The 1 ES Point REALITY

What's this? A civil dialogue on ET? Not permitted. I can count the number of times in the last five years people have talked about how they REALLY trade on fingers and toes.

I am always interested in how complex other people's systems are. I currently monitor 52 things on my chart (I know, I know, I accuse JACK of being overly complex). Not all at high refresh rate, of course, and many have visual and audible alarms to get my attention. Might I ask how many you watch?

 

Well that is really dependant on how may scotch and cokes I've had but suffice to say I'm constantly checking a dozen or more completely useless things that have no impact on my decision making process.. but hey it is the middle of the night for me being on the other side of the globe

 

Well, shit then, you need to start a thread in Journals. Something that simple has got to be good.

Let me tell you how stupid I am:

29 potential S/R levels

7 indications of "rocking along" (what Jack calls continuation)

16 indications of excessive enthusiasm (what Jack calls change).

Start a thread on your stuff and I'll cheerlead.

 

Alcohol can fix all that

 

I use price, one indicator (CCI), t&s and Dom. So much can be done with just these 4 tools.

 

Duke, using T&S is like trying to read a newspaper on the side of the track from a speeding train. You setting volume thresholds to make that practical?

 

Joe, I know, now, that you know your business.

 

i have seen a successful scalper who can trade the dow futures watching ONLY time and sales.

so, it CAN be done.

of course, i don't limit myself to time/sales because there is stuff that adds confluence and perspective.


but time and sale provides info that nearly every indicator (especially lagging ones) relies on to compute their #'s

i don't use lagging indicators, im just explaining that the ticks that come across T/S are the basis for most derived indicators, as well as the candles that form on charts, etc.

it comes down to the trader's skill - and what level of granularity they are comfortable with.

for a scalper, obviously tape is much more important than it would be for a swing or position trader - ceteris paribus

 

Of course, and it varies for each market. I only take a trade when all 4 align. I learned a lot from people like Jack, spyder and several others.

 

Thanks for the comments, guys, and for your explanation, Duke.