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phantom
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Everything posted by phantom
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Let me reiterate what I said way back in the beginning: this thread is all about price action, not indicators. If y'all want to discuss indicators, please take your discussion elsewhere. Thanks, Phantom p.s. I'm testing (trading with real money) a simple but effective strategy for jumping into fast markets. Stay tuned for details!
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Look for "fib time extensions" in your software package. Draw point-to-point, just like retrace levels. Also, bonds are usually the mirror image of the SP500, ie bonds up when stocks down... But, of course, this relationship strays at times... Luv, Phantom
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What I do is to draw a line between last week's high and low and then look at the fib retracement ratios in price and in time. When the time "node" is hit, look for some kind of reaction in the market. If the time node just happens to align with the price level fib node, look for a turning point in the market. I could write a book about support and resistance in the bond/notes markets. (I have volumes of charts I've made notes on over the years) and maybe I'll post something later. But the above tip ought to get you started. Luv, Phantom
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So, CyberNick, why are you choosing bonds as your trading vehicle? Do you plan on holding your positions overnight or just day trading them? The bonds and notes can move very slowly at times, almost like molasses. So get used to that; be patient. But, come financial report day, they move very fast. So, don't get caught in a position before the release unless you have some equity built into the trade. Make sure you know what the big picture looks like, i.e. weekly highs and lows. Trade around those numbers. Don't trade counter-trend without keeping a close eye on your position. Best to stay with the trend at all times if you're a beginning trader in that market. The bonds and notes LOVE Fibonacci numbers, especially .618, so learn what that means and use accordingly. Anyway, good luck (or better yet, good skill). Luv, Phantom
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I didn't trade it, Bob did.
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Ya know Steve, in context to your remark, Bob and I were talking about the Ross hook, which has absolutely NOTHING to do with indicators whatsoever. Would it be asking too much for you to have just a modicum of understanding before you try to invade other people's conversations? Best of luck, Phantom
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K, Guess I'm not sure what you mean by succeeding in not blowing up an account. Does it mean you're not trading? Trading is not a spectator sport! Anyway, what you said about trading breakouts effectively is exactly what I've been telling you all along; breakout>test>price rejection>continuation. I'm glad you are beginning to see the light. I've always had hope for you... Patience and discipline are the hallmarks of successful traders everywhere. Now can you go out there and make it happen in your trading? Luv, Phantom
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Hi Kuokam, I'm here sometimes and not at other times. I've been busy negotiating these hyper-volatile CL and GC markets. At some point, you'll have to put away the ears and take some action... Have you applied any of the knowledge I've placed before you and made any money with it? I certainly hope so... Class was dismissed some time ago. But if you have any specific questions, folks have been sending me private messages, and I do respond to those when I have time. Anyway, I appreciate all of my readers. You people are great! Luv, Phantom
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My friend, my comment was intended to help you understand why you aren't getting the feedback you seem to desire, not to change you. I have a lot of respect for your approach, too. Its just too bad that your stuff is way over most traders' heads... Luv, Phantom
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Take it from someone who has a pretty successful thread on this website; Its not about how good your information is that matters to these readers; its all about how the information is presented... Writing is an art form more than it is a way of disseminating facts... really doesn't matter how good your ideas are if you can't relate them well to your readers... If you can present your content in a "storytelling" manner rather than using a "matter of fact" manner, your readership will expand exponentially. Luv, Phantom
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In Joe's book Trading The Ross Hook, he said that at one point in his trading life, he only traded the Ross hook for an entire year... Sounds like a pretty robust method to me... The only reason that I don't trade it is because my method reduces my risk per trade to the absolute minimum that I can achieve while still having a consistent chance at success... Luv, Phantom
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Your welcome NJ. I'll take channel breakouts with price rejection any day over any other strategy I've ever come across, and I've been doing this for a long time... Luv, Phantom
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Never mind Bob, its more of a rhetorical question... Folks, there are methods that consistently work, as long as you can learn how to adapt to the constantly changing market conditions... Its a lot like surfing. No two waves will be alike, but if you've got board balance, you can handle most anything... Learn how to discern price action. The market is always testing-testing-testing. Impulse moves occur only about 5-15% of the time while tests are relentless... Learn how to cover your a#% and don't let your losses get out of control... Learn how to integrate multiple time frames so that you don't get mesmerized by the micro charts... Take plenty of time away from the virtual pit. Don't let your trading obsession ruin your personal life. I've had a very fulfilling time coaching you guys/gals. Some of the friendships I've developed over the last three months will last forever... I've reached my personal goals with this thread and its time for me to move on to other things. I'll check back from time to time to see what folks are up to and to read my PMs, but I will not be active on this thread any more. I do hope that the fodder that I've provided will bring you the trading success that is elusive to so many... I know for a fact that it already has for some... Take good care and may God bless you and yours. All My Luv, Phantom
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When big reports are released at 0730 CST, one will miss big chunks of moves inspired by the report data if one only trades the 0830 opening... 0600 CST is a pretty good time to start monitoring for breakouts using a 24 hour chart in my experience... Luv, Phantom
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Question: why did you trade it for 5 years if you weren't making money at it??? Luv, Phantom
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Dear Readers, I just read an email from one of my readers who made $3000 in the CL yesterday trading a single contract with the "anti" pattern... This makes me feel great! I already knew this stuff worked, but to see it manifest in another trader's life, well, its beyond words... Its time to remove all your excuses and "make it happen" in your trading, too! Luv, Phantom
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Luv that Dry White! Yeah, it depends on the market selection and time of day, for sure... I like it on 150-250 or so tic charts off the bean opening following an early morning channel breakout... No more than a 3 cent stop... Locking in profits swiftly... But that's just me. I'm a gunslinger! Luv, Phantom
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Sounds like the Ross hook, also the 3 day ringed high/low breakout system. This is the basis of many a fund manager, very technically sound in a trending market. A little trickier in day trading... Thanks to you for the input! Luv, Phantom
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Speaking of offering help, I'm curious... Since I've never taken the time to study Nicolas Darvas, would it be asking too much for you to provide a summary of his methodology for my readers? Luv, Phantom
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I'm sorry. I sometimes let my emotions get the best of me. Luv, Phantom
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Folks, we have another "live one" here... My readers who own the book know I'm telling the truth...
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Darvasfan, you are a bit misleading in your comment... (P.69 STREET SMARTS: "I tinkered with the %K and %D to try and duplicate the 3-10 oscillator. I found that by using the 7%K and a 10%D the "Anti" pattern worked even better than it did with my own tools.") This is, of course, a stochastic. I've found that my macd indicator works even better for me than the stoch. It has stood the test of time. BTW, Mr.Goslin was a self-proclaimed loser in the long run; that's beside the point. I'm just saying... Luv, Phantom
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Failed test means the fast line tested the slow line, then turned away. You nailed these signals. Great job. Luv, Phantom
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Linda's was a stochastic... I use a 5-13-13 MACD. Don't know what to say about your inability to get the fast, slow and signal numbers to produce a fast line and a slow line. Maybe call your chart broker for help? Zero crossing is NOT the signal for this trade. The signal is a "failed test" of the fast line versus the slow line with the zero line being a filter for buys and sells. Anyway, thanks for joining the thread. Luv, Phantom
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The buy signal is void in my book because the fast and slow lines are below the zero line. Otherwise, looks good. Luv, Phantom