Isn't that thoughtful? Another illuminating reply from our old friend to "help us along". Thanks. Still waiting for one of those instances where you say something that advances our understanding. You mentioned having done this "so often", that I and others I am sure are waiting with baited breath for your educational comments. Now back to work, for those traders who want to make trading these thin summer days easier, I suggest you start a file for report days. Print out the intraday chart for the day. Mark the times that the reports come out so that you can see how the market acts on these dates. I keep a file of these and the night before I use it to "rehearse". This will help you to anticipate possible moves and perhaps get on board earlier, or conversely avoid problems. Good luck traders Lefty
Children, don't forget them ringbinders. Jack always insisted on that. (Dumb nononsense question: could Lefty62151 be another alias of Jack's?) Sorry about nononsense being unable to do any better for this thread. I came here to learn something. Can't know about everything! "Good luck traders" nononsense
I'm 53 years old. I really don't appreciate your patronizing bullshit attitude. I really couldn't care less whether you endorse what I am doing here. Now if I could just get back the last 30 seconds of my life This next chart is one where we see continuation of the move off the Beige Book report. What I want to point out here is one of the benefits of Pivots. You can see that we have a wide range bar on the continuation move. What it tells me is that it is going to stop and retrace at the pivot (Standard Daily Pivot). In order to penetrate the pivot, it would have to extend quite a bit and we do not have enough bids in the market right now. The value of the pivot system is that knowing this, you would take profits at the pivot, rather than waiting and perhaps losing part of your profit hoping for continuation through that price point. Knowing when to get out, you would have saved perhaps two full ES points. Notice also that we have come back to test the previous day's closing range. This move is primarily being fueled by programs, hedgers, speculators and locals (floor). At this point I would be looking for a pullback and retracement.
You know the impression I am getting is that you are having to stop posting for a few minutes because people are walking into the liquor store you are working at. So naturally you have to stop and sell them their six packs before you can type more of your crap. Thats fine, we can all wait, knowing how "helpful" you are likely to be. Also referring to yourself in the third person is kind of effeminate isn't it. I have to wonder why you can't refer to yourself like the rest of us? Perhaps in the back of your liquor store you have a special chair with "Nononesense" printed on the back. Please don't stop now, as I am just getting used to your company. How could I do this without your assistance. I am sure you have much more "help" to provide us. Lefty
OK then on to business yet again. For traders who want to keep abreast of developments relating to Crude Oil, Gasoline, Domestic and International supply, I suggest you hook up to the EISA automated report. This can be obtained through the Energy Information Administration, which is part of the Department of Energy (use google). You can get information free of charge that can help you to anticipate reports and perhaps make a little cash as a result. Lefty
I'm kind of busy here grandpa. Take some medication and hold on as best you can. I'll be with you in a minute. "Cogent?" I dont think so. I characterize it as senile, bordering on dementia.
OK this is my last chart for the day. What you see here is my solution to the problem that retail traders always have, which is getting in too late. I use three EMA's. A 5 period, a 21 period, and a 50 period EMA. As you can see from my notes, you wait for a retracement, then you buy or sell when price closes above the next EMA. This often gets you in earlier and provides you a better way to manage risk. I hope this is of help to somebody. Good luck folks, Lefty <img src=http://elitetrader.com/vb/attachment.php?s=&postid=769554 width=800> (click on attachment to enlarge image)
Folks you want to pay very close attention to these two people. Both of them have (it seems) all the answers. We won't get to know these answers in realtime however, instead we get the privilege of having to wade through all the bullshit they offer AFTER others have put it on the line. Only then apparently, do these geniuses of trading have answers for us. On the one hand we have nononsense who claims that he has helped many (and often) to trade more profitably. Anyone who doubts that should go back through this thread to read all the "helpful" comments. And then Icarus who was absent all day, but after the close has offered a chart showing how it should have been done. What an accomplishment. What a great and generous person. Frankly, I consider you both to be examples of internet trash. What I plan on doing is ignoring you both from now on. The rest of you know where the ignore button is if you wish to use it. Good luck everyone. Lefty
You are doing a fine job showing people how you do it, but it's too bad you take things as a personal attack. I merely posted a chart to show an alternative view of a "retail trader". I rarely post on ET as a rule, especially while the market is open. My chart was not intended to get your panties in a bunch. I will attempt to delete it, as this is your space and I do not want to encroach where I'm not welcomed. Cheers, and relax a bit.