Whats in your toolbox?

http://www.deltat1.com/Education/tools/pivot-calculator/pc.aspx

This is in mine, i punch in the open, H, L, close of yesterdays SP500 numbers for TODAYS ES trading.

I think this tool might be the sharpest tool in anyones toolbox.

These points guide you to next level, they guide you in spotting where momentum is stalling, where levels are breaking out etc. Watch them daily and you will be PREDICTION the PRICE ACTION. No babe in the woods stuff in a toolbox, just sharp clean tools. Enjoy............

 

Nice....but a simple excel spread sheet works just as well.

 

Pivot point calculator. Must be tons of them on the web. Calculation is not difficult. You could learn to do it in your head.

Since everyone has been using it since before the PC revolution, not sure how much of an advantage it will give you.

Better tool would be something that told you where the buy/sell stops were situated during the day.

 

lwlee

Well, think about this: if pivot points are helpful in all i stated (and more) would a trader with some previous experienced in getting stopped out a few thousand times know where players place those STOPS?

So, with that information, certainly one would assume the locals in the pit would know where to gun for the STOPS. Stops are fair game, they are food for the LIONS.

Trade like a LION, not food.

Hope this helps.

PS, the simple stuff always works, in any game there are rules, know the rules. Poker has been around forever, the rules are known the world over, yet the same winners show up at the big tables. hats the draw of futures trading, most of the money go to a few. Enjoy

PS, I said Whats in the toolbox, not what secrets are in the toolbox. If there are tons of pivot point calculators on the web, and there surely are, then there just might be something to them, IF USED PROPERLY. Please try to learn, not debunk. besides this is my thought about well known tools. the more they are known and used, the more reliable they become. the more they are used, thus the bigger following, that in itself can CAUSE self fulfilling action. CORRECT?

 

Here is another tool. I only have a few..........

Retraces, been around forever, no secrets in these either. If you have a leg up or down and the price retraces 50% or less, expect the price to continue on in previous trend. Over 50%, get nervous and look for a reversal signal.

MOST retraces will continue on in the original direction.

Ps, i only trade the ES and signals are taken from the 5 minute chart. nothing fancy in my toolbox, just sharp tools and some experience in properly using them. Thats where the tricks of the trade are hidden, in using the tools bought from the corner hardware store in the correct fashion.

tools are not the answer, finessing the tool is the trick........

 

Sounds like you have a lot of experience using hand saw's to drive nails with. :eek:

 

Well it is like this, to become a winning trader one needs to use what is available as inputs. I am convinced that the main reason many fail is because try as they might, work at it as hard as some do, and lose as much money as many do is because they can not comprehend just how easy the game really is.

Many think right from the get go that this can be so profitable that is can not be easy. That is where they fail to use simple tools. What good is something that is widely known? You hear that repeated over and over. Well price can and will only do certain things, the same things price has been doing for hundreds of years.

Have new tools kept the game going? Absolutely not. What keeps the game going is the failure of using well worn and well known simple tools. Think about that.

What works? New tools or proper use of the tools that have been available for everyone?

The tools work. People misuse tools and try to reinvent the wheel. Gee, seems to me that wheels have been round and around for eons.
Keep trying, those that know how to hammer a nail appreciate it................... Final post for this.

 

Agree batterup. And the otherside too. Because a tool is perceived to be widely used, the tools perceived value becomes less which produces less usage. At that point the tools regains it's original status.

No. More like hammerheads of different size. Using the optimal size hammerhead given a specific nail comes from experience.

Very true. Concentrate on important stuff, like the way YOU operate and money management. The game is YOU vs YOU.

Osorico

 

Sorry did you forget to include your URL link for this, because you didnt mention it.