S/R Emini Journal

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Quote from yvberj:

What it all boils down to is, what your comfortable using. In this business there is no right or wrong. It's what works for you.

Unlike what people may think, it's not an easy business. You're working for every penny you make. I wish I had a nickel for those that have tried to make a living at this and failed. I probably wouldn't have to trade anymore. :)

Alex
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I think Gary's way is THE best way to trade for most retail traders that do not have the time to research, we have a tendency to over-complicate things most of the time only to realise we have to go back to basics one day. 50MA on 5 minutes is different to 50MA on 20 min TF, so which one do you choose? Gary, I love your work man.

EDIT: And I love your pool an all :D
 
Quote from 4re:

That is fine as long as you learn as much as you can about them and trade it the same way day in and day out. I think MDT was saying yesterday you could trade the flag pattern all the time and that is all you need. I too like the flags. I could trade that pattern everytime and be very profitable. In fact I do sometimes trade it, I just keep quiet about because my S/R numbers is what I mainly base my trades on. Just stay consistant is what I am trying to say...
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Actually, Linda B Rachke said that.

I'm probably the dumbest trader you know. I don't use indicators. I don't use oscillators. I don't use volume. All that stuff is too subjective for me. I play simple breakout trades. I have a few different set-ups but you'd be surprised at how simple they are. And I try to play 'em in the most volatile part of the day.

It works for me but might not for others. That's cool. There's many ways to make $$$.

MiniDowTrader
 
Quote from romik:

I think Gary's way is THE best way to trade for most retail traders that do not have the time to research, we have a tendency to over-complicate things most of the time only to realise we have to go back to basics one day. 50MA on 5 minutes is different to 50MA on 20 min TF, so which one do you choose? Gary, I love your work man.

EDIT: And I love your pool an all :D
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Thanks, Romik...I also respect what you do as well. And if you are in the neighborhood stop by for a swim. Have you ever been to the states?
 
Quote from MiniDowTrader:

Actually, Linda B Rachke said that.

I'm probably the dumbest trader you know. I don't use indicators. I don't use oscillators. I don't use volume. All that stuff is too subjective for me. I play simple breakout trades. I have a few different set-ups but you'd be surprised at how simple they are. And I try to play 'em in the most volatile part of the day.

It works for me but might not for others. That's cool. There's many ways to make $$$.

MiniDowTrader
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I knew that but I didn't know how to spell her name...I can spell MDT... I like the simplicity of the breakouts myself but a couple of the guys I have mentored said it was too difficult or them to understand. To each his own, though.
 
Quote from romik:

I think Gary's way is THE best way to trade for most retail traders that do not have the time to research, we have a tendency to over-complicate things most of the time only to realise we have to go back to basics one day. 50MA on 5 minutes is different to 50MA on 20 min TF, so which one do you choose? Gary, I love your work man.
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K.I.S.S. I'm sure you know what that means. Which MA in which TF may be a bit subjective. Using today as an example for short term trading. If you had used the following:
100 ma for the 3 min.
50 for the 5 min.
20 for the 15 min.
10 for the 30 min.

This would have been a very realistic resistance guide (since today was a down day) and for pivot points. If it were an up day, these would probably have been used as support.
 
Quote from 4re:

Thanks, Romik...I also respect what you do as well. And if you are in the neighborhood stop by for a swim. Have you ever been to the states?
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I been to Vegas, San Diego and Los Angeles. I really enjoyed getting smashed in Vegas courtesy of the Bellagio. I didn't appreciate not being let into Studio 54, as the bouncer fancied my girlfriend he wouldn't let me into the club as I had no ID. Come on! I was 27 at the time, no way I looked under 21. I loved the time I spent in the US, great fun!
 
MDT,
I am going to plagerize a bit from Thomas Bulkowski this weekend about trading the flag pattern. I was reading his book last night Getting Started in Chart Patterns. He has some good info in there about this. I will post it in here when I am done.

Gary
 
I've gotto run. Have a good weekend everyone. Talk to you on Mon.
4RE: I haven't read his book, but would be interested in what he's saying about FLAGS.

Alex
 
Quote from yvberj:

K.I.S.S. I'm sure you know what that means. Which MA in which TF may be a bit subjective. Using today as an example for short term trading. If you had used the following:
100 ma for the 3 min.
50 for the 5 min.
20 for the 15 min.
10 for the 30 min.

This would have been a very realistic resistance guide (since today was a down day) and for pivot points. If it were an up day, these would probably have been used as support.
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it's a band, right? I am kidding man. The point is that the only true MAs are on weekly, perhaps daily and the only one I have time for is 20MA on short term TFs, though I only look at them to see where my position might see S/R. All I am saying I guess is that looking at MAs for signals, especially when using multiple MAs and TFs, is quite complex.
 
Quote from 4re:

MDT,
I am going to plagerize a bit from Thomas Bulkowski this weekend about trading the flag pattern. I was reading his book last night Getting Started in Chart Patterns. He has some good info in there about this. I will post it in here when I am done.

Gary
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Yeah. That book's laying on my desk. I'm gonna run through it again this weekend.

Gotta take the wife out for her birthday dinner.

Have a nice weekend everyone.

MDT

btw...I have a KISS t-shirt!:D
 
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