OK, JJ, jive an old man. Do you really expect me to believe that chart and those trades? What is TY, and is that an accurst equivolume chart? Definitively NOT SCT trading, haha! What will newbies think when they read this thread, they who thought SCT was the only way to trade?
TY is the symbol that IQFeed (one of my data feed sources) uses for the ZN contract (which is the electronic version of the Ten Year Note). It's ususally pretty sweet trading, but today it was kinda bitchy. TradeMaven also trades the Notes as well as the Financials, you can traipse on over to their thread if you want some more info (or hey, just Goggle it). As far as the chart is concerned ... it's kinda funky (like me), now ain't it.
On the subject SCT being the only way to trade. Spyder is a very smart, disciplined, trader. While I couldn't careless about the tenets of SCT, the discipline and focus that he takes with his writings can serve as a lesson to all. The other day Niha Nibahsi (I think that's how you spell it) wrote a couple of posts about seeking a treaty with the SCT'ers and their naysayers, and he mentioned that there were a lot of good things one could get from them, while not having to accept the belief that you could get 3X the ATR, etc. *** So much for being serious, now back to our normally scheduled program.
And here's where I covered, in the lower shadow of the green candle closing et 14:55ET (far too many shares to cover all at the exact low of the day). My apologies for the 5 min charts; they're for clarity and the volume is for color only because I 'm fascinated by pretty colors How do I do it, you're probably wondering? P.S. Will post my blotter as soon as I have some time
Well done, 666. How do you do it? Picking exact tops and bottoms is easy if you have the "touch". Like Spydie does, haha! Looking forward to seeing the blotter.
Now the cynics among you will no doubt think this post is a joke, but let me ass-sure you, this is one of my favorite indicators. Look at the attachment in the bottom pane. That's right, there's nothing in it. That's because that system is Boredom. Was today boring? No, hence the empty indicator, haha! I'll show you a boring day another time. The pane above it however, with the grey bars, is The system Fatigue. A very tiring day, especially the late afternoon.
The wholesomeness of SCT traders gags me like warm buttermilk. But, yes, I am FOR several principles in trading. Trading Principle Number One: Respect pure price. Price, like YHWH, says "Have no others before me." Do not look to any other quality or quantity to lead price. Not that this never happens, it's just that it works only 50% of the time if it works at all. Let's say you are watching the underlying, or a component of the underlying, or a derivative, or another index, or volume, or tea leaves swirling in a tea cup. How the hell do you react when price changes without a warning? Do you believe it or not? That is if you see price change at all when you're spending time looking at something else altogether. Rarely are you well off taking the first hint of a move anyway. If it's a good move, the smart money will want in on it and price will retrace to a good or better entry.