Are you one of the best in your field?

lol.. read the "first post" in this thread and couldn't figure out who steve was talking to, although I thought it must be some CW-like wannabe... then I realized it IS coolweb!! I have him on ignore, so I couldn't see the actual first post.

Anyway, when it comes to hammering coolweb into the ground with his own words, I am one of the best in the field for sure. Just check his journal thread, which he eventually had to shut down because my continual copying and pasting of his own mistakes and contradictions was becoming too difficult to evade.

Hey cool, I am not going to be able to see your response, because I can't see your posts any more, but I am just wondering, for the benefit of the others here... have you paid off that $340,000 credit card advance you said you took out to fund your trading account? For anyone who is interested, it's all in the journal; he says that he has a $340,000 account then he says he has taken a loan out on his credit card to trade with.

And what about that challenge you made, the one where you said you would start with a $10K trading account and trade it up 30% in one week by taking 10 contract positions on the ES and using your entry as your stop? I think Steve Tvardek and one other guy came on within less than 10 minutes of your post and said they would take your offer of 2-1 money on that bet. How did that turn out? You made that challenge after some of us asked you to clarify apparent contradictions in your posts. Do you recall that? Once again, for anyone who cares to check, it's all in that thread.

Take care, coolweb

PS - he has 16% positive votes in that poll, but 3 of those respondents are coolio himself using an alias, so I think it's more like 3 or 4 positives, and lil duckling is one of them...
 
Steve46

1. After your market opens, what is the average length of line of the first move?
2. When (at what time during the session) does your market usually correct or consolidate?
3. What is the size of the average consolidation?
4. How do you differentiate between a retrace and the next leg or swing move?
5. At what time during the day is your market likely to move more than 2 points?
6. How do calculate your max stoploss?
7. Do you always keep your discipline and stop out, or do you use discretion and hold from time to time?
_________________________________________________

I think the above pointers merit a further disccussion. I don't have a problem with question 4 and the last 2 but the rest need further research/observations on my part for the market I trade which is YM.

When I was learning market profile, I used to break the ES day into 3 sessions having read Bill Shaman's daily analysis. I found the exercise very useful.
 
Quote from coolweb:


Nobody answered my initial question.
"Are you one of the best in your field , if so explain"
More...


OK, because you asked:
Yes, according to my wife I am the best in my field! As for explanation, use your imagination! :)
 
Quote from traderNik:

.

Take care, coolweb

PS - he has 16% positive votes in that poll, but 3 of those respondents are coolio himself using an alias, so I think it's more like 3 or 4 positives, and lil duckling is one of them... [/B]
More...


First of all i didn't vote in that poll. Second, just because everyone is all in agreement with something... means nothing to me. I don't fall for the peer pressure game. Weather coolweb is for real or not has no bearing on my trading.

Finally to set the record straight.....I have only one alias since i came on here.... which is lilduckling. A handle that hardly suggests someone with an ego.

Happy trading
 
I'm outstanding in my field.

I just hope my neighbors don't see me because they'll think I'm ridiculous with this weather.

:D :D :D

These threads and personal attacks are getting very BORING.
 
Steve46
1. After your market opens, what is the average length of line of the first move?
2. When (at what time during the session) does your market usually correct or consolidate?
3. What is the size of the average consolidation?
4. At what time during the day is your market likely to move more than 2 points?

__________________________________________________

Why personal attacks? Steve gave us food for thought, why not discuss the above 4 in relation to the market that you trade and compare notes?
 
I don't want to pick on Samson. The poor guy is an easy target.

Many traders fail to see the importance of these questions (as you already know), and so they havent done the homework.

This is really about preparation. Are you (any of you) willing to take the time to prepare correctly and then to put it on the line, knowing that some of the time you are going to lose money.

Many will say yes, but few will actually do it.

That is why you have so many comments that lack substance.

Check out today's Russell chart. You can see a couple of things that might help you.

First as relates the the initial move. Look at the open and how it goes to the nearest resistance. How big is that move? I can tell you this isn't the first time the market has done this. That first move just happens to stop right at the daily pivot. For this market, the daily pivot is often your first target. Look to the right and you see yesterday's price at end of session. This was a test of that price range. Again this often happens. What I am saying is look at your market and learn to observe the action. Learn to characterize the price action 1.) on the open, 2.)during the lunch hour, and 3. At the close (last hour).

What you will notice is that there are several "types" of days, that you can learn to anticipate. Check out range during these times and you will start to see patterns that you can use.
 

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steve,

That looks great AFTER it happened please tell us what is in store for the rest of the day "o mighty trader" ... :p

Here's my take on todays price action.

Some consolidation and another leg down.

When and Where I don't know yet but I'm not trading till the New Year because these kind of markets are either way to volatile or there way to undirectional, it's the only time I actually pay attention to seasonality.
 
Sure that is a good question (one of the few you have posted).

As I have said before, calling the open is the biggest challenge for a trader. The way the markets have developed, you have to learn to call the open and make some money right away, because after the first hour or two, the volatility drops off, and your risk/reward becomes problematic.

This is why you need to study the opening hour in your market.

For my market, I look at the range over the previous week. Specifically, what was the range during the first and second hour for the previous week. Check out either the Russell or your own markets and get back to me. What was it. Then compare to todays action. Was it close? or not.

The next step is to characterize your markets action in the tranistion periods between the first and second hour. Once your market moves through the initial open, what does it do. Does it retrace or consolidate? What you want to do is to ask yourself, how do I know whether a move is a retracement leading to a continuation, or whether the market is starting a new leg or swing. Again you have to refer back to the previous week or month. You can get the answers, but you have to do some homework.

So lets go back to Samson's very important question. How do we know in advance what will happen. You see this is a newbie question that reflects a lack of interest in doing the work. He wants a single answer that lets him coast, and allows him to trade without putting it on the line.

The truth is we don't KNOW anything, we just look at the history of the market, compare it to what we anticipate for the next day, and then we react to what we see.

For my market, the Russell, I am remembering what happened last week, and reacting to what I see when the markets open. I watch the cash markets (the SPX, OEX and DJX), the VIX, and the volume, I look at the screen and I watch price move up or down and at some point, I make a bet that price will either move toward a resistance or support area (usually a pivot) or to test the previous sessions high or low price. Again I am playing the percentages. Is everyone following. For an index trader, this is all about "tests". Price either takes out a price point, or it fails. We then react accordingly.

Good question Samson. Now lets see if you make use of any of that to improve your "trading". After all, we are expecting great things of you in your forthcoming journal. :D

Steve
 
Yes Samson:

I noticed your "take on the market"

You are right not to trade. You don't have a feel for the action and you would likely lose money.

That is a smart move on your part.

Now the question is can you do the homework to close your deficit? After all most of the money is made on the open. Can you learn to call it accurately, or better still can you learn to structure the way you see it, so that you have a strong cue when to go long and when to short. Where is that line in the sand for you?

See I am willing to point a finger in a direction for you or anyone, but not to serve it up with fries :D

IF you had looked at your market, and saw that it moved say 2 points within 30 minutes from the open most days, wouldnt you be looking for continuation if today it moved past that point on strong volume? Today was that day, but you didnt do the homework so you didn't have a play to make.
 
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