If you want to fail as a trader, study TA

[wrbtrader]

Quote from goldboy:

...Once again it's the MASS of capital and not the mass of traders that moves markets and stocks etc.

With this realization the entire TA premise is clearly flawed

You do know that there are some technical analysis methods involved around the MASS of capital as you call it while others are involved around the MASS of traders and I'm not talking about technical indicators. :eek:

think outside the box

Mark

 

[wrbtrader]

Quote from goldboy:

well. Ok. But how on earth do you know the whims of those that control the mass of capital? How do you have any clue when they decide to buy or sell sending the market in gyrations? Truth is you or anyone haven't the slightest idea

Quote from goldboy:

...It us controlled by the MAss of capital that can be controlled by one person...

Behavioral science market theory goes out the window once one understands that the entire market can be moved by one person who has an agenda or whatever...

You should educate yourself about the Hunts and what tools they used prior to deciding it was time to corner/manipulate a particular market.

The truth is that you're running around making blanket statements with one hand while holding up a chart with the other hand...contradiction.

Chart analysis is still TA even if you remove the b.s. indicators.

think outside the box

Mark

 

[odlareg]

AR + BE + PE = GM?

Adequate Range + BE + PE = Good Money

Nothing on market Profile here.

TE, what is the level of importance of BE/PE in the range of 1-10,
10 being very high?

Starts to be a zoo here with all the falcons,gulls, deaddogs and sponges. I am more into planting potatoes in woods belonging to others. I like Sponges though, and rabbits.

MK, what are you saying with the documentary?

 

[Redneck]

Quote from The Expert:

Now, for those who can think for themselves, what do we have here

TE

Well TE,

If I were guessing – $1.10 (.37) .14

But then it doesn’t pay for a dumbass redneck to guess – does it

See Ya
RN

 

[wrbtrader]

Quote from goldboy:

No charts here for trading. Only for analysis and illustration...

This is the typical ambiguous excuse used by TA bashers. You guys don't use charts for trading but you use charts for analysis and illustration purposes only.

I'm curious, what does your chart analysis tell you about GS ???

Please provide an example of your chart analysis of GS so that we can understand that it's not technical analysis (I don't expect you will).

Quote from goldboy:

...Now, every billion dollar hedge fund manager can throw the market at any time for any reason, or whim. Even some they can't control, like the redemption of a large client will force selling...

I strongly agree.

Quote from goldboy:

...Are you saying that TA can predict these random market moving events by studying past price and volume?...

I never said that nor implied such. Also, I don't use volume.

think outside the box

Mark

 

[Pekelo]

Quote from goldboy:

Are you saying that TA can predict these random market moving events

Nope and probably nobody EVER said that. TA can predict the NON-RANDOM events, that occur repeatedly..

Fucking DUH.....

 

[Mysteron]

Quote from The Expert:

Off you go then dg, but be careful, as you might be chasing a dead dog

The Expert does not engage in silly and time wasting activities.

Now, for those who can think for themselves, what do we have here

TE

One more thing, the gap down on 22nd would have stopped out long trades on 20th, producing panic. The gap down on 29th would have stopped out long trades on 28th with tight stops, it just looks malicious with the previous green bar, at least with hindsight. Smart money preying on the retail herd? In each of the gap down days the range was > 50c. So gap down days are to be sought after as they can lead to larger than normal ranges? Provided the average daily range is at least 50c. I know, I've been told before not to get hung up on gaps.

 

[The Expert]

Quote from macattack:

TE,

Regarding the levels or boxes...........................is there only one specific way to choose these levels, or is it up to me as to which levels I deem to be important (or which I think the Generals deem important actually)? I would assume that 1 important level is the "open" for the day. Others would begin with the higher timeframes working your way down?

As for the futures/cash divergence and the TICK readings is it at the "levels" that these 2 criteria become most important?

Also is "market profile" something one needs to look into, or would that just be a waste of time?


Thought this was interesting:

Move together
10 million Starlings in Rome were also shown in the documentary, swarming in a similar style to shoals of fish. Gulls looking for a meal dive-bombed the flock; the Starlings responded by opening a pathway through the flock that closed after the attacker had passed. A Peregrine Falcon picked up the attack, able to dive at 220 mph. The strategy for the Starlings this time was to stay together in close formation. At 220 mph the falcon would take out a number of Starlings, but would also do itself untold damage.

The Starlings achieve this movement by sharing a common goal: survival. Each bird keeps an eye on the seven birds nearest to it and each bird acts and reacts based on what others are doing. While a bird may share some of its neighbour’s contacts, they could have up to six other contacts. These connections help develop the distinctive ebb and flow of a flock of birds.

Very good questions MK, especially the MP one, and, what prompted that?

I have used MP in the past, mostly for trading the ES using the value area and the 80% rule, and, it is, lets just say, valid, the reason being that some floor traders use it for arb trading with the ES and main S&P contract. A certain fellow sells this course for around $3K, which I bought many years ago when I was an idiot, and, which I might gladly part with for free if I am convinced that the requestor is willing and able, as I no longer trade that way of have any use for the material in the course, as my main focus is now US stocks, not the ES.

OK, and not to go off on any wrong tracks, as this thread is a general one, but when The Expert talks about trading he is mostly talking about daytrading for US stocks only, and, no positions held overnight, so, gaps never have to concern us until the US market opens

The bar chart, or candle for those who use same, is made up of 4 levels, the OHLC, and, ALL of these levels are important for daytrading, so, yes, you MUST be aware of ALL when you are trading, not just the last one :eek:

Do not try to run before you can walk correctly, for, otherwise you might encounter many hard falls.

I like the bird story btw, and, with that, who knows what this is?



TE

 

[The Expert]

Quote from Mysteron:

I was shooting from the hip before as its obviously not an intraday chart.

Its a daily chart showing 3 levels, I'd have thought a more logical place for the bottom one would be at 76.0 which is at the bottom of 3 bars, a support/demand area. The top of the WRB is testing supply which was absorbed as shown by the close below the NRB level and the close above the bottom level. The NRB indicates that supply has/is trailing off and the bottom support is holding. Seems a good place for pro traders to buy, so watch next days price for evidence of their activity. If the chart is for a stock I'd be curious to know what the open interest is, as the price action on 29th April WRB would have caused shorts to cover for any SL between the NRB and WRB levels.

When you daytrade you MUST also use the daily chart, for, it is GOOD to know what has happened, and not waste time on thinking what might happen, for, TIME = MONEY, remember

What is the main reason for seeking out the right horses to back?

If all the horses in the race are favorites, are our odds of winning not greatly improved, no matter what horse we back

And, to make it even better, we do not have to place our bet before the race starts, now, go and get a bookie to give you a race like that every day to bet on

One can, if one so desires, keep a close eye on OI and changes in same, but, it is really not required and just wastes more time, for, you know what is next T=M

If you are daytrading then daytrading it is, and everything else is put out of the mind and not pondered on, for, in order to make GOOD money daytrading, you MUST be focused and fast, for, with all the automated stuff kicking in, you can get caught out for no apparent valid reason, for, it is all a gamble, after all.

Play the odds and take your money off the table when you have it, do it repeatedly and never get greedy, else, you WILL give it all back, and maybe even some more with it :eek:

TE

 

[The Expert]

Quote from goldboy:

No charts here for trading. Only for analysis and illustration.

Well, back in the day, when there was only one trader with the size of the Hunts-- it may have been very different. Now, every billion dollar hedge fund manager can throw the market at any time for any reason, or whim. Even some they can't control, like the redemption of a large client will force selling.

Are you saying that TA can predict these random market moving events by studying past price and volume?

If so, you are very naive' about how markets really work.

Maybe it works for some, but, to try and daytrade without charts, is like trying to eat without having any hands.

TE