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Yeah I mean if he does 10 trades and win's, say 80% of the time, he'll only net 4pts and then add in commish, its even less. 8/10 is pretty damn good by most peoples standards. If he is only right 7/10, which is still good, he'll be running at a loss. I think my math is right but...

wait...are you risking 6 pts to make 2pts? You better have a success rate of like 90% otherwise this idea stinks.

You just havent learned the game yet, it takes lots of time and persistance. The ability to keep trying and failing and trying and failing before you figure out how things work (and you dont have to blow through many thousands either). Trading isnt easy, its not a get rich quick scheme. It...

Yes, I do now. Used to trade stocks everyday for almost 4 years, now am trading the ES. What I have found is just that (what I wrote). To successfully DAYTRADE a mkt like the ES, IMO, you need to spend 100's of hours (months and months) in front of the screen watching how the ES moves...

Of course it is, but you'll need months and months (maybe longer) of watching the ES trade before you can find the consistency to get to 1 pt a day avg. When you get on the wrong side, the bottom falls out and losing 1 pt is very easy. Now you'll have to make 2 pts just to get back to up one...

I guess there is no accountability when its a free service :)

me neither, guessing the guy is on vacation.

Thanks R/R. very beneficial read.

ES is the S&P 500 emini futures symbol

Ok, I hear ya. I guess there are many ways to get to the same (and right!) conclusion :D

Doesnt that lead to redrawing channels an inordinant amount of times? It has been in my experience. I'll watch the PV relationship and know where I am but hold off on annotating too early as it causes more work for me.

I'm curious why your down channel has 11:35 as your new pt 3? To me it doesnt appear that price has proven yet that to be a pt 3 but maybe I'm missing something. I think it could be a pt 3 but maybe too soon to draw in?

Fair enough, I didnt see that was your next post. Anyways, 4 days in a row of selling off either into the close to new lows or, as we saw today, selling way before the close to new lows. That price action is pretty bearish imo. You shouldnt see this kind of thing in a continueing bull mkt but...

Nice call today LOL, if I had listened to you I would be down over 12+ and counting S&P pts since you posted this post. Guess timing really isnt your thing :D

Lol, whoops :D I guess this is what happens when you are trading, watching price action and trying to post on ET at the same time, something has to give!

actually its almost a 20 pt swing on the ES intraday so far, about 80 ticks but whose counting :cool:

Why?

Doubtful this time, look at how the mkt acts on every rally, this is not indicative of a continuation higher. I'm going strictly off of price action, Im not making any predictions based on my own opinions. Price doesn't behave like this when its strong.

I'm almost never one to make predictions based on how "high" or "low" the mkt goes but based off the price action the last 3 days, it surely looks like we have reached a top. Every rally had been sold off hard and fast and usually to new lows of the day. I dont remember seeing price action like...

I agree, I dont know what it was exactly but everything seemed to work out perfectly based on my channels, gaussians and ym points of change. I was telling a buddy of mine that I think today was the easiest day I've seen since I started. My hopes are that its not the day that was fairly easy...