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I agree that dismissing indicators as useless is highly dangerous. It is just as dangerous as relying on indicators. I tried to go the pure price action road but met with disaster. Each trader thinks and processes information differently. Using indicators to assist in understanding price...

Remember the famous words, "housing has bottomed" by Paulson last year? How about "housing is contained" by Bernanke. If these guys were traders, they would be bankrupt long ago. Good thing the government can print all the money necessary.

You can always change the rules during the game. How about banning short selling of commodity futures? Windfall tax on oil companies might work. Congress and friends will think of something to help out the voters.

Good looking chart. Choppy day though. Appreciate the comments since it helps us all learn price action trading.

I was hoping for Mitt Romney. This selection is very bizarre. McCain will either look like a genius or a complete fool if he loses.

I totally agree about the break out thing. Bad thing is there is so much voodoo trash books out there that you don't know it is garbage until you lose a lot of money. Pros have a field day fading breakouts. Breakouts work just enough, however, to keep the suckers coming back for more...

If I remember correctly, Sharon Stone won the duel.

I really appreciate your postings since your style of trading is what I am trying to accomplish. It is interesting that you have added volume to your analysis. Price action combined with volume analysis looks like a highly powerful method.

Amitman, I saw your charts in the other price action journal. Looks like you have taken your trading to a different level. I had a decent May and June, but struggled this month. Need to go back to the basics, and not try to trade too many different methods. It is hard since...

jjrvat, I have read the journal many times, and learn something new every time. Recently I found on my hard drive a trading session I had saved from a chat room that mainly trades the YM. The moderator used a 2 min, 1min, 50/89 tick, and 5 min. The charts are tiny so that you really...

Now Michigan is too big to fail. The auto manufacturers will probably be bailed out if they start sinking. Oh, wait, they are already sinking. Top management at the Big 3 totally misread the market while Toyota had come out with the Prius years ago. Not to worry, Govmt to the rescue...

Let's not forget Bob Pisani. He just said recently that the bottom made in the financials look "different" this time.

Hi EMC, Great thread. I use volume charts on the NQ, and started using the bid ask pressure indicator in TS before finding this thread. I think price and volume analysis is important since if you concentrate on price levels (fibs, pivots, gap close, etc), sometimes it just blows...

How about using a volume based chart and look for a time frame that makes it easy to identify waves? I find the NQ choppy most of the time, but there are moments when it moves in smooth waves that a good trader will be able to make some decent money. Trading in non trending chop will...

Trading strategies when you don't have a lot of screen time is a recipe for disaster. I have his book and DVD course, but just trading these strategies would be financial suicide. John I am sure knows that. He is making a lot of money off of traders with his books, indicators...

Stopped getting data a few minutes ago. Just got out of a NQ short. All data frozen.

Hi Incognito, I am an advocate of price action as well. Let's get your scalper thread going since I am interested in your input. Posting some charts would be appreciated.

No need to fear. Jim Cramer will probably have some kind of solution on today's program.

Bush proudly declared "Mission Accomplished" with a banner. Paulson declared housing has bottomed.

Hi Ironfist, It seems that the first HL you have on the chart is not really a HL if you look at price action instead of the yellow MA. Although it is hard to see, it looks like there is a swing low just before the HH. That is probably one of the drawbacks of using a MA to look at...