T-REX Journal - "Scalping 101"

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Quote from Baruch:

Very good idea (if I must say so). PS. Maybe you should inform Mark about your new thread?
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Yes - Having Mark there would be cool. I think as many people as read this, should PM him on their own, so he's convinced to come. :D

But honestly - Would love to have him on board. His sheer aggressive proficiency and news plays humble me, I am hardly a match for him. Yet he seems very much on my wavelength... It's a shame his journal is closed, though. Hope it'll open again soon... :)

CU on my thread!

S
 
Quote from Baruch:

Fine story. Maybe we also have insider trading before the big eco news? I don't know if it's illegal? Who should be the insider? Greenspan?
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Maybe, but I like to explain it this way.

If the market rallied ahead of the news then collapse after the announcement is that not profit taking?

An old technique on the floor is to "run-up" the market then crash it back down- "running stops".
 
Quote from Kicking:

"B1.) In a downtrend, sell every breakdown into new lows!
(Best Strategy)"


I don't think that works btw...
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Why not?

You must learn to think outside the box.
You must learn to "think" correctly before you can act correctly.

YOU MUST CHANGE YOUR THINKING!!!


BOTTOM LINE:

Unless you are able to find someone who can guide you through ALL the rubbish out here in the world of trading for a living, then you must be willing to spend at least $100k on an education (realtime trading) in the markets (with real money). After that there is still NO GUARANTEE that you will succeed at it.


THE REASON:

Successful trading is a closely guarded secret that few if any is really willing to teach you. Sure some things you will just learn on your own by trial and error but the vast majority of books and seminars on trading are truly hype and sensationalism to boost product sales. You have to read through sooooo much garbage that by the time you find someone worth reading or following, you have blown your capital.

SO WHAT:

I realize that no matter what I say there will be some who won't listen to a word I've said. I'm only speaking from experience as an X-Broker/insider who got 1st hand knowledge of the industry and I know what works and what doesn't.


WHAT DO I KNOW:

How many people do you know who has placed literally THOUSANDS of trades in just about EVERY FUTURES market, COMMODITIES, STOCKS, & FOREX?
I HAVE! I have seen clients lose HUNDREDS OF THOUSANDS $$$$$$$$$ in the markets!!!!!!
Trust me YOU WILL BE one of them.
I too would not be trading today if I did not have the privilege of seeing it done right before my eyes. OVER & OVER & OVER again in various market conditions!!!!!


SO WHAT / WHO CARES!!!!:

I do. I don't want to see would be hopefuls get all dissaullusioned about the whole idea of trading for a living.

That's why I offer "FREE" mentoring here at ET.



There are 7 phases of
emotional distress to becoming a successful trader.

Here are some of the various stages success:


STEP ONE:

Realize that Your a loser! (95% percentile) of ALL traders period. ESPECIALLY here at ET.

STEP TWO:

You will learn how to trade quickly but your risk capital will dwindle quicker!

STEP THREE:

You read every article in every issue of Stocks & Commodities magazine, Futures magazine, Barons, Forbes, Wall Street Journal, and IBD (preferably dating back to 1985), Read the works of Linda Bradford R., Warren Buffet, George Soros, Go to every Seminar across the country. Spend $10k on Trade Station and have someone to program the dog gone thing for you. Lose continually. Lose some more. Watch others lose. Give up and convince yourself that it just cant be done and that those that claim to do it successfully are liars!!!!
Become VERY VERY VERY discouraged!!!!!!!!!!!!

STEP FOUR:

Become depressed, get up and try it again. Lose some more. Trade less than before. Study charts and technical indicators. Determine that most standard Technical Indicators that come with your charting software are TOTALLY USELESS.
Quit trading again.

STEP FIVE:

developed your own system of trading based on your own risk tolerance and desired level of trading and your present commitment level. beside what time frame works best for you given your current lifestyle. Backtest the idea of your new system.

STEP SIX:

Trade your new system. Lose much money. Become discouraged again. Now you scream out loud with a loud voice--
"THIS SUCKS"!!!!! I'LL NEVER BE A TRADER!!!!

STEP SEVEN:

Go back to the drawing board. Stop trading against the prevailing trend. Make some money. NOW YOUR READY TO BE A TRADER AND READY TO SERIOUSLY TRADE FOR A LIVING! GREAT JOB.
YOU ARE NOW ON YOUR WAY TO VAST FORTUNE IN THE TRADING GAME AND YOU ARE NOW ON YOUR WAY TO GREAT WEALTH BEYOND YOUR WILDEST DREAMS!!!!!!


p.s. Unless you are prepared to go through the above harsh PSYCHOLOGICAL realities of trading these markets then-
"QUIT WHILE YOUR AHEAD"! YOUR ALREADY A LOSER!-
Don't THINK ABOUT IT EVER AGAIN IN LIFE.

FIND A CAREER THAT BETTER SATISFIES YOUR LACK OF COMMITMENT!
 
(Today’s BIAS) = “LONG” + Momentum.
(Swing Vix) = +.45 PulseScan (Overbought)
*Look for a possible intra-day "RVSL" @ 2nd trigger handle.

BreakOut: 1098.50
Resistance/Support 1096.00 /
2nd Short @ 1098.00 /
1st Long @ 1093.75

(Watch & Wait for support/resistance to be confirmed before entry. On occasion you may have to actually enter on the BreakOut or Resistance/Support “triggers” if Support/Resistance is confirmed but either the 1st or 2nd trades are not triggered.



*RULES:

(NOTE: ALWAYS trade in the direction of the BIAS/TREND.
If 1st Trade is triggered then use 2nd Trade as a profit target and/or Stop&Reverse.

NOTE: If prices collapse below the “Intra-Day SUPPORT” then use this level to catch the reversal on the “long” side. Likewise if prices rally above the “Intra-Day RESISTANCE then use this level to catch the reversal on the “short” side.

Intra-Day SUPPORT = Long above 1091.75 /
Intra-Day RESISTANCE = Short below 1100.25
_____________________________________________________________________________
 
TODAY'S PULSESCAN SWING VIX INDICATOR -
(See "Rules" for the indicator below)

The Yellow (Swing) Vix Indicator = +. 45 Overbought.

The Blue (Pulse) Indicator has now managed to move above the red line which signals a reversal in short-term trend with positive convergence crossing above The Red(Scan) Indicator and is now gaining upside momentum. Expect a down price channel to develope with some downside momentum in the short term.




*RULES:

Rules for the PulseScan Swing VIX Indicator The "Black" Line is your normal daily Stochastic Oscillator.The "Yellow" Line is your Signal line.The "Blue" Line is your Pulse line.The "Red" Line is your Scan line.

The rules on the Black line is 100 = Extreme Overbought
0 = Extreme Oversold. This is common with the normal Stochastic Oscillator function. However, as a stand-alone it can be very misleading as it can stay overbought or oversold for an extended period and is prone to false signals.

The rules on the Yellow line are +. 29 = Overbought
+. 40 = Extreme Overbought.
-. 29 = Oversold
-. 40 = Extreme Oversold(This is your lead indicator)

The rules on the Blue and Red line are - they both plot the current position of the market and move in lag to the Yellow signal line. Remember that The Yellow line is the signal line that you follow for the current days reading.

NOTE: It is important to remember that the Yellow line often will lead the mark et 3-5 days out!
So you need confirmation with the daily price action.
 
By now you should have your 1 min ES Chart up and have already read over today's trading plan and are aware of the game plan?

You should be watching the current price levels for failure attempts at a new high.

NOTE: ES 1100.00 is the psychological resistance level to break and close above today. Expect some hesitation and consolidation around the current price level before an attempt at a breakout.

According to the Daily & 60min chart (see a few pages back) the market still has some upside potential but expect a VERY nice pullback in the next few days. Trade the plan but watch for the reversal.

Any Questions???
 
So did you wait for 1091.75 support? which never arrived....or did you enter long at 1093.75?

Call your trades .....don't waffle. If it gets near one of your levels YOU should be the first poster in here teaching and training if you are sincere in what you do....


Michael B.



Quote from T-REX:

By now you should have your 1 min ES Chart up and have already read over today's trading plan and are aware of the game plan?

You should be watching the current price levels for failure attempts at a new high.

NOTE: ES 1100.00 is the psychological resistance level to break and close above today. Expect some hesitation and consolidation around the current price level before an attempt at a breakout.

According to the Daily & 60min chart (see a few pages back) the market still has some upside potential but expect a VERY nice pullback in the next few days. Trade the plan but watch for the reversal.

Any Questions???
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