That's my Johnny!!
Daytrading Breakouts in the ES
- Thread starter Johnny Rotten
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That's my Johnny!!
Mr. Rotten,
Out of curiousity, did you make this method up yourself? Read about it somewhere?
Out of curiousity, did you make this method up yourself? Read about it somewhere?
I'm using the same indicators as I am for my breakout trading. I'm not using all their fancy-schmancy computer crap to define ranges for me. I can tell that by looking at the damn chart. I'm actually a little suprised you have this attitude. You have already said you have a few other tricks up your sleeve for varying condition, so what is wrong with this one? More often than not when you are in a ranging day the ranges will hold. This gives your trades a high probability of success. And in this case it kept me interested and I was able to catch the move when it broke out of the range. Anyways, I appreciate your help. What is different about your other methods that you like them, but not range trading?
spiders, the 1/10th of the SPX that trades on the AMEX. Sorry for the mix-up.
If the SPX is at 1007, the SPY (spider) will trade at about 101.4. It's 1/10 the value of the index, and then add about .7
My feeling is that the market will make a marginal new high, and that will be a fake out, rather than a break-out. I think a significant correction will occur after the SPX makes a marginal new high.
My question was: would that marginal high (maybe 102.10 or 1015) be considered a "break out" in your system, or is the final accessment discretionary?
I was referring above to the spiders, and it does seem that 102.10 is resistance, like I've been saying. Does this make better sense?
If the SPX is at 1007, the SPY (spider) will trade at about 101.4. It's 1/10 the value of the index, and then add about .7
My feeling is that the market will make a marginal new high, and that will be a fake out, rather than a break-out. I think a significant correction will occur after the SPX makes a marginal new high.
My question was: would that marginal high (maybe 102.10 or 1015) be considered a "break out" in your system, or is the final accessment discretionary?
I was referring above to the spiders, and it does seem that 102.10 is resistance, like I've been saying. Does this make better sense?
No. I don't follow the SPX and SPY and I don't want to. You see I'm too stupid and thick to add more things to analyse. I'll stick with my four symbols - it's all my moron brain can handle. That trade can be assessed without looking at other markets and my reasons for not taking it are on Page 47. I've no idea whether one trade will be a fake-out or breakout until I utilise my amazing powers of four market discretionary analyis
My other stuff involves the exact same charts with the exact same two indicators - that's why. I consider the whole concept of 'range trading' akin to trading among the shit. It's not a place I want to be.
I'm always open to improvement on the basis of keeping things simple. But that other thread is talking about adding Market Profile, Value Numbers and possibly a slew of other indicators ...all with the express purpose of helping you be a winner on days like Tuesday, when anyone with half a brain can see the best thing to do on such days is nothing. It's inherent philosophy of trying to develop tools to help you win ALL THE TIME is fundamentally flawed and will lead people nowhere. That's why it's bullshit!
Did anyone notice how the thread title got changed from "Es" to "ES"? I asked one of the policemen to correct my typing mistake and they did. Someone in Establishment must love me
First of all I did not ask you for your personal financial details from you, only for number of trades and % of winners this method could produce
. Am I the only one who would like to know this ?
You should have just tell me that you do not feel like doing it and that would be it. You decided to make it personal and called me names .
So for a record , You are full of shit when you posting that you do not know how many trades you did. You just do not want to include losing ones.
According to my records you have only 45 % of winners, if you follow your rules, and I just wanted to compare my records with yours to see if I am doing it right.
Because you got sooo touchy I am convinced that results are not that great.
Walter
It's all mine, baby. Of course it's entirely possible that someone before me has put together similar stuff which I don't know about it. If I had plagiarised it, I would have no qualms admitting it!
I believe that the key to my success with this method is waking up in the morning and telling myself that I am a idiot. That I must only do simple things because I am stupid. I cannot tell you how much money I have lost over the years by telling myself how clever I am
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