 Bar Charlie Screen set-up" section of what I previously posted.

    Thank you

    T-REX
     
  136. I had hoped to walk you through today's set-ups but unfortuneatyly I will be in and out all day on appointments with my son who just turned 2yrs old today.:D


    was anybody able to implement today's strategy?
     
  137. Still waiting for an answer to above.
     
  138. Yes... :p
     

  139. Hi kernan.

    I just answered that question. db had already asked it awhile back.

    The answer is NO. You do not need any proprietary indicators in order to implement the strategy. That should be evident by now.

    Today's Trading Plan included "NO" technical indicators at all.:)

    Thank You

    T-REX
     
  140. Thanks. Sorry for asking a repetitive question, but it is very confusing sorting through all the posts. I am not saying this is your fault, just stating an unbiased opinion.

    I originally thought with all the talk about "black box" and your website and indicators that there was proprietary analysis involved. Thanks for setting the record straight.

    Good luck.
     
  141. You will notice that the Resistance/Support level @ 1104.75 held up nicely. The mkt came with one tick of hitting it right on.
    Once you saw that this support held that should have clued you to referrence the "2 Bar Charlie Screen set-up" for how to proceed with the 1min chart as a stand alone.

    Even with the tight narrow range day you could have entered @ the 1106.00 price range to capture 2 ES points with an exit @ 1108.00.

    NRD's are tough to trade but you can still eek out 1-2 pts per trade and still do several round turns.

    If you are ready I'd like to move on to the next point with the chart below.
    :)
     
  142. There was, but hopefully he's decided to move beyond that, which would be to the benefit of anyone interested in his strategy.
     
  143. Yes. what db has stated was true when I started my 1st journal here at ET.

    You will notice that we have now moved beyond that.:)

    Thank You db for your positive contribution to this thread.:)


    Thank You

    T-REX
     
  144. How did you determine 1104.75 to be your s/r level?

    Thanks
     
  145. I use pivot's. But not like most use them. My calculations are different.

    Thank you

    T-REX
     
  146. So, I am reviewing your info (alot there), but this post brings me back to my original question. I would call what you say above "proprietary" - meaning if I do not know how you do it and cannot reproduce it, I am dependent on you for this information.

    Are you going to give it to me every day? For free? Why go to all of that effort, if yes? And what happens if you - God forbid - get hit by a car? Will you ever charge me for it?

    I am not trying to create waves. But, I don't want to waste my time if this is the case. I am sure that many others can/will follow you, but it would not be for me.

    Please clarify.

    Thanks!
     
  147. Can you elaborate on how they are different or how they are determined?

    Thanks
     
  148. Once you saw that this support held that should have clued you to referrence the "2 Bar Charlie Screen set-up" for how to proceed with the 1min chart as a stand alone.

    are you referring to trading the 40 ,10 MA crossovers on a one minute chart ?
     
  149. Did the above get answered somwhere? I am curious also.
     
  150. Yes. I use the $SPX for my H L C data.
     

  151. babe714

    I am referring to trading off the 40 EMA and/or the 10 EMA.
    NOT a crossover.:)

    Thank you

    T-REX
     

  152. Yes. it is and will continue to be FREE.
    I need to know if my results can be reproduced?
    No you really don't need me thats why I gave you the set-up.
    I'm just here to coach.
    :)
     

  153. No you really don't need me that's why I gave you the system set-up below. You can reproduce the below on your computer screen.

    The "Swing Vix"- (Black Box) aspect of it along with the Resistance/Support & BreakOut triggers are added features that are part of my own Discretionary trading and can not be reproduced because they are 100% Discretionary/proprietary.

    I would not have you dependant on them that is why I have given you the set-up so that you have the "meat of it" (so to speak) and anything extra is just that.....extra but not necessary.

    Some people actually like the "relationship" aspect of having a mentor to teach and instruct them on how to better use the method that was handed down to them. Others just want a quick fix to a difficult issue -"Trading profitably for a living" and having someone there to answer questions is not necessary. I understand that aspect of it and I don't like being accused of trapping people into having to "depend" on me for their overall success. That way if should I decide to discontinue my service you and/or should become unable to continue to offer you my "FREE" help , you are not reliant upon me to trade profitably.
    I am not a necessary component of your overall success....
    ....YOU ARE!

    Some people will "get it" and other won't.
    Everything is not for everybody.
    Some people will make it in this business and others wont.
    Some will end up profitable while others fail. Success or failure resides with the individual. I have given you all the tools you need to be successful both "with & without" my input.

    I'm just here to coach, tutor & mentor you through it for as long as I have this journal here at ET. That is all I can do.
    I offer my service free of charge to any and all who ask.
    Trading profitably can be achieved and I'm living proof of it.
    Now you can be "living proof" as well.


    This is my gift to you.

    Best of wishes in the coming New Year.

    Your friend

    T-REX





    2 Bar Charlie System (Screen & Chart set-up)


    Tools.

    Use the 60min Candlestick chart to find current intra-day trend.
    Use the 5min &/or 1min Candlestick chart to time entry point.


    Technical Indicators.

    Use a 40-bar EMA.
    Use a Stochastic Line Chart (14,3,3 time periods)
    Use a MACD Histogram Line Chart (5,40,5 time periods)


    Chart Rules.

    When the 5 min bar crosses above the 40-bar MA = buy.
    When the 5 min bar crosses below the 40-bar MA = sell.


    Filters. (Are not necessary but are useful)

    (1.) Wait for the low of the 60 min bar
    to close above the 40-bar MA = buy.

    (2.) Wait for the high of the 60 min bar
    to close below the 40-bar MA = sell.


    Big things come in small packages with simple instructions.:)

    Thank You

    T-REX
     
  154. so would you be a buyer today 1 hour and 45 min into a trading when 5 min bar closed at 1108.00 and 40 EMA was 107.9
    because on 60 min we are clearly above 40 EMA

    I am sure you didn't buy on that signal can you tell us why?
     
  155. Hi T-Rex,

    Thanks for summarizing your entry signal. With 25 pages in this thread, it's helpful to have it all in one posting.

    Can you please also summarize your suggested stop loss and take profit price levels if you are trading just one unit, and and if you are trading multiple units?

    -- M


     
  156. lite trading day.:)

    Never trade on the Holiday especially during a shortened trading session.
    :D

    thank you

    T-REX
     
  157. Again as indicated earlier. Stoploss is based on the individuals risk tolerance and agenda.

    Here is a suggestion.
    1.25 - 3.00 pts on 1min & 5min bars
    7.25+ on swing trades on daily bars.

    Thank you

    T-REX
     
  158. Thanks T-Rex.

    Can you a suggest a stop loss as well?

    I know you said it's an individual sort of thing, but I would be interested in hearing your thoughs on stops.

    Thanks.

    -- M
     
  159. I'm not even trading yet, and I'm still in the process of learning the lingo. so some of the terms your using are a little are unfamiliar to me, but don't change anything, I like the challenge of deciphering posts. I'm learning, but I still feel like a contestant on the price is right trying compete with jepardy champions :)

    thanks for all the help T-Rex
     
  160. My broker says trade when the market hands you a gift, such as today was.
     

  161. Here is a suggestion on stoplosses.

    1.25 - 3.00 pts stoploss on 1min & 5min bars
    7.25+ pts stoploss on swing trades on daily bars.

    Thank you

    T-REX
     

  162. There is more to life than trading.
    If you traded and made money though- good for you.:)

    Thank you

    T-REX

    Happy new year
     
  163. Nice trending up day expected.
     
  164.  
  165.  
  166.  

  167. The 60min Chart should have clued you in that the intraday trend was about to reverse.:)
     
  168. Since all of this face-saving is being done in hindsight, in what way should the 60m chart have clued anyone in that the intraday trend was about to reverse?
     
  169. Per the rules outlined in the Trading Plan.
    According to Friday's Trading Plan where was the recommended short?

    Remember, the recommended price triggers are given pre-mkt.
    At 11:15am did not the 5min bar close below the 40 EMA?
    How does the "2 Bar Charlie SCALP METHOD" tell you to proceed on a day like this?

    I believe you have answered your own question.:)

    Also, although from time to time this journal may contain some realtime intraday trades this is not a track record journal but rather a mentor journal meant to give instruction and education regarding the Scalp method.:D


    Thank you

    T-REX
     

  170. The thing that is confusing to me, and possibly others is:
    your post of 01-02-04 at 630a says the bias is LONG. Then you have a rule that says "ONLY trade in the direction of the bias". That means no shorts....correct?

    At the same time, another part of that same post listed support and resistance levels and said that if the price went through your listed resistance, then use this as an opportunity to short. Well, which is it?
    Did the bias change during the trading day (and how would one know this) and that allowed you to short, or do you allow shorts even when you say
    ONLY TRADE IN THE DIRECTION OF THE BIAS ?

    jd
     
  171. So if one is to follow "the plan" even though you say to expect an uptrending day, which turned out to be exactly the wrong call, what's the point in making the calls? As you say, this is "a mentor journal meant to give instruction and education regarding the Scalp method". It is not a "track record" journal. So I see no point in trying to impress people into ignoring the plan and following these "calls" instead.

    As for the "real-time intraday trades", any trade posted to a journal is by definition a hindsight trade. Newbies should understand that very clearly.
     
  172. T-Rex

    Enjoying your thread.... trying to catch up.

    Thanx :)
     

  173. Allow me to clarify:

    2 Bar Charlie System (Screen & Chart set-up)


    Tools.

    Use the 60min Candlestick chart to find current intra-day trend.
    Use the 5min &/or 1min Candlestick chart to time entry point.


    Technical Indicators.

    Use a 40-bar EMA.
    Use a Stochastic Line Chart (14,3,3 time periods)
    Use a MACD Histogram Line Chart (5,40,5 time periods)


    Chart Rules.

    When the 5 min bar crosses above the 40-bar MA = buy.
    When the 5 min bar crosses below the 40-bar MA = sell.


    Filters. (Are not necessary but are useful)

    (1.) Wait for the low of the 60 min bar
    to close above the 40-bar MA = buy.

    (2.) Wait for the high of the 60 min bar
    to close below the 40-bar MA = sell.


    This is your main method!

    The daily Trading Plan is just that, "a trading plan" designed to outline specific price levels that should coincide with the above
    "2 Bar Charlie SCALP METHOD".:)

    The method is both long & short depending on whether or not certain criteria has been met.

    When I say -"trade in the direction of the trend" ....I mean just that- trade in the direction of the trend. However, there are times when it becomes necessary to do a "stop & reverse" and/or switch-up between long and short positions depending on whether or not the intraday cycle has shifted.:)

    Thank You

    T-REX
     
  174. Thank you

    T-REX
     
  175. Please reference my earlier post in response to Friday's trading plan.:)
     
  176. A 30m "trend" lasting only a few points hardly qualifies as an "uptrending day". In any case, you still haven't explained why you made the call in the first place. Is part of your "mentoring" an attempt to teach newbies how to make calls? If so, what were your criteria for making your "uptrending day" call?

    Just following your lead:

    If you don't consider "realtime intraday trades" to be "realtime", why on earth are you calling them "realtime"?

    Actually, you haven't. I'm still interested in your response.
     
  177. Question about 60 min and 40EMA

    low of ES on 60 min chart has been above 40EMA since middle of December so how could you possibly go short if price on 60 min chart has never been below 40EMA or
    do you use 60 min bars and 40EMA from 5min chart?

    thank you
    alex
     





  178. Quote from T-REX:

    The market DID in fact trend higher and as a result a new 10-day high was posted.
    --------------------------------------------------------------------------------



    Quote from dbphoenix: A 30m "trend" lasting only a few points hardly qualifies as an "uptrending day".

    Quote from T-REX: It depends on your point of reference. A new high being posted IS in fact a continuation of an uptrend pattern.

    Quote from dbphoenix: In any case, you still haven't explained why you made the call in the first place. Is part of your "mentoring" an attempt to teach newbies how to make calls? If so, what were your criteria for making your "uptrending day" call?

    Quote from T-REX: Allow me to clarify something 1st. The "Bias" portion of the trading plan IS NOT meant as a predictor of mkt direction but rather is a calculation of the closing prices as measure of volatility and retracement (where applicable).
    I apologize for not clarifying this earlier. Thanks for bringing up this point.

    --------------------------------------------------------------------------------
    Quote from T-REX:

    I think you know better than to suggest that posting realtime trades in a journal during the trading session IS NOT considered to be realtime.

    NOTE: I inadvertently left out the word "NOT" during my post yesterday as I was on my way out the door. I was not aware of this typo until you brought it to my attention. Sorry.
    --------------------------------------------------------------------------------



    Quote from dbphoenix: Just following your lead:



    --------------------------------------------------------------------------------
    Quote from T-REX:

    Also, although from time to time this journal may contain some realtime intraday trades this is not a track record journal
    --------------------------------------------------------------------------------



    Quote from dbphoenix: If you don't consider "realtime intraday trades" to be "realtime", why on earth are you calling them "realtime"?

    Quote from T-REX: Again sorry for the typo.

    --------------------------------------------------------------------------------


    dbphoenix: As you say, this is "a mentor journal meant to give instruction and education regarding the Scalp method". It is not a "track record" journal. So I see no point in trying to impress people into ignoring the plan and following these "calls" instead.

    Quote from T-REX: In all fairness to you I have already answered this question in response to an earlier post from Jack Daniel.
    (see below).


    01-05-04 07:02 AM

    Think of the daily Trading Plan as a roadmap.
    If you are traveling to a specific destination for the 1st time and are not familiar with the surrounding landmarks or alternative routes, you will be lost without a map. I have given you the "methodology" now I assist you with the Trading Plan so that you can correctly apply the method to your trading. The Trading Plan is NOT necessary in order to trade the method but it is essential in assisting those that have never traded before at all and need that additional assistance. Hence the trading plan is a roadmap telling you how to get from point A to point B.

    Again the trading plan in NOT meant to supersede nor replace the "2 Bar Charlie SCALP METHOD" but rather is meant to be used as a guide to assist you in using the methodology.


    --------------------------------------------------------------------------------



    Quote from dbphoenix: Actually, you haven't. I'm still interested in your response.

    Quote from T-REX: There you have it.:)

    Thank you

    T-REX
     

  179. Allow me to clarify:

    Chart Rules.

    When the 5 min bar crosses above the 40-bar MA = buy.
    When the 5 min bar crosses below the 40-bar MA = sell.


    Filters. (Are not necessary but are useful)

    (1.) Wait for the low of the 60 min bar
    to close above the 40-bar MA = buy.

    (2.) Wait for the high of the 60 min bar
    to close below the 40-bar MA = sell.


    per the above: "Filters are NOT necessary but are useful".
    Follow the 5min bar crossing the 40EMA.

    Thank you

    T-REX
     
  180. I can see that you're not going to answer the question regarding bias and making "calls", so there's no point in pursuing it further. Everyone but you understands that a couple of points up in the first ten minutes does not constitute an "uptrending day" (and, yes, it may have been more than two points and, yes, it may have been more than ten minutes, but you have absolutely no criteria whatsoever, so the number of points and the length of time are immaterial).

    If anyone can make all this contradictory information work, good luck to you.
     
  181. This looks like a great Journal T-Rex and hope it will continue well through 2004. A little concerned about some of your calls - like being "neutral" for yesterday. Markets are tough, aren't they?

    You mentioned that this would be a 12 week course. Is there more to come?
     
  182. so how did 60min chart would clued me if price on 60 min chart on 1-2-04 has never traded below 40EMA?

    how do you use 60 min chart?
     
  183. this is 60 min chart with 40EMA at which point it would give me a clue to go short on 1-2-04
     
  184. I had the same question.

    and HOW are you using mentioned indicators? divergence, crossover, some OTHER method? confirmation?

    NOTE: I am not bashing, just trying to piece it all together..

    so it looks like you have 2 TYPES of buy/sell criteria which evver happens first: the 5 minute crossing over/under the 40 EMA and the similar style for the close of teh 60 minute?
     

  185. Making market calls IS NOT part of the trading plan.
    The purpose of the directional bias is to give the trader a reading of market momentum so that he/she might be better prepared to handle the uncertainty of extreme intraday volatilty.

    Again, my method is "DISCRETIONAL" and not necessarily systematic. Remember, I'm trying to explain a trading style that is unique and is NOT known or widely used. It is my own discretionary style of trading based on my own personal proprietary indicators that can not be reproduced.

    What I have given you (the SCALP METHOD) is reproducible and has been displayed over and over again in this thread. The daily trading plan is just an "add-on" to the SCALP METHOD but IS NOT an essential part. There is no need to explain it (the trading plan) or get into how I determine what I determine with the trading plan. I post it here as a "courtesy" to those that wish to use it and find it helpful when used in congunction with the SCALP METHOD.

    I am not able to be here @ ET throughout the day everyday so that is why I developed the daily trading plan so that you would have me here without me actually being here. :)

    I have given you all the tools necessary to be able to implement the strategy without me having to hold your hand.
    The rules are simple and few.:)

    You have ONE of 2 options:

    use the 5 min bar
    or
    use the 60 min bar

    that is all there is to it.:D


    p.s. If you ask me I have given you alot for free with absolutely nothing in return. There has been no contribution on your part.
    I don't know what else you expect from me for free?
    I can't place the trades for you.
    You will have to do that yourself.:D

    Good luck.

    Thank you

    T-REX
     
  186. I am enjoying this thread and appreciate your input. I have no intention of learning yourt proprietary info, or the calls.

    You mentioned the MACD and Stochastics. How are these incorporated into the above? Specific signals, etc?
     

  187. I'm really not using them as you might think.:)

    Basically they look good on a price chart.
    I ALWAYS trade price NOT your normal standard indicators.
    I use my own proprietary stuff.
    The above mentioned just looks good on the chart and helps me to see price differently. thats all.
    :)

    Thank you

    T-REX
     
  188. In other words, the plan is so vague that whoever uses it requires a "reading" from you in order to figure out what action to take.

    The word is "discretionary". And I can believe that your plan is not widely used.

    All I expect is that you make sense. I'm still waiting.

    As for placing the trades, I follow another system. But thank you for asking.
     
  189. The Journal is looking great and I'm still learning what to use, not to use, when to use and when to not to use. This makes things tough following T-Rex, but I think that it will all come together when he continues with further explanations.

    The main thing is that I'm making money $$$$ from following this Journal and T-Rex. Hope others are too.
     

  190. I apologize if I'm still not making sense to YOU.:D
    I have really tried both to qualify & quantify my rationale the best way I possibly can. Please forgive me if I'm not the best communicator in the world. :D

    This method may not be for you. If after my many repeated attempts to explain myself you still can not bring it all together.:(


    Thank you

    T-REX
     
  191. Apparently, the inability to bring it all together lies elsewhere. But, as I said, I'm done with it.
     
  192. I must say that it saddens me to hear you say that.:(

    I strongly believe that you could have been very successful with this method. But again everything is not for everybody. Perhaps you will be successful with another strategy that fits your individual psychological profile and risk tolerance.:)

    I wish you good luck and bid you farewell.:)

    If you are ever in the Washington D.C. area feel free to give me a call and/or stop by the trading room.:)

    Thank you

    T-REX
     
  193. Actually, I'm doing much better with my strategy than I would with yours. You take something which is relatively simple and make it much too complicated. But if it suits you . . .

    Can we end this little exchange now?
     
  194. Be alert for unexpected volatility today.
     
  195. Most excellent there T-Rex. Was getting anxious to see "The Investors Edge" daily trading plan back in the mix. This is the foundational excellence that has made me very confident in every aspect of my trading. I still am amazed how easy these concepts and trading plans really are. More so, THEY ARE MAKING ME TONS OF MONEY!! $$$$$$ Day in - day out, it simply works!!!

    Hope others are making money like me. I just wish you could report stories of $$$ like me too.

    Keep up the "good" and "free" work T-Rex.
     
  196. Man. Did you just see how easy it was to get long on the 5 minute chart above the 40 EMA? I'll be riding this baby for at least a 5-6 point gain with the rest of the afternoon free!!

    The rules and guidelines are here throughout this Journal from T-Rex. It works. Just implement it and don't let emotions be a factor at all. Time to focus on the rules and let the money flow in $$$$.

    Gotta go....forgot to switch over to "real time quotes" from my 20 minute delayed stuff.

    $$$$ today and everyday!!!
     
  197. Did anyone else get out with a 5.0 gain like me off the 2BC setup?
    It was right there from the beginning with the long bias from the daily trading plan. Follow the rules and guidelines that T-Rex mentions, pound them into your trading brain so that they become second nature with no guess work involved.

    Way too easy and great fun to be making $$$.

    How did your setup go T-Rex (and others?)
     
  198. Thought you were in for the rest of the afternoon, according to your earlier post. How did you know to exit?
     
  199. YEAH BABY

    60min chart gives me clue after clue after clue

    Thanks T-REX
     
  200. I took the trading advice off page 30 of this Journal that T-Rex has outlined, listed below. The bias was "long," got in, rode the momentum while trailing a stop, saw that the intraday cycle was shifting and took my big profit. I'm just a student, but I think of the intraday cycle in reference to those old two-cycle engines. It took a proper mixture of oil AND gas to run efficiently. Saw blue smoke, heard the sputter of a misfiring engine(cycle) and took the proper course of action - my big $$$$ profit. I don't think it is that big off a deal to recognize the cycle change. T-Rex covers it over and over again in this Journal. In this case I didn't stop and reverse. I'm looking to get back in soon here. Better to trade for more $$$ than to spend the afternoon idle with an easy morning locked profit.

     
  201. The 5min on the 40EMA is setting up perfectly to go into the noon hour. There...on that close I'm in long. Will watch for the intraday volatility that T-Rex mentioned today since it didn't happen for the morining session. Time to make some more easy money $$$.
     
  202. Praise God!

    Somebody's got it!:D

    yes.yes.yes.

    keep up the good work.

    I caught the initial sell off but decided to concentrate on my
    Euro Currency position from last night.

    200 points and counting!:D :D :D

    gotta luv dis game.:)


    Hint. Be careful. watch for the failed attempt at a rally between 2:30pm EST and 3:00pm EST. One last attempt at a lift could come before we falter. Reversals can happen suddenly so be watchful. 2nd trigger should hold as resistance today from the 1st trigger that was never reached.:)

    sounds like a riddle I know but you will get the hang of it.

    Here's a big one for you swing traders:

    1111.00 price level will be critical for a BIG short entry on swing trades. A close below here could signal a HUGE 50+ point pullback on a rather nasty correction. So HEADS UP!
     
  203. Man 'o Man. This has been a killer day bangin' away on the 5min 40 EMA setup. It really is a sure that I got another 2.75 points being out at 1130.50. This is like playing Twister down at the old folks home on Sunday's where my Grandpa lives. Just follow the rules of "the game" and only fun and profits can follow $$$$.

     
  204. Bruto, are you saying you are trading a delayed chart? Don't get too happy just yet because when a turn comes and you don't know it you'll get slammed. Plus how do you sell out at 1130.50 when the high was 1130.25 (regular hours)? We'd all love to know.
     
  205. Well, I'll be a blue nosed gopher. The delayed charts had a bad print on the high for the day. Tough to watch a delayed 5min chart all day. It was still a classic 2BC setup that made me $$$ in my pocket.

    The zone continues into tomorrow for more $$$ setups.
     
  206. Even if it was a bad print it doesn't mean you can get filled there. So don't say you sold at 1130.50. I think you tried to BS us all and you got caught.
     
  207. BS? My integrity is only a couple notches below that of the keeper of this Journal. My trading accumen will be equal to, if not greater than, the vast majority here on ET as I contine to follow this Journal. It is a definitely a goal I have set for 2004 and, of course, will obtain.

    I'm the student and the teacher is who I'm following to learn trading for big $$$$ profits.
     
  208. I don't get how you can think you have an edge daytrading with delayed data. The whole world sees turns before you. What kind of professional does not know this?
     
  209. This is just funny.

    Most people reading this thread know why, but for the few people who do not, well - take my word for it, this is just FUNNY.
     

  210. O.K. you should have had "plenty" of opportunity to profit today.:)



    Today's Trading Plan

    (A.) 1st target entry: was not triggered.

    (B.) BreakOut: @ 1126.50 WAS triggered!



    Today's SCALP METHOD (w/out Trading Plan)

    (C.) There were "6" 2 Bar Charlie set-ups on your 5min ES chart today that you should have keyed in on:

    1. 10:20am,
    2. 11:10am,
    3. 12:10am,
    4. 1:15pm,
    5. 2:20pm,
    6. 2:50pm,

    Even without me calling them out to you , you should have been able to spot them with the 2BC SCALP METHOD.


    Good trading.

    T-REX
     
  211. (C.) There were "6" 2 Bar Charlie set-ups on your 5min ES chart today that you should have keyed in on:

    1. 10:20am,
    2. 11:10am,
    3. 12:10am,
    4. 1:15pm,
    5. 2:20pm,
    6. 2:50pm,



    Yep, T-Rex is totally correct for the 2BC times to scalp for profits. Even with my 20min delayed data on a 5min chart, I saw them coming like locust on the tundra. As Jim Rogers would say - you just have to walk over to the corner and pick up the money.(in this case they might bite back a little...)

    Do you have the trading plan for tomorrow T-Rex?
     
  212. No not yet but I'm working on it.:)
     
  213. Hi! So the system is; short if 5 min bar cross below 40 bar ema? Long opposite..

    And you have predetermined profit targets and stops?

    Will such stops and targets work when the markets volatility changes?

    Thanks
     
  214. >Will such stops and targets work when the
    >markets volatility changes?

    Oh, give me a break! Of course they will

    JB
     

  215. Yes. the intraday trend is pre-determined by the 60min bar crossing above the 40EMA. You use the 5min bar crossing the 40EMA to time entries. It's just that simple!

    If the trend is up, then you look for buying opportunities near the 40EMA.

    If the trend is down, then you look for selling opportunities near the 40EMA.

    The 2 Bar Charlie SCALP METHOD works in ALL mkt's and ALL mkt conditions.

    Thank you

    T-REX
     
  216. How do you know when to exit, and where to take profits?
     

  217. Please go back and read the 2BC set-up for the rules.
    I posted them at the beginning of this journal.:)



    2 Bar Charlie System (Screen & Chart set-up)


    Tools.

    *Use the EOD Swing Vix Indicator.
    (Not a necessary component but is very helpful).
    *Mark yesterday's High & Low.
    *Use the 60min Candlestick chart to find current intra-day trend.
    *Use the 5min &/or 1min Candlestick chart to time entry point.


    Technical Indicators.

    Use a 40-bar EMA.
    Use a Stochastic Line Chart (14,3,3 time periods)
    Use a MACD Histogram Line Chart (5,40,5 time periods)


    Chart Rules.

    When the 5 min bar crosses above the 40-bar MA = buy.
    When the 5 min bar crosses below the 40-bar MA = sell.


    Filters. (Are not necessary but are useful)

    (1.) Wait for the low of the 60 min bar
    to close above the 40-bar MA = buy.

    (2.) Wait for the high of the 60 min bar
    to close below the 40-bar MA = sell.



    Trade Set ups of the 2 Bar Charlie System

    *"Momentum-NEUTRAL" ENTRY Days: Consolidated intra-day plays. These days are more common after a significant rally or sell-off they appear during a brief period of consolidation within the trend. Watch & Wait for the pullback toward Intra-Day SUPPORT/RESISTANCE to be confirmed before placing the buy/sell order especially if the days close is above today's price trigger. See *Trade Entry Rules.

    *"BREAK-OUT" ENTRY Days: These days are less common but have a very high accuracy rate and are major trade signals. These types of breakouts tend to be very powerful moves and are typical within the current market trend. Usually, they occur while in a brief consolidation within the current trend after a strong move (but not always). See *Trade Entry Rules.

    *"TRENDING" ENTRY Days: These are days were the market is expected to rally after a pullback. See *Trade Entry Rules.TRADE ENTRY RULES: Wait until after 9:30am EST before trade entry. Cancel order if not filled by 11:30am EST. NOTE: In a Bullish 40-Day Trend Do Not place the buy stop-limit order if after the open the market is trading above Intra-Day Resistance and or yesterday's High. In a Bearish 40-Day Trend Do Not place the sell stop-limit order if after the open the market is trading below Intra-day Support and or yesterday's Low. Refer to the intra-day 60-min & 5-min charts for a possible reversal of trend signal before placing the trade. The system is on the sidelines unless the entry point is triggered.

    *Profit Target: = 1.25 - 3 points. The profit target is to be used as a guide to either move your stop-loss to breakeven or take profit in uncertain market conditions. You may also use the profit target as a working limit order if you don't have the time to watch the market and would like to take quick profits.

    *Stoploss is based on the individuals risk tolerance.
    Here is a suggestion (for ES only).
    1.25 - 3.00 pts on 1min & 5min bars
    7.25+ on swing trades on daily bars.


    *Trade Entry RULES:

    (Watch & Wait for support/resistance to be confirmed before entry. On occasion you may have to actually enter on the "BreakOut" or "Resistance/Support" triggers if Support/Resistance is confirmed but either the 1st or 2nd trades are not triggered.

    (NOTE: ALWAYS trade in the direction of the BIAS/TREND.
    If 1st Trade is triggered then use 2nd Trade as a profit target and/or Stop&Reverse.

    NOTE: If prices collapse below the “Intra-Day SUPPORT” then use this level to catch the reversal on the “long” side. Likewise if prices rally above the “Intra-Day RESISTANCE then use this level to catch the reversal on the “short” side.




    ...........the 2BC SCALP METHOD in a nutshell.




    Thank you

    T-REX
     
  218. this is recent 60min chart with 40EMA
    notice how easy to spot intraday reversal.
     
  219. Thanks T-rex

    It´s very nice of you to tell about your strategy. Very rare of course.

    And you won´t bill us now, will you? :)
     

  220. For many a trader spoting intraday reversal can be difficult if not impossible.

    HINT: the 2nd trigger usually represents resistance in an uptrend.
    So if you see the market stalling you can go ahead and use it to get short.

    If you are not that experienced as a trader then I suggest you stick with the "BIAS/TREND rule"- take longs in an uptrend and shorts in a down trend. Use the 60min chart for direction.

    the chart you have included is a great representation of that.
    all you had to do was wait for the 2BC setup to occure and get then get long.:)

    Thank you

    T-REX


    p.s. please re-read below:

    2 Bar Charlie System (Screen & Chart set-up)


    Tools.

    *Use the EOD Swing Vix Indicator.
    (Not a necessary component but is very helpful).
    *Mark yesterday's High & Low.
    *Use the 60min Candlestick chart to find current intra-day trend.
    *Use the 5min &/or 1min Candlestick chart to time entry point.


    Technical Indicators.

    Use a 40-bar EMA.
    Use a Stochastic Line Chart (14,3,3 time periods)
    Use a MACD Histogram Line Chart (5,40,5 time periods)


    Chart Rules.

    When the 5 min bar crosses above the 40-bar MA = buy.
    When the 5 min bar crosses below the 40-bar MA = sell.


    Filters. (Are not necessary but are useful)

    (1.) Wait for the low of the 60 min bar
    to close above the 40-bar MA = buy.

    (2.) Wait for the high of the 60 min bar
    to close below the 40-bar MA = sell.



    Trade Set ups of the 2 Bar Charlie System

    *"Momentum-NEUTRAL" ENTRY Days: Consolidated intra-day plays. These days are more common after a significant rally or sell-off they appear during a brief period of consolidation within the trend. Watch & Wait for the pullback toward Intra-Day SUPPORT/RESISTANCE to be confirmed before placing the buy/sell order especially if the days close is above today's price trigger. See *Trade Entry Rules.

    *"BREAK-OUT" ENTRY Days: These days are less common but have a very high accuracy rate and are major trade signals. These types of breakouts tend to be very powerful moves and are typical within the current market trend. Usually, they occur while in a brief consolidation within the current trend after a strong move (but not always). See *Trade Entry Rules.

    *"TRENDING" ENTRY Days: These are days were the market is expected to rally after a pullback. See *Trade Entry Rules.



    ES Trading Plan (RULES)

    *TRADING PLAN ENTRY RULES: for the daily "Trading Plan" ONLY!
    Wait until after 9:30am EST before trade entry. Cancel order if not filled by 11:30am EST. NOTE: In a Bullish 40-Day Trend Do Not place the buy stop-limit order if after the open the market is trading above Intra-Day Resistance and or yesterday's High. In a Bearish 40-Day Trend Do Not place the sell stop-limit order if after the open the market is trading below Intra-day Support and or yesterday's Low. Refer to the intra-day 60-min & 5-min charts for a possible reversal of trend signal before placing the trade. The system is on the sidelines unless the entry point is triggered.

    (Watch & Wait for support/resistance to be confirmed before entry. On occasion you may have to actually enter on the "BreakOut" or "Resistance/Support" triggers if Support/Resistance is confirmed but either the 1st or 2nd trades are not triggered.

    NOTE: ALWAYS trade in the direction of the BIAS/TREND.
    If 1st Trade is triggered then use 2nd Trade as a profit target and/or Stop&Reverse.

    NOTE: If prices collapse below the “Intra-Day SUPPORT” then use this level to catch the reversal on the “long” side. Likewise if prices rally above the “Intra-Day RESISTANCE then use this level to catch the reversal on the “short” side.



    *PROFIT TARGET: = 1.25 - 3 points. The profit target is to be used as a guid to either move your stop-loss to breakeven or take profit in uncertain market conditions. You may also use the profit target as a working limit order if you don't have the time to watch the market and would like to take quick profits.

    *STOPLOSS: is based on the individuals risk tolerance.
    Here is a suggestion (for ES only).
    1.25 - 3.00 pts on 1min & 5min bars
    7.25+ on swing trades on daily bars.




    ...........the 2BC SCALP METHOD in a nutshell.


     

  221. No charge!
    There is absolutely NO reason to charge for what I do here at ET.
    The fact that other people can use my strategy to make $$$ is good enough for me. I derive my satisfaction from that.

    That is why I post it here at ET.

    Sometimes though it becomes impossible to post here as quickly as I would like so that is why I created the "hotlist" so that I could email anyupdates as soon as I get them.

    The hotlist contains the exact same info as is posted here in the journal. The hotlist is nothing special though, it is just a special thing that I do for those that ask.

    Just PM me your email address and I will add you to it.:)

    The hotlist does contain my own private email address and phone number should you ever feel the need to use it.
    Please do not give it out though. I don't want everybody calling me and taking me away from trading so use it sparingly.

    Thank you

    T-REX
     

  222. Expect the unexpected today as today IS "take back Friday".
    Usually what this means is that if the mkt has been up all week then today will be profit taking. Remember what I said at the begriming of this journal- "profit taking can lead to a total distribution that marks the end of the trend".
    Today may or maynot be the day but you still need to be aware that this mkt is headed for a MAJOR correction and in my opinion a TOTAL correction that will take out the lows of 2001, & 2002.

    Trade wisely and follow the plan!

    Thank you

    T-REX
     
  223. Hope you got your shorts in?
    mkt gave you a gift this morning but how many of you saw it comming?

    Today's trading plan nailed it again!:D
     
  224. This was soooooooooooo sweet today.

    Thanxs T-Rex
     
  225. You are most welcome.:)

    T-REX
     
  226. Take back Friday's are a common occurence in this mkt.
    Sometimes though the mkt just keeps on going.
     
  227. Take back Friday's are a common occurence in this mkt.
    Sometimes though the mkt just keeps on going.





    Hope you got your shorts in?
    mkt gave you a gift this morning but how many of you saw it comming?


    Per the above the mkt DID give you enough of a clue as to what was about to come. The 2nd resistance trigger held up nicely today as the mkt just could not get anywhere near it.

    You had plenty of opportunity to get short!

    Your last opportunity was between 2:20-2:25pm EST.
    (See chart).

    :)


    2BC ROCKS!!!:D
     
  228. T-Tex, please add me to your hotlist, I have some questions and would like to speak with you
     
  229. Is it just my imagination, or were a bunch of your posts deleted? I was really enjoying reading your success stories.
     
  230. At the risk of being accused of having multiple aliases, I have to make a contribution here.

    It does seem odd that the moderator deletes most posts that question the validity of T-Rex and his methods. Sure, he will say he wants to keep the thread on-topic, but it really calls into question his objectivity as a moderator.

    What is more odd is that - sarcastic or not - there are not many other people showing much interest in this BS except you Bruto!!!

    Beware the chop, that is all I can say.
     
  231. No, posts that question the particulars of T-REX's methods are usually not removed. Exception: balda (note: either he is unable or unwilling to address your relentless questioning of the 60min and 40ma. Get over it.) As everyone has noticed Bruto Blukowski is obsessed with this thread and unless he makes a legitimate contribution his posts will be removed. Damning with repeated false and insincere praise is not a legitimate contribution. Newtoet, you are not enjoying Bruto's "success" stores because you know otherwise:
    That's all for the off-topic discussion. Either ask legitimate questions regarding trades or methodology, or move on to another thread. BTW, asking doesn't guarantee an answer so if none is forthcoming then let it go, and move on to another question or move on to another thread.
     
  232. And I thought it was all just a guru spoof. Whoa...ya mean it's actually serious? Holy cow!

    JB
     
  233. Dear MAGNA

    this is T-REXs first post:

    "My goal is to ad value to ET by giving tutoring to those that request it. I have created a "Trading Plan" complete with rules on entry, exit, stop loss, and profit targets."

    He made reference to 2BC system multiple time but his market calls have nothing to do with it. Not with 60min 40EMA nor with 5min 40EMA, so what value does he add by using his proprietary system to give market calls?

    this is quote from page 20


     
  234. He obviously doesn't add any value to you so please ignore the thread and move on to another. As I mentioned earlier in the thread black-box calls hold little interest to me, but that doesn't mean others aren't finding value either by the calls or by reading between the lines and picking up useful trading tips. Again, to those who find no value here stop wasting your time by reading and posting. Get over it. Find another thread. Thanks.
     

  235. Even with the above you still had an opportunity to capture the 1st trigger LONG @ 1126.75 . Although the 2nd trigger was NOT reached you still should have picked up on the resistance and the hint that I gave you to watch out for the intraday "take back Friday" - mkt reversal.:)

    Depending upon my schedule I intend on walking you through some set-ups this coming week.:)
     
  236. I'm kinda new to ET and don't know the personalities of most people. But one thing I've noticed is the tendancy to attack. I've gotta ask, why??

    Seems to me if you don't agree with an approach suggested by someone, because you've tried it and found some flaws, state them, but state them in a civil manner. If the suggestion isn't clear to you, ask for clarification. If the approach is totally new, why assume it won't work at all?

    I found this thread particularly helpful last week. Applying the method on choppy days is questionable although I would be the first to admit there might be something I'm missing. I use volume as an indicator and when I was in doubt about T-Rex's indicators, I validated it with volume. Twelve points in one day for me was pretty good.

    Just my thoughts.
     
  237. I am glad to see that you are begining to profit from this journal.:)

    Thank you

    T-REX
     
  238. Have you posted the daily plan for today Monday, 12th yet T-Rex?

    Need to get my indicators setup off your plan.

    Thanks
     
  239. Short @ 1122.50 with a profit target of 1116.25
     
  240. I'm sorry T-Rex. I don't understand "Quick Trade." Is this a new portion of your daily plan? I'm still looking, maybe many others are too, for your plan for today - 12th.
     

  241. picked up 3 points @ 1119.50.

    ..........Next the Swing Trade Matrix for the Stock Index Futures.

    We will examine this on tommorow.:)
     
  242. Interesting how you claim to have bot the low of the day above your target while everyone else following your advice got their butts handed to them today.

    In fact, you made a post here this morning (that has now been deleted) where you said you were still holding your short long after the 1119.50 low had passed. Explain that to us!
     
  243. I'm sorry I don't understand your question?:confused:

    I only posted the entry and the exit for today.
    I did not post anything else today because I was too busy with technical issues with my software this morning.

    If you have seen another post by me please show me because I am very confused by your post?

    Only one trade posted by me today in ES

    Short @ 1122.50
    C @ 1119.50
    ________________
    TOTAL = 3 points ($150.00 per contract)

    NO other trades were entered today by me because of technical problems with my computer.

    p.s. I have heard from others today that caught this mornings selloff besides me.:D

    If you got your butt handed to you then you should have called me on the phone and I would have informed you to get out and or move your stoploss to atleast breakeven.

    You need to re-read the rules on the method. I specifically explain how to handle profit targets and stoplosses.

    remember the 3 point rule????

    Thank you

    T-REX
     
  244. T-REX. Here's what you said back in August regarding your trades:

    Elite Member

    Registered: Aug 2003
    Posts: 1049


    09-05-03 07:35 AM


    ...I set 3 point profit targets on "ALL" trades. Once the market has moved 3 pts in my favor I have the option of getting out @ profit or moving my stop loss to break even.

    Since your exit is not a pre-determined 3 points, inquiring minds want to know how you were able to cover your short at 1119.50, the low of the day, when less than 130 contracts traded at 1119.50 the entire day? According to your own trading rule, you elect to take profit or move the stop to breakeven ONCE the trade has moved 3 points in your favor. By that time your order at 1119.50 is WAY BACK in the cue, and has NO chance of getting filled. The BID size at 1119.5 was never less than 1432 contracts. Not to mention that the BID dropped to 1119.50 and all contracts which were executed at that price were ALL executed in less than 1 second. From 10:08:12 to 10:08:13. At 10:18:13 the BID was raised to 1119.75 and never returned to 1119.50.
     
  245. No, I don't use your system for actual trading but others may. And, yes, there was a post from you late in the morning where you stated you where still holding the short position based on your "analysis". Since you must have had it deleted I am unable to show you -- DUH.

    And, just how did you manage to cover your short at the low tick of the day. That's nearly impossible to do except maybe with one or two contracts -- maybe.

    Good luck with your journal and your trading as I've made my point and I'm through commenting on this.

    (Thanks for updating the rules and T&S info, Wareco)

     

  246. although I had posted a profit target beyond 3 points that does NOT mean that I did not place a buy limit order three points out.
    Just because I believed the mkt was going to move to a certain level that does NOT mean that I don't place a limit order just incase I'm mistaken.
     

  247. NO I did NOT post anything other than what I have told you!
    It would have been impossible for me to post anything without a computer. What part of "Not having a computer" don't you understand? I had software problems so I could not have posted what you claim that I did post.

    Anyway that is besides the point. If you don't follow my method then why are you wasting your time reading this journal?

    You make absolutely NO SENSE!
     
  248. Can we look for this posting sometime today T-Rex? Also looking for your daily plan for today also.

    Many thanks.


    "Next the Swing Trade Matrix for the Stock Index Futures.
    We will examine this on tommorow."
     
  249. My apologies to you T-Rex, I was in error regarding the above statement. :confused:
     
  250. Long @ 1129.50
    Short @ 1126.00

    Which ever is filled 1st use the 2nd order as your stoploss.
     

  251. you can go ahead and place your 3 pt profit target now.
     

  252. WE may be able to get more than the initial 3 pts here today.
    We will watch and see.

    right now on your 1min chart you should see some minor retracement back to the 1126.25 level.
     
  253. new resistance is at 1126.50

    should have increasing momentum once we cross below the 112400 handle.:D
     
  254. 1st support should be at the 111300 handle.
     
  255. your opportunity to catch the tiger by the tail is short @ 1125.75
     
  256. I advise you to staight cancel your 3pt target!

    This could turn out to be a very bloody day.:D
     
  257. very good trade

    took my profits early, next time will listen to T-REX.
     
  258. yeah i collected 2.75 pts, in for another .75
     

  259. thank you for following along with us today.:)

    Hopefully we will be able to do this everyday.
    I hope to be able to post like this on a regular basis time permitting.
     

  260. good trading.
    :)

    ES should have additional weakness going into this afternoon.
    Look for the next leg down after NY lunch time around 2:30 - 3pm EST.:D

    I'll keep you posted.

    p.s. keep those 60min, 5min, and 1min charts up.
     
  261. Looks like they want to break both its legs early.
    Still possible 3rd leg selloff this afternoon regardless of what happens this morning.
     
  262. you should have already moved your stoploss to at least 1123.00.

    this could get very ugly very fast. at the rate this thing is going you should look to hold this one overnight especially if we get 10pts of profit locked in by the close.:D
     
  263. hope everyone else was along for the ride :)
     


  264. probably not.
    :(
     
  265. If you are still holding short then you may want to tighten up your stop here as we head into the last hour of trading.
     
  266. If you would like to hold your position overnight you may want to move your stop to 19.50 or 19.75.

    That should hold if this mkt is going to continue to slide down.
     
  267. Whoa!, I don't think so sport. You don't place hard stops remember? Let's see what you said back in September:

    ...The initial 3 point target will allow me to exit the trade atleast break-even. Break-even = half a point.

    The sell limit order is not placed!!!!!!
    It is merely a guide to move the stop loss to break-even once the 3 point target is reached.


    It's a guide, not a hard stop. So you would not have placed an order to cover your short simultaneously with your short entry. So, please don't try and tell me you placed an order to cover at 1119.50 as soon as you shorted at 1122.50.
     
  268. To all posters:
    Checking back in, I see that you now (after all this time) have some idea of a systematic approach. It seems to be a simple moving average (trend) system. As a previous poster said before signing out "beware the chop", and I agree. Now it should be no problem for someone with Tradestation or Investor RT to backtest this system and get some idea of what it has done in the past. If the system tests out in a promising manner, you might incorporate some ideas into your own trading program. I can tell you this... Just following another trader's "calls" is not going to help you to learn to trade. Just to give those who understand an idea of what I am talking about, I watched the market hit support at about 1115. When it failed to take out resistance, I was long. I took a couple of points profit and bailed because nothing was happening in the middle of the day. At 1445 the market again tested support and again it failed. What isn't going down, has the possibility to go up, so again I was long small size because second signals are often losers. I had to learn this from trial and error, not from taking someone elses signals. Now I am holding with a profit, while you guys are left with advice to hold short overnight. Personally I would give it some more thought. Good luck everyone. Steve46
     
  269. I'm glad that you had a good day in the market.:)

    Don't you agree that there are different methods and strategies to trading?
    My method may not be the best but it is VERY profitable and as you can see I nailed more points on the way down than most.:D

    As for the overnight remark, you failed to state the fact that any shorts have been longed stopped out at a profit from this morning. We were only considering holding overnight if the stop was NOT hit!

    Thank you

    T-REX
     

  270. If your above statement is in regard to yesterday then you are late.

    We are now talking about today's trades. If you had any questions regarding yesterday's activity then you should have responded yesterday.

    You are arguing a mute point.:)

    Let's talk about today's activity.
     
  271. I agree. There are many ways to trade profitably. I notice that you made a good call to short the market. One thing that new traders should learn is to jump on a trend early and get some breathing room (if they can). I simply caution traders not to take signals without thinking about what they are doing. Stops work just find when markets are orderly, however just one "event" will teach traders a very painful lesson. For your stop to work, there has to be a bid. I avoid this little problem by booking my profit (or taking my loss) and stepping aside until the next signal. New traders (or anyone who hasn't seen a negative event trigger a fast market may have to learn this lesson the hard way. I guess that is inevitable. I am glad you had a good day. Steve46.
     
  272. The only problem is that if one is going to test a "system", it has to have rules. And those rules cannot be changed at a moment's notice just because of a "feeling".

    Not that there's anything wrong with discretionary (or, as TRex would put it, "discretional") trading. But it's next to impossible to backtest unless one does it manually. And if one goes that far, he'll be testing his own system and not whatever is posted here.
     
  273. DBPhoenix:
    You are right. To test you have to have a static set of conditions. I am suggesting that new traders test what I see. A simple 40MA trend system. Use it as a starting point. Forget the rest. Thats how I would approach this. Best Regards, Steve46
     
  274. T-REX doesn't use just 40 MA or EMA
    because yesterday there was a short signal of 5min 40EMA into 60min 40EMA and actually 60 min was stronger. he is also using his brains to analyses current condition and he doesn't explain his analisys that is why it is not possible to code it correctly without more information.
     
  275. well put!
     
  276. Yes boys;
    That is my point, he is using his brains. Use yours. A 40 MA trend following system will get its ass kicked in the chop. That is why you have to "use your brains". As Clint Eastwood once said, "a mans gotta learn his limitations". I hope you guys try to develop your own feel for the markets, as well as taking T-Rex's calls. Good luck, Steve46
     
  277. :D
     
  278. I for one use my own observation and knowledge. T-Rex's approach merely enhances my trading.

    I'll tell you two things, 1. the improvement has been noteworthy. 2. never in my life have I blindly followed anyone, save it be the man upstairs
     
  279.  
  280.  
  281. May I ask what indicators that he has you watching? His 2BC method uses NO INDICATORS except the 40 bar MA. He constantly lists stochastic and MACD, but the system only uses
    40 MA. I can reference posts from T-Rex stating that he has no confidence in using indicators on such a small timeframe.

    "
    Technical Indicators.

    Use a 40-bar EMA.
    Use a Stochastic Line Chart (14,3,3 time periods)
    Use a MACD Histogram Line Chart (5,40,5 time periods)


    Chart Rules.

    When the 5 min bar crosses above the 40-bar MA = buy.
    When the 5 min bar crosses below the 40-bar MA = sell.
    "
     
  282. I really would like to know how to use 60 min chart. I admit that I have asked this question before many times but it has been deleted by Moderator.
     
  283. The 60 min chart with a 40 EMA gives you a heads up on a likely trend. You buy or sell depending whether the market is going up thru or down thru. As in yesterday where the market zig zagged across the 40 EMA, you'll notice when it went up, it didn't go very far before retracing. When it did go up thru (then stalled), go short.

    Obviously T-Rex's approach works far better in buy and hold situations, even if you only hold it for 3 points. Trading the noise is hard for me, I'd rather buy and hold intraday.

    It should be noted that you should use the 1,3 or 5 min chart to time entries. The 60 is only a guide line.
     
  284. Your answering the question really doesn't address the issue of TRex's answering questions, though it's nice of you to step in in his absence.
     
  285. I'm really not trying to step in in his absence, rather just passing on what I have learned.

    He's a grown man, he can answer for himself. I like helping others and dislike attacks.
     
  286. Maybe you should start a real journal and show how you've applied what you've learned to your own trading. Perhaps that way more sense might be made of it.
     
  287. the indicators I'm using are the ones he has listed i.e. Stochastic 14,3,3; the MACD 5,40,5; and the 40 EMA on a 60 & 5 min bar chart. I also use a 1 min (with 40 EMA) candlestick with tick volume. I watch the real time quotes for the Dow, Nasq and SP emini. I do look at a daily chart so see the daily trend although I don't use that as an indicator throughout the day.

    As in today when the market was going short and would retrace momentarily, I looked at the tick volume to see how strong the retracement was.

    Without looking back at all the posts and without trying to second guess what he meant, may I suggest that using the MACD or Stochastic on a 1 minute chart would drive you nuts. Perhaps, just perhaps, that is the small timeframe he is referring to. In any event, its not worth getting in an uproar over from here on out.

    Everything I'm now using is working great for me, it might not be right for anyone else.

    If I were in T-Rex's shoes, I wouldn't respond to antagonists or those who seemed to be. I'm not pointing a finger at anyone so don't think that. My favorite thought is "For every action, there is an opposite and equal REaction."
     
  288. I should also add that I pay attention to patterns. Today I noticed a possible bearish pennant. I plotted the pattern and sat and waited. The market moved long, out of the pattern, but only for a couple ticks or so (I had seen that happen before so I continued to wait). Sure enough, the next time (or maybe the one after) it went short, it busted through the pattern and kept going for another 3 points +-. Then later when the market met support at 1114 or 1113.75, that signaled a double bottom that would be followed with a serious retracement, which happened.
     
  289. It occurs to me that posting a buy to cover at the low of the day when only a few contracts traded at that price, and posting it considerably later is completely ignoring the whole point of "real time" posting. I mean, it's not even "delayed" (20 minutes), LOL.

    Not that I am weighing in on any side of any argument, mind you. But it also does occur to me that there is an easy way for T-Rex and his supporters to show up all those critics. Post them in real time, 30 second time limit required. For T-Rex, who apparently entered his buy-to-cover before the market opened (or shortly thereafter), this should be easy. Most orders could be entered into the chatroom well before they are hit. The few market orders should be no problem. I myself participate in two rooms where folks post orders very quickly (thanks to this swell mIRC script that these two fellas (or more) have written). And I get my orders posted in well under 30 seconds, except in rare cases when the gosh darn market hits my exit before I can post (and I gotta log all this data).

    And, I'm not sure I can tell y'all about these chatrooms or scripts - I'd have to find out from the folks who own and run them. But it is clear there is the means for T-Rex to post real real-time trades, and either silence his critics or fall on his face.

    But, I have the weirdest feeling that there will be some hitch, some reason that T-Rex cannot post in real real-time (meaning 30 seconds or less after an order is entered). If so, that tells anybody that wishes to read, what they need to know.

    Should there be interest, I will see about arranging a chatroom for such an event. It will be moderated, and orders will be required to be posted no more than 30 seconds after they execute. Since the purpose of this room will be an examination of T-Rex's trading, if he does not agree to participate, there will be no chatroom. Not that I am completely sure I can arrange one anyway.

    EDIT: I forgot to weigh in, I just wanna see who's right is all.
     
  290. Not only am I endlessly fascinated with whatever ET guidelines and policies allow this non-journal to be here, I can't help wondering what drives you [Magna] to protect it rather than move it where it belongs.

    You have yourself a nice day.
     
  291. S 1126.00 @ 9:15
    C 1117.25 @ 11:06
    (+8.75)

    S 1117.25 @ 1:15
    C 1114.75 @ !:50
    (+2.50)

    L 1115.50 @ 1:55
    C 1120.50 @ 2.55
    (+5.00)

    All times Central
     
  292. dbphoenix,

    Why do you even bother reading THIS journal if all you can do is come up with things to complain about?
     

  293. T-REX posts to this journal because he wants to.... I'm sure you won't be able to coerce him into posting his trades in a chat room just to satisfy your curiosity.
     

  294. JohnM4402
    You are correct!:)

    If people are curious about whether or not my mkt calls work all they have to do is follow the mkt calls.:D

    AS for "realtime" , I have stated it more than once that not all of my post in this thread will be realtime because of my own personal time constraints. Furthermore, I nothing else to prove about my method. I have posted realtime trades on several occassions here at ET. Just take yesterday for example.:D

    I inform my readers BEFORE I the mkt moves as to what I'm looking to do , NOT afterwards!:p

    Time permitting we will do the same today as yesterday.
     
  295. Dude. I HAVE EXPLAINED IT OVER AND OVER AGAIN!

    It's NOT that I have failed to respond to your question, but rather YOU have failed to comprehend my answer.:D

    If you felt that your question was not being properly addressed all you had to do (like so many others) was to send me private email or PM or just flat out call me?

    I'm not perfect and sometimes additional clarification is needed on a "one on one" basis Rather than wasting precious ET journal space.

    :)


    Thank you

    T-REX
     
  296. In what way is it a journal? How is it helping TRex to become "a better trader"? Certainly not through "teaching", since he refuses to answer questions he doesn't like.

    The only reason why this journal gains any attention at all is because of those who know that TRex is spamming. If it were under Strategy Trading, where it belongs, it would sink without a trace.
     
  297. Possible inside day ahead.
     

  298. Current readings:

    Short @ 1128.75
    Long @ 1114.75
     
  299. Listing support and resistance levels, is this part of the 2BC scalp method? You seem to be deviating from the purpose of this Journal from your byline listed below.

    Where are the daily plans that are supposed to be offered for free to ET members?

    Support and resistance levels were offered by Canibus in his thread. Now you have them. Interesting.


    "The purpose of this journal is to teach those how to read and follow the 2 Bar Charlie SCALP METHOD that I have outlined complete with simple instructions."
     
  300. T-REX - earlier in this thread, this question was asked:

    "T-REX, new to this discussion. Please clarify for me - is the system you are trying to teach (?) DEPENDENT on proprietary indicators that you are discussing, or INDEPENDENT of them?"

    You answered:
    "Hi kernan.

    I just answered that question. db had already asked it awhile back.

    The answer is NO. You do not need any proprietary indicators in order to implement the strategy. That should be evident by now."

    And you also answered this to a similar question:
    "NO. its use is not necessary for the implementation of my strategy."

    Now, your signature line disclaimer says the following:
    "The T-REX Journal "Scalping 101" is solely based on my own proprietary indicators & Discretionary style of trading. The purpose of this journal is to teach those how to read and follow the 2 Bar Charlie SCALP METHOD that I have outlined complete with simple instructions. If you believe that you can beat the market and If your primary purpose is to build your own "system" then you are wasting your time in this journal. This journal is for those that realize that they can't figure it out on their own and don't mind following signals on a daily basis. If this is NOT for YOU and you find that this thread doesn't add any value to YOU and doesn't meet any of your personal needs then please ignore the thread and move on to another.

    Again, I use Disrection in my trading and my proprietary indicators are black-box market calls that may hold little interest to some, but are of tremendous value to others."

    ==============

    How do you reconcile these statements? I guess I am confused as to how many and what systems are going on here. Maybe it is just me...

    And, if you are indeed helping people here but you decide to stop, are they just screwed because your methods are "proprietary" and "black-box", as you say?
     

  301. If you do not wish to follow a black box system then dont.
    If you wish just to take the system that I have already listed and trade from that then that is just fine too.:)
     
  302. That's what I am asking - so you have two systems going on with this thread. One "black-box", and one not?

    Thanks for clarifying. Sorry for the confusion.
     
  303. Maybe you still need more clarification.

    I have posted the method, that is ALL you need.
    If that is not enough, then yes you need me to hold your hand.

    If you don't understand what was posted and you do not want me to have to explain it to you then maybe, just maybe this is not the method for you to trade.
     
  304. T-REX - I am REALLY not trying to be difficult, but what are you talking about? I made a post that clearly showed you saying TWO COMPLETELY DIFFERENT THINGS about your system and proprietary indicators.

    That would be explained if this thread contained TWO systems - one not proprietary, one that is proprietary. Is that the case. Are there TWO systems here? If so, end of discussion.
     
  305. Which system has a better track record? Will I eventually have to pay for one of these? Will you give free proprietary signals here on ET forever?
     
  306. He asked a simple question and thanked you politely for the answer and explanation.

    Why do come back with this patronizing reply?
     

  307. There are NO two separate systems at work here.
    Only the method that I have posted.

    Please go back and re-read what I said about the trading plan , which is a supplement to the scalp method.
     
  308. Which trading plan? Can you please be more specific - page number, etc.?
     
  309. How can you be made to pay for something that has already been given away for free?

    I don't think that I will live forever as you put it so NO I will not be able to give signals forever.:D
     
  310. T-Rex,

    Congrats on your call yesterday.....credit given where credit is due!

    I have a legitmate question re: your plan today. The answer may be buried within the 50-odd pages of this thread, so my apologies if it has been addressed.

    You've posted a 14-point range in which there is no actionable area within the short and long targets. Does this mean you will not take any intraday set-ups that form?

    If so, then what will the system do if (and hopefully) volitility expands and your obvious actionable targets of S/R continue to be of the "wide" variety?
     
  311. So, you were lying in one of these two statements. OK, I understand now.

    ====================

    T-REX - earlier in this thread, this question was asked:

    "T-REX, new to this discussion. Please clarify for me - is the system you are trying to teach (?) DEPENDENT on proprietary indicators that you are discussing, or INDEPENDENT of them?"

    You answered:
    "Hi kernan.

    I just answered that question. db had already asked it awhile back.

    The answer is NO. You do not need any proprietary indicators in order to implement the strategy. That should be evident by now."

    And you also answered this to a similar question:
    "NO. its use is not necessary for the implementation of my strategy."

    Now, your signature line disclaimer says the following:
    "The T-REX Journal "Scalping 101" is solely based on my own proprietary indicators & Discretionary style of trading. The purpose of this journal is to teach those how to read and follow the 2 Bar Charlie SCALP METHOD that I have outlined complete with simple instructions. If you believe that you can beat the market and If your primary purpose is to build your own "system" then you are wasting your time in this journal. This journal is for those that realize that they can't figure it out on their own and don't mind following signals on a daily basis. If this is NOT for YOU and you find that this thread doesn't add any value to YOU and doesn't meet any of your personal needs then please ignore the thread and move on to another.

    Again, I use Disrection in my trading and my proprietary indicators are black-box market calls that may hold little interest to some, but are of tremendous value to others."

    ==============

    How do you reconcile these statements? I guess I am confused as to how many and what systems are going on here. Maybe it is just me...

    And, if you are indeed helping people here but you decide to stop, are they just screwed because your methods are "proprietary" and "black-box", as you say?
     
  312. You gave away a proprietary, black-box system for free? I am SO confused.

    "Again, I use Disrection in my trading and my proprietary indicators are black-box market calls that may hold little interest to some, ..."
     

  313. No trade set up as of yet.
     
  314. Are you serious? 1115 to 1130 is the established range. What's to call?
     
  315. I'm referring to this....what are you talking about?
     
  316. You quoted:

    Short @ 1128.75
    Long @ 1114.75
     
  317. You missed "yesterday" which was the operative word.

    I quoted T-Rex's obvious 14 point range for today's trading in hopes of understanding why a "scalping" journal would limit itself to trading within such a large and obvious area of S/R.

    Unfortunately, I did not receive any clarification outside of "no set-ups yet" which did not address the original question:confused: which in retrospect actually answers the question.
     
  318. It wasn't posted here until today (I guess subscribers get early notification; it's difficult to get used to this new way of maintaining a journal on ET).

    In any case, as to the other numbers you quoted, there wasn't much to call there, either. Assuming you follow YM alongside ES (and preferably NQ as well), you'll note the strong R from the 9th and 13th. This coincides with a tentative downtrendline on the ES at around 1127. There is, of course, no guarantee that price will find R there, but when two of the three indexes approach R at the same time, the probabilities for a short are in your favor. If trading the NQ, it's easy to take the entry cue from the other indexes and short even tho NQ is not at obvious R.

    But I assume that all of this was explained to subscribers.
     
  319. Hello Boys & Girls:
    I have been busy this morning, but wanted to look in on you again. I was long the market into the close yesterday, as I mentioned in my previous posts. My reason for posting was to show what the other side of T-Rex's "system" looked like. As I mentioned he is using a simple 40 period trend following system (what I can see of it anyway). What I hope some newer traders will pick-up on is that there is a balance point in the market and you can make money learning to read it. When it shifts on way you can make dollars long. The other way, short. You cannot do that just following a 40 period system with the rules as posted. It is a good start, but you have to include volume and other clues so that you can start to read supply and demand. On the other hand, dont change a thing folks. I will continue to be on the other side of your trades. Good luck, Steve46
     
  320. Hey! where did everyone go? Aren't we having fun anymore? Well I am going to close out my long position now at 1129. I think the bias is up (for the moment), however I would not advise anyone here to keep a long position overnight. Better to step in (on good buying) tomorrow. Take Care. Steve46
     
  321. I was out of the ES today. I cancelled out my orders from this morning after they did not get filled by 11:30am EST as per the rules outlined in the method.

    I was however short the Euro today.
     
  322. D'OH

    Then this liar calls out your BIG LIE!!! You are the most amazing, after the fact, trading walking the face of the earth - where does it say to get out at 11:30 per the "method." Your method of madness for the day was this:

    Current readings:

    Short @ 1128.75
    Long @ 1114.75

    Then you go on and claim to have been trading the Euro. D'OH

    Really, T-REX. A former Futures Broker that per NFA requirements had to take Ethics training. I guess what you learned will never fit your style in keeping this Journal or your Website. Hence, I can guess you are no longer a Broker. I wonder why.....
     
  323. T-REX, it is obvious you have a credibility problem.

    I am waiting for you to make another post and say you were short INTC, YHOO, QLGC and long IBM at the close.

    It would not surprise me.
     
  324. That's odd, when you replied to my question at 11:30 a.m. EST you stated that there was "no set up yet" versus "I'm not going to get filled on either side of this trade so I'm out and am going to short some Euro's."




    :D
     
  325. T-Rex,

    Here's a suggestion that TGregg mentioned before...

    I'll go into more details.

    You want to help traders or you want to educate those that are interested in your methods...regardless if its discretionary, black-box or both.

    You can setup...for free...a private realtime chat room for you and those interested in your methods.

    The room will not be a distraction because you will be the room owner (moderator sort'uv speak).

    You'll be able to post your trades soon after they occur.

    That shouldn't be a problem because your not a scalper and it takes less than 5 seconds to post a trade in your IRC chat room.

    I'll be more than happy to give you a IRC trade posting script to make things very easy for you and those using your room.

    The purpose for the room is not to just post your trades...

    Its so that you can communicate with ALL those interested in your methods at the same time.

    This also allows someone to ask you a question in realtime...you respond when you have time...your answer will be helpful to all those in the room.

    This is much more efficient than giving out your phone number if someone has any questions.

    Most of the animosity in your strategy discussion (notice I didn't call it a journal) would be avoided and allow you to do one thing...

    to teach, to educate those interested in your method.

    Please don't reply that having your own free private realtime chat room to teach your method would be a big distraction from your trading...

    especially when this strategy discussion thread is a bigger distraction in my opinion.

    To setup your own private realtime chat room for you and those interested in your method...

    During market hours...click on the below link and ask for help in setting up your private free room.

    http://chat.othernet.org/?channel=help

    Those in the room with the @ next to their name are the Othernet folks that will help you...

    the biggest financial realtime chat network in the world.

    Once again...log in during market hours to get this started.

    The above suggestion will in fact allow you to do what you want to do...

    teach and educate others about your method along with allowing you to moderate your own room.

    In fact...my suggestion is much more efficient then what your trying to do via EliteTrader.com message board.

    It'll also allow those truly interested in your method to be among those that share the same interest.

    Questions will be answered faster...trades easily documented...

    Simple example...you would have taken only a few seconds to type a simple message in your free private room to announce you are only trading Euro today and not the Eminis.

    Avoiding a lot of miscommunications.

    Here's what I don't understand...your trying to teach via your opening statement in this thread...

    The fact you stated...you did not trade ES. Instead you traded Euro.

    Why didn't you notify the ET members via posting such?

    As a teacher...why didn't you discuss the potential impact of INTC on the Eminis in late trading prior to 4:00pm est?

    Why didn't you discuss the potential impact via the Fed Beige Report or the market moving conference in Europe at 1230pm est?

    As a teacher...these are common discussions that should have been ongoing between teacher and student.

    You know for fact how critical the geopolitical or fed news or key economic report releases have on the market...

    Yet, you either do not or fail to discuss such.

    I find this to be extremely odd and therefore I question your motive to teach.

    Simply...get a private free realtime chat room for yourself and those interested in your methods...

    post the link here at ET when it is setup...

    to put an end to all this bickering.

    Therefore...as a mentor or teacher to those following your method I think your obligated to communicate with them in the most efficient way possible instead of showing up later long after the fact.

    P.S. This thread is a losing proposition for you...cut your losses and move it to an environment where traders can truly learn.

    NihabaAshi
     
  326. As most of you know I have bent over backwards trying to be impartial, stretching the limits of credulity to be sure, but I wanted to do everything to keep things civil, to allow this thread to fully unfold. There is some wheat among the chaff and various ET members were getting value out of hearing another trader discuss strategy and trades. It was not a "traditional" journal, mostly a discussion about strategies, but at the same time there were intermittent and regular trades posted qualifying as a quasi-journal. However, after tracking things carefully it is painfully obvious that there is a continual jumping around of entry strategies, stops, and financial instruments, often reported after the fact, and all credibility has been lost. In fact, it's gotten to the point where the overwhelming majority of posts are simply doubtful of the ever-changing methodologies or suspicious of motives or both. That's not a good environment to teach or be taught. So while I think T-REX has some educational lessons to offer, the current format is not the proper venue and this thread is closed.