I have a very good reason for butting in. Since you have asked, let me explain it to you. Steve 46 and his other personalities started disrupting my threads because he assumed that WALTERJ registered 05 ( who allegedly was flaming him ) is me, WALTHER registered 02. Steve46 employed his moderator friend to close my thread on GOOG and made several post filled with insulting language. When I brought to his attention that he is flaming wrong person he continued his tantrums. Because of his actions I did some research on Steve46 and did find out that he is just another impostor, claiming trading experience and credentials he doesn't have and is actively recruiting people for paying sites. I think that all of you who are looking up to him for a knowledge better be aware that he is just a info gatherer and disperses and has no trading credentials except being a net losing trader.
Walther, you are upset because you ARE a trader as am I. I believe it is a waste of your time to try to explain what is clear to me, that Steve46 is NOT a trader. I've copied some excerpts from his old posts which may help your case. Here he states floor traders do NOT use pivots: 02-17-04 08:26 PM Well Hello Todd: It is really hard for me to ignore this kind of post. Where to start, well first lets review your claim that " John's Pivot plays are well well known on the floor". I really can't let that stand. Some of us are either former floor traders or know an active floor trader. I have several friends who are actively trading "on the floor" of several exchanges. None of them use pivots. When asked they say that floor traders trade off order flow primarily, and when and if you think about it, it makes good sense. Here he states "pivots mean nothing by themselves: Hello everyone: One of the reasons that pivots work is that retail traders believe that they are the "secret" method that local floor traders use (actually, floor traders mostly trade off the order flow, taking advantage of the signals that come by way of crowd noise, position in the pit, etc). To make money off the floor, retail traders need to find an edge. One way to do this is to find some basis or set of assumptions that will guide your decisions. If you look at the Emini charts today, you can see the late test of R1 pivot. The way I interpret this play is that smart money marked the market up to see if there was interest in a late day rally. They hit the stops (thousands of them) that were placed in the obvious place (right above R1). When those stops were hit, a lot of traders had to cover by selling, and because most of the buyers went home after lunch, the market dropped like a rock. By themselves pivots mean nothing (in my opinion). To make use of them, you really have to have additional data. I use volume, Tick, Ticki, Prem, Trin and NYSE advancing and declining issues. I use these indicators like on/off switches. If I see more on than off, I know I am on the right track. Hope this is of some help. Best Regards, Steve46 Here he ponders that one COULD develop a pivot system: 02-17-04 07:40 PM Hello Everyone: Thanks NihabAshsi for the kind comment. Glad to see you are well and about. I do not know the Carter method in depth, however there are some comments I can make from a review of the sales pitch. First, it looks as though the method relies primarily on price action. In the text of the pitch, Carter does say that he uses some "confirmatory" indicators. To me this means that he throws in any of several filters. Again from experience, and from conversations I have had with folks who know much more than I, it is apparent that these "systems" can be useful if a trader understands how to use them. You see anyone can calculate pivots. Appropriate references are available throughout the ET threads. Also any trader can learn to calculate the midpoint pivots and incorporate them into a system. The real question is "when do I enter" and "when do I exit"? If you think about it, these are really risk management questions aren't they? For instance, I like to observe how price acts as it approaches a pivot , how long it takes to move through, or if it fails, how long it takes to fall back. Also I like to look back to the left and see what price has done when it has hit this area before. To me pivots are like offramp signs on a highway. As we draw closer to our destination, we pull over and slow down, then we signal and exit. If many of the cars behind me are on the way to a destination further up the road, they will tend to pull to the left and accelerate around me, speeding up as they pass by my off ramp. I think price tends to do the same thing as it approaches and moves by, or pulls off the highway. Seems to me that just being observant, one could develop a system that makes good use of pivots without having to spend $395. Hope these comments are of use to all. Best Regards, Steve46 Hope this helps make your case which is valid but as I said already, you are wasting your time. These people want anything to cling to for hope. They don't care that this individual doesn't trade. On the FOMC day he said he had to go to the dentist but on a later post claimed he didn't trade his own FOMC system was because of family illness. He has trouble keeping his own facts straight. If being articulate would cut it as a trader then he would do okay. As a final thought, you'll notice Steve46 has left the Emini S&P market for the Russell 2000 emini because he can't trade the S&P. No one who trades SIZE would trade the ER. It's fine for a one lot or three lot trader like Steve46 I guess. It looks to me like you would have trouble getting good fills without slippage. So why trade it when the other market is there for $500 a contract? Someone mentioned I have many negative posts about Steve46. That's because, unlike most here, he bashes people all the time and he himself is "posing" as a "professional" trader, hedge fund manager, etc. etc. Tell me how does an engineer from Santa Barbara know floor traders in Chicago?
Is this your definition of an edge? "The pivots used in my charts are not modified, they are daily pivots that come with Esignal. Part of the reason they work is that other traders use them. This is true of moving averages as well. Not only do individual traders use them, but institutional traders as well. As one can see from the charts price "seems" to know where these pivots, moving averages and channels are. " Sure, you can take the pivots from Esignal and moving averages and predict how to trade the Emini S&P. Is that your assertion? Then why aren't you trading it? IF everyone else knows what you know you HAVE NO EDGE! Finally, and my last comment on this is the pivot lines which occur all over the chart are fine after the fact which is why you put up charts after the fact. How can you miss with 10 lines in close proximity to each other(after the fact, of course)? As you are fond of saying after you've crucified someone, "I'm out of here."
Enough about pivots, how about altering the thread title to Trading the Unemployment(payrolls) numbers. What do you think.
Okay so here's how we will do this. First, an answer to Samson's/Woody's post. People change their methods as they go along. If they are working at trading, they are constantly looking for an edge. I realize that you aren't actually trading, so you might think this is unusual. In the past I did not use pivots. Now I do. I also use LRC (Linear Regression Channels) now. In the past I did not. As regards floor traders in Chicago, my teacher was a floor trader. I went to Chicago to get an education the same way students go off to college. Thanks for your wonderful questions. Walther: Really too bad old guy that you sent your nasty PMs to me. I kept them and you got yourself in trouble. Next time keep your vicious temper in check. Moderator. I would like to have these posts removed. Basically they are attempts to disrupt. If you agree, please remove them including this one, so that traders interested in the subject can participate. If you disagree, I can continue to slap these guys around a bit, until I get bored. Let me know. Steve Edit; Gentlemen/Ladies: For those interested in the subject, I will be gone this evening but will return tomorrow. If the moderator will assist, I would like to develop more of the ideas presented in the first few posts. What I can do here if permitted is to show you how a professional actually finds an effective approach to any market. I hope I get the opportunity to do that. Good luck folks Steve
This is exactly what I am talking about Steve46 is just a pathological liar, here he states that he has my nasty pm. Truth is that I did not send him any. When I asked him to post them he posted pm by someone else. So this is your hero. Professional liar and impostor. Moderator, give Steve 46 time out for lying deliberately about me. I believe that this is against ET policy and I will make official complaint to Baron.
hi Steve46, Thanks for answering the questions. Great info. Maybe we all should ignore walther and woody008 . g0d0t
I agree wholeheartedly. I think we should take this person's advice and add this to EVERY post: This is not be interpreted as financial advice and is for entertainment purposes only. Regard Oddi What do you think of that plan?
Why do you think that we all need protection and an overstatment of the obvious. No one should ever take any financial advice blindly from anyone off a thread. The point here was a discussion of a strategy, that is it. I do not think we need you to swoop in and try and discredit the poster who is just sharing a strategy. We can make up our own minds about them on our own. Just like if you were posting a discussion about a trade we would not need Steve to swoop in and act like a troll protector. So take it up with him on your own and leave the rest of us out of it.
Woody ------------------------------------------------------------------------------- No doubt you are aware that Steve46 started this thread, why read it, simply put him on ignore, no need to waste energy/time? End of dispute. I personally don't have a problem doubting Steve46's sincerity wishing to share/develop this strategy and help wannabe traders. After all he is not charging or trying to lure newbies into paid chatrooms, he's simply offering suggestions/guidance to those who wish to exploit this idea further. I'm very keen to learn from more experienced traders. Now move on!!!