How about recommending some futures instruments to look into so that I do not have to keep trading set ups in CL everyday when there is no set up. At the present, I only trades CL futures. Thanks,
A lot of people have been asking me about the 6 hours of video Fisher did at the NYMEX back in 2003. Here they are. He speaks fast and he does dart around a lot, but these videos are outstanding. http://www.4shared.com/dir/8iqeNDfz/NYSE_Symposium_2003.html And yes, that is Joe Terranova in the background.
I have already been toying with this idea. I have the OR, and ATR stuff programmed into Tradestation, but need to figure out the other stuff (pivots, etc). Actually, its more just taking other peoples code, and figuring out what I like and dont like, and putting it together. It would be a grey box. I just want an alert so I can focus in on it, I dont want to bother with automation. I really have to reread the book, (and this thread) and see which indicators I want to use that he mentions. I am thinking about giving each of them a weight. And if a certain amount of them line up favorably for a scenario at once, I get notified through an alert. That way I can only end up focusing on ones that have a better chance of succeeding. I might also incorporate different time frames like you mentioned Maverick.
So far, I only day trade Crude futures, so my comments are based of my experience trading CL, but per MF they should apply to other instruments with Volatility and Liquidity. Trading A up or A down only gives a trader 3% edge. Per MF adding daily pivot, daily pivot range, 3 day rolling pivot range gives a trader 8-10% edge. When daily pivot ranges or 3 day rolling pivot ranges are tight- one should expect VOLATILITY next day or two. One of the KEY characteristics of a strong A up or A down is that price never goes below OR high ( i use 8.30 to 9.15 eastern time as OR). One can make a week or a month on a day like that as MF wants his traders to use size and push paddle to the mettle Here is a chart of CL from 09-07-2011. http://www.screencast.com/t/n4Gchk85 .
I find it interesting that some traders think that sharing their system will take away their edge. I understand, why one may not want to share fruits of their HARD WORK for free and it makes perfect sense. Mark Fisher- is totally opposite. He being the greediest person in AMERICA ( according to him) he shares his core system with everyone. More traders become his disciple and trade his ACD , more successful his system is. People get hung on A value and C values- as to why he does not tell how he calculates them. He has given examples in many places as to how one can calculate. Once they calculate A values themselves, they make mockery of MF for saying that calculation of A values are proprietary to his firm. Traders say , it's so simple to calculate A value - what's so special about it or OR etc.. One can subscribe to his daily service for $1800/year which provides excellent daily commentary, levels, all A , C values, 30 days number line etc.. but they do not want to pay. Traders do not want to pay for MF experience but they want to take trades against some of the sharpest minds while spending countless hours looking for answers- when answers are right there if one believes in KISS.
By the way sharpest trading minds does not necessarily mean traders at GS, JPM etc.. Per MF most traders at these firms can not trade their way out of a paper bag. All they do all day long is to follow on their customers order flow. These guys get money from Govt. at 0% , follow customer order flow to trade and lot of people send their children to best schools all their life to get a job at these firms? Something is wrong here (lol).
Yeah, for me it's the problem with the "bus people" that Fisher talks about. When too many people with the coin flipping or casino mentality start to look at the same things you do, it gets diluted. When Maverick's spent 5 years of his life working on his own system and says he's not going to broadcast the specifics, some might believe he's got a decent reason for it. Personally, I've been at this over 8 years going from prop to independent. The last 3 of which have borne consistent, solid fruit after all the volatility of doing prop full time. Now I'm mixing ACD with my own system based on correlated instruments -- integrating the two was what I was talking about. But for me I think the payoff isn't really there to actively go further with the discussion.
What is hilarious is that I and Mav have posted everything Fish said on his first video, that some still cannot grip. ACD is a METHOD to augment a persons SYSTEM. Whatever sigs you generate, you have to verify that with ACD. If you do, pull the trigger. Price action favors you. Now, Mav, myself and Fish himself say it is about verifying price action. The A levels really do not matter. Get your own A levels and follow the rules.
Sam, I think I get where you are coming from. But what you say is only possible if everyone has the same A levels. No one will. Your A level is your own A level. If price penetrates your A level, you know something is afoot.