ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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you will never read anything of value or worth while in any book (except douglass) but generic,regurgitated nonsense.
i actually have 2 sources for you.in the late `90s when i started trading & gathering as much info i could muster,i turned to an educational service called idx ventures....good service & learned some but took alot of heat shorting a bull.when vol was wild back in the day 30 handle/300 point dow swings...i started calling the 10/100 rule x 2 & 3 for the regular 10/100 measurment that he would always mention.
#2....when i traded prop in `99 for a firm here in northern NJ, i was fortunate enough to be situated at the top desk & across from me was the best trader in the pack,also named steve.
along with equities ,he would trade diamonds & Spy`s in sick size....as i mentioned the 10/100 rule to him,thinking i was showing him a thing or two,he showed me this entire algo based on fib,10/100 rule & some ma`s.....that would kick him buy/sell signals...especially during hi vol times,it sounded like a pinball machine going off.
i`m not doubting that you fell on this discovery yourself through many hours of observation but i need to inform you that you certainly did not invent it.....as i`m sure it`s been around long before i started in `97.......i do not use 10/100 rule just for the sake of using a 10/100 move but i need a couple of confirms to coincide to take a trade off it.
i`m glad you`ve asked me this so we can finally put this thing to rest once & for all as this thing has gone back & forth a few times.
Excuse moi, but I already did. I posted about the top one day AHEAD before it happened, on Thurdsay, and I posted another chart with my expectation how the BBs will narrow and I said the SPX will zigg-zagg between them. I used MS Paint to draw the app. lines of BBs, I know, now very classy, but fast...
OK, here it is again:
http://elitetrader.com/vb/showthread.php?s=&postid=1638525&highlight=BB#post1638525
Spooz, man you're tak'in on all comers!
Thanks for the anecdotals, and also, to try to keep things on a positive note (more or less), what you, Vol and Pekelo are doing is showing other traders HOW you actually LEARN how to trade.
The subconscious mind sees the same patterns over and over and over and over and over again, eventually it comes to the awakened consciousness.
Then through the process of continuos work and sharing of ideas with others, that knowledge is developed and refined to the point where the trader develops a greater and greater awareness of what is happening in the markets at any given moment, and can act on that knowledge to make profitable trades.
I'll be look'in to get my Short on soon.
Good trading,
JJ
P.S. ... and that thing about the books, they're good getting generic knowledge, (but the internet is so much better), and some would argue that the Market Profile books (Mind over Markets for instance) and the auction market theory proposed in them are of value.
looks to me the bulls are trying to form/build out a reverse diamond to counter the bigger one........if this builds out like i think it might......should be tight action here into the pm session.
a lower lo..below 50 should be bought aggressively if it stays within the build out phase.
dow/ym doing the same.....
a lower lo..below 50 should be bought aggressively if it stays within the build out phase.
dow/ym doing the same.....
<i>"#2....when i traded prop in `99 for a firm here in northern NJ, i was fortunate enough to be situated at the top desk & across from me was the best trader in the pack,also named steve.
along with equities ,he would trade diamonds & Spy`s in sick size....as i mentioned the 10/100 rule to him,thinking i was showing him a thing or two,he showed me this entire algo <b>based on fib,10/100 rule & some ma`s.....that would kick him buy/sell signals...especially during hi vol times,it sounded like a pinball machine going off."</b></i>
Now that's gotta be an outright lie. There are experts right here in ET with massive threads telling you how TA is bunk and does not work. Haven't you taken that to heed? Better tell your friend that the money he made was based on pure falsehood drivel (massive belly laugh)
*
We used to watch the SPX bounce inside 10, 20 and 30pt rolls during the 99 - 2002 glory days. It was customary for the SPX to turn at 10pt marks, OEX likewise at 5pt marks.
I used to figure that "rule of ten" was due to strike prices with major volume at round #s and x10 strikes OEX / x25 strikes SPX. This is when eminis were just hatchlings or in some cases not yet invented. Index options had all the volume back then.
Certainly something that obvious and blatant has been observed in the markets by many, many traders for a long time.
along with equities ,he would trade diamonds & Spy`s in sick size....as i mentioned the 10/100 rule to him,thinking i was showing him a thing or two,he showed me this entire algo <b>based on fib,10/100 rule & some ma`s.....that would kick him buy/sell signals...especially during hi vol times,it sounded like a pinball machine going off."</b></i>
Now that's gotta be an outright lie. There are experts right here in ET with massive threads telling you how TA is bunk and does not work. Haven't you taken that to heed? Better tell your friend that the money he made was based on pure falsehood drivel (massive belly laugh)
*
We used to watch the SPX bounce inside 10, 20 and 30pt rolls during the 99 - 2002 glory days. It was customary for the SPX to turn at 10pt marks, OEX likewise at 5pt marks.
I used to figure that "rule of ten" was due to strike prices with major volume at round #s and x10 strikes OEX / x25 strikes SPX. This is when eminis were just hatchlings or in some cases not yet invented. Index options had all the volume back then.
Certainly something that obvious and blatant has been observed in the markets by many, many traders for a long time.
Yeah, I saw the NQ taking off to the upside, so I had to hold off any potential Shorts, the indicie, while not strong, are firming up, and the VXO does not show any stress.
***
Adding my version of Pekelo's chart to the mix, I may get an opportunity to short, at 1554 or so, but the strong selling probably has abatted for the moment.
Good trading,
JJ
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