YM Traders
- Thread starter volente_00
- Start date
If you sell something you do not own then you are shorting.
If you sell something you do own then you are just selling.
To keep progie straight perhaps we should start saying short selling when we short YM.
Quote from joecgoodman:
Volente 00, I'm enjoying your posts.
May I ask a couple of questions?
(1) What is the T Day Theory?
(2) What is the Rule of 20?
....hmm, my apologies....guess that turned out to be three questions.
Do a search, it it pointless for me to keep posting over and over.
CW explained rule of twenty in a nutshell.
Not sure about the toothbrush post, I guess that was the vodka talking in him.
Summary
T day theory.
MWF short bias
T days long bias
Short the up spikes and gap ups on MWF.
Buy the gap down and down spikes on T days.
10:30 is a important time when trading
rule of 20 says YM moves in 20 point intervals, batches, porgies
If market is trending down and you want to fade the move, wait go long when it drops 20 points fromt he previous low and if done properly you should be able to grab 8-10 ticks on the retracement.
If market is trending up wait for it to move 20 points over the previous high to short and then cover on the 10 point retracement.
T day theory.
MWF short bias
T days long bias
Short the up spikes and gap ups on MWF.
Buy the gap down and down spikes on T days.
10:30 is a important time when trading
rule of 20 says YM moves in 20 point intervals, batches, porgies
If market is trending down and you want to fade the move, wait go long when it drops 20 points fromt he previous low and if done properly you should be able to grab 8-10 ticks on the retracement.If market is trending up wait for it to move 20 points over the previous high to short and then cover on the 10 point retracement.
I don't think you'll get many specifics from ET members. And that's a good thing!! You must find YOUR edge.
That said, here's a link you might find useful. http://www.infinitybrokerage.com/futures/eminieducation.aspx
Also, the CBOT site has some good info. http://www.cbot.com/
Specifically, Webinars, Tutorials, and Strategies, all under the Education menu.
There are also many books (some that are even good) to help with technical-based trade setups, and even more important, money management. You may also want to look into existing, proven, automated systems.
HTH
Osorico
volente, what is your outlook for the market going out lets say 6 months?
bullish. bearish. or neutral?
which is it?
bullish. bearish. or neutral?
which is it?
Osorico,
Thanks anyway friend. Some others have offered help. But if you have a change of heart, I'd value your experience as well since it appears you have certainly found your edge.
For what it's worth, I'm not a lazy mooch that just woke up yesterday and decided to trade futures, and figured the shortcut would be to just have someone hand me the holy grail on a silver platter. I've spent hours a day for a year now, lost two accounts, etc. A year really isn't very long in my opinion. If you were profitable your first year, great. I certainly wish I could say the same. Like you say, I need to find MY edge. I do read the books and I do go to the free sites as you suggested. 95% is a waste of time, but that's the only way to find the 5%.
I subscribe to the Pile Theory. If your pile of cash is bigger than mine, I'd like to know how you do it. If you don't want to say, how can I complain? It's not like I have some kind of right to the help of others. Perhaps that's why I appreciate it so much when it's offered.
Kind regards,
Joe
Thanks, volente. I had done a search but found limited information. But the concept itself is very helpful to me and I appreciate you sharing it. I'll be watching it during the trading day now as well as going back over old charts. Thanks again. Looking forward to your posts.
joecgoodman
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Read this as your starting point
1. www.ensignsoftware.com/tips/tradingtips38.htm
2. http://www.nqoos.com/PriceAction.htm
3. 1-2-3 reversal ( http://www.dacharts.com/123.htm )
4. 2B reversal ( http://www.dacharts.com/2b.htm )
5. LAW OF CHARTS by Joe Ross (http://www.trading- naked.com/library/Law_of_Charts.pdf)
6. Traders Trick Entry by Joe Ross
(http://www.trading-naked.com/Articles_and_Reprints/Traders_Trick_Entry.pdf)
Above 6 should set you up conceptually after that read up on various price patterns.
See if you can put together a trading plan and then use the plan to see if it is something that you think you can follow. If not then continue researching for price patterns/edge that you can trade in your sleep.
Finally go to ensignsoftware, http://www.ensignsoftware.com/download.htm and download
e-chat, visit B-Line room and find Buffy. She will be more than happy to teach you everything about price action. She is an angel, answers same questions over and over and takes delight in seeing traders find their own holygrail.
One word of warning! There are lots of sharks and con artists roaming around ET for their prey, hoping to catch newbies, please stay away from them.
Good luck, it will take 2-3 years to become a profitable trader. Stay with it!!
-----------------------------------------------------------------------------
Read this as your starting point
1. www.ensignsoftware.com/tips/tradingtips38.htm
2. http://www.nqoos.com/PriceAction.htm
3. 1-2-3 reversal ( http://www.dacharts.com/123.htm )
4. 2B reversal ( http://www.dacharts.com/2b.htm )
5. LAW OF CHARTS by Joe Ross (http://www.trading- naked.com/library/Law_of_Charts.pdf)
6. Traders Trick Entry by Joe Ross
(http://www.trading-naked.com/Articles_and_Reprints/Traders_Trick_Entry.pdf)
Above 6 should set you up conceptually after that read up on various price patterns.
See if you can put together a trading plan and then use the plan to see if it is something that you think you can follow. If not then continue researching for price patterns/edge that you can trade in your sleep.
Finally go to ensignsoftware, http://www.ensignsoftware.com/download.htm and download
e-chat, visit B-Line room and find Buffy. She will be more than happy to teach you everything about price action. She is an angel, answers same questions over and over and takes delight in seeing traders find their own holygrail.
One word of warning! There are lots of sharks and con artists roaming around ET for their prey, hoping to catch newbies, please stay away from them.
Good luck, it will take 2-3 years to become a profitable trader. Stay with it!!