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Opm8, I never heard of the wolfe wave, is it in Street Smarts? I was also curious about the system you're talking about. When you say this week has been bad for the pattern, was that in daily or intraday setups, or both? Thanks, Maverick

Opm8, I never heard of the wolfe wave, is it in Street Smarts? I was also curious about the system you're talking about. When you say this week has been bad for the pattern, was that in daily or intraday setups, or both? Thanks, Maverick

I find your approach of not looking at the pattern in isolation very interesting... I think you probably significantly increase your edge by combining setups. I also look for confluence and across time frames. The major averages themselves were setup recently as gartley buys and followed...

Any traders out using gartleys, butterflies and other pattern recognition in their trading? Have the patterns been helpful to you? PM me if you don't feel like posting here. Thanks, Maverick :cool:

Over and out.

What cracks me up are the repeated attempts to defend the guy's pathetic trading record based on his intelligence and brilliance. Intelligence and trading ability are not always and everywhere inseparable, and one does not guarantee the other. How hard is it to get that? As far as I'm...

My thoughts Tide, well said. The only part where I would differ is this: I will make it a must to read his new book... because learning from other people's foolishness/mistakes/great research/eccentric idiosyncrasies can't hurt, only help. Ok, leave the I-walk-around-in-my-office-in-socks...

LOL.... It's Dennis' name that's unworthy of the company of the other two. [/B] Dennis trained the turtles who are today's leaders in the futures markets and their performance has been remarkable ever since. Go to turtletrader.com to check it out for yourself. As for Dennis himself, I know...

I agree. Trading volatility is not easier than trading directionally. If you trade vol and variance swaps then trading vol is much easier and actually a great way to make money, because you have no pin risk or assignment risk. But for those who trade stock or futures options, I'm afraid...

What kind of entry/exit/stop techniques do you use? You mentioned candlestick reversals. I was also wondering, how much of your account do you risk on any one trade. Don't give up, keep probing until you hit the nerve.

Oldtrader, Well said.

Why use indicators as reinforcement? Imho, you either understand and 'get' a setup, or you don't. If you're not confident about what price and volume tells you, then chances are you don't fully grasp the market dynamics. There is a good probability that a need to look to the indicators would...

That's why some of the more successful gurus out there charge big cachingos to let you watch them trade. No one is going to do that for you for free, I'm afraid. The guys who do trade successfully have gone through many years of sweat and toil to reach a certain level of comfort in the...

A bit late to the card trick party, but I got it on my second look at it I don't know how far one can push the analogy between the illusion and the tendency for people to be fooled by the markets... for me it's not so much illusion as wishful thinking. Like someone just said above, it pays...

Excellent point. The market will chop up those who rely on these levels mechanically. I think that using a mechanical entry/exit only makes sense if it is based on an intelligent and logical setup as opposed to a blind trade around a number. You can't trade the number, imo. You've got to...

Trading price action doesn't imply ignoring the critical 'alert zones' if you will, R1, S1, fib retracements, extensions. Rather it makes the latter, together with other elements such as pattern recognition, the backbone of the analysis.

Focusing purely on price and volume is probably the most objective analysis and method of trading If you keep things simple in your analysis that doesn't necessarily mean that you are being simplistic. I guess like Einstein said, you've got to make things simple but not any simpler. There's...

If it's true that SAC benefited from the their retail trader's insider knowledge, then I hope that he was the proverbial one bad apple and that Cohen's returns are relatively 'pure'... after all, it's nice to have a high standard set in place for other traders who want to reach new heights in...