Hey London, I've been doing a lot of work on different models, which I use for trading the e-mini's. When I was over at the S/R Thread, I found that if I made calls based on those models it would draw unwanted attention, as I'm just not going to go into them. But I really like the fact that you can interact with other traders here, and I was a little impressed at the wealth of talent (there are soooooo many ways to make money trading), but a little disappointed that the traders who had gotten over the hump were for the most part, keep'in the cards close to their chests ... and by definition, that included me, but not Gary, BTW, who was discussing his methods every day. So, after a few PM's with some folks, I decided to try my hand at developing a methodology which: 1) Doesn't require a private edge to be efficient. 2) Uses sound logic, as displayed solely by price action to enter trade, and can ultimately be quantified with a series of if-then-else statements for ease of implementation. 3) Can be replicated using the majority of software out there for the retail market. 4) Doesn't in any way, shape or form look like my proprietary system. So here we are. It's reqired a lot of thinking and reflection on my part (still does), and when the missle starts heading in the wrong direction I have to recalibrate it to put it back on target. Believe me, after getting flamed a few times, I was tempted to implement trades based on my proprietary model, not this one, but that would have been grossly cheating both the reader and myself (on many different levels). Hey, it's fun. It's like learning a different way of walking, you ultimtely end up at the same place, but the process of getting there is different. See you at the Open. JJ
I think what you are trying to achieve is very worthwhile and more than a little noble in spirit. Although it is a personal opinion of mine that the tools a trader uses to make decisions isn't really that important. It is the process that is important. You may want to have a look at a thread I started for informational purposes about a successful FX trader in Sydney who outsources his entry decisions and gets edge just from his risk management model. It is amazing the different ways to make money.
JJ, 3 quick comments: 1) It's not important whether you are trading money with your ideas that have been presented, so far. Each person can take away what they understand and what may help them to develop a trading method that works for them. 2) Some folks don't understand that this is not a "newsletter" where you are giving trades for free. If they don't realize that one needs to take away the "tools" and make them their own, then they won't be trading too long anyway. 3) I have already taken some of your ideas and molded them together with my own money management for what has, so far, been a very profitable "trade set-up". Can anyone make money using a few of the ideas that have been presented in this thread so far? I don't see "why not". If you can't, I suggest you re-read. It's already here.
Long @ 1306. Price action didn't quite touch median pivot, but it is responsding to the area with bullish action IFT dipped below 0 and is now back above it. CCI Histogram is above -100. Time Series Forecast 20 is above Simple Moving Average 20. Morn'in JJ
It's a tough hold and price action is too meandering. While there was 2 pts of profit in the trade, I'm holding until either R1 is hit or we trade back to breakeven, at which point I scratch the trade. Best Regards, JJ
If the IFT goes below the 0 Line, and price goes back to 1306, I'm out, it is a literal coin flip as to whether that will happen or not, but it is not so important what the market does as it is important that we have our game plan setup to deal with it.
Thanks for the info LUS. I went searching for the thread while the market was meandering along and read through a few threads. While I didn't find the thread that you mentioned (but was given much food for thought), I did find some very interesting posts. With your implied permission I'll quote one of yours here: I quoted that post because it was germane to the thread. I will try to promote as risk averse a model as possible, going with the basic conept of cutting losses, letting the winners run ... to the next Support/Resistance Level. *** On that note, I am obviosly out as previously stated, at breakeven. After yesterday's run-up I'm not surprised that the markets are "waffling", will check during the afternoon to see what's cook'in. Best, JJ
I went long on the 12:50 bar at 1306.00 with a stop at 1304.25. This was using JJ's original continuation entry signal. After 30 minutes, I bailed at 1305.75 for a small loser. No big deal. I'll just wait for the next signal.
Market generated another buy signal at 1306. Perhaps it will work, Long @ 1306.5 I'll be leaving early (errands to do before the night job, so if I can't get at least two pts from this, I'll cose it down.