Quote from joe4422:
There are so many levels, but the important thing is execution. Take pivots or market profile value areas. They're amazing things, but they really don't help anyone get into trades. Either they work, or they fail. At the end of the day, they're all worth about a big bunch of coin flips.
I don't follow other items provided by The Exchange. They are a new company providing marketing for traders. Very good people.
In any event, I'm posting over in the Journal under Trading for a Living. I'll answer this post, but I'm responding at this point only on my posts in that forum. If you check last Friday, I posted a graphic of my targets that morning and gave my opinion. Notice I say opinion and not recommendation. I've been registered for over 30 years, so I'm careful not to cross the lines of being an advisor. Regulators get a little sensitive about that, even if you're not gaining financially from the advice, which, in the case of Elite Trader, I'm not.
Attached is the graphic of the past week including ALL of today, Monday's, price targets, which were calculated after the close Friday. Remember, that every one of these price points are the most probables depending on the type of day today will be. That's the part I don't know until the premarket and again right at the beginning of the opening range.
Let's take Friday and today for discussion. Prior to Friday's open I stated which were the relevant prices, which you see on the chart. And, as you can see, my two nearby prices were not ony hit, they, as I've stated in previous threads, once they're reached, can become their own P/R levels. Also, the next up target was validated at the end of the day. I stated in the other forum thread, prior to it occurring, that the opening range looked mediocre, and in the case of this market, that's not bad. Consequently, I stated that, should the market sell down to the cash 1205.55 level, that that looked like a good pickup and if so to look for the first up target to be reached, which it promptly did.
Please appreciate that this is all an experiment for me personally. I've been doing this for over 30 years and in many different capacities, from small private firm relationships to major institutions, and now I'm kind of going to a different phase of life, never quitting but wanting to diversify my personal interests a bit more.
This seems to be a great conduit, as Elite Trader seems to have a very wide spread of talent and experience. Most seem to be individuals aspiring to be traders, and others who have been and are very successful. I haven't decided entirely what I'm going to do with this. All I do know is that I love both the trading and general investment business; it's the only thing in which I've ever been involved professionally. I want to be able to be an assist. I've created a website in which I'm in the process of inviting people from Elite Trader to join at any time during the day for live discussion on GotoMeeting at no charge to them. It will be a paid site for other subscribers, but not for Elite Trader members, since, as I mentioned, this is still in the experimental stage for me.
Finally, getting back to your comment about coin flips. I'm assuming you never saw Friday morning's comments. I've been in this business way too long to waste either my time or anyone else's. If I continue doing this on Elite Trader, it will be for two reasons: Assist learning and to give reliable information...and to give it ahead of time.
This response took a little longer than I expected, and we're right on top of the opening bell. Right now my extreme prices are off the board; only the mid range prices. After the bell I'll tighten up my comments in the Journal.
From here, I won't respond any further to posts in this forum, but only the Journal under Trading for a Living. I hope you are doing well in your trading efforts.
