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I endorsed Bill's opinion on using price action as the ultimate indicator
and a remain a major advocate of K.I.S.S. Okay, I confess that I
have a couple of line on my chart, but it is literally <I>a couple</I>
and more often than not when looking at a particular market I will remove
those lines and look at JUST the price action to confirm any trades that
I am about to enter or am considering.
<P>In times of extreme market moves, particularly when a position is going
against you it really does help to remove all indicators from the chart
and just look at what the market is telling you in its own language rather
than a supposed translation. Yes, we must all do our analysis in
a way that gives us confidence in our subsequent actions, but I cannot
stress enough the need to keep it simple. But, of course, what
is simple to Jack may be complicated to Jill! At last
count I was tracking and trading in 45+ different markets around the globe.
Much of my reliance is on the relationship between markets to ensure that
the risks from different positions are as uncorrelated as possible.
If my analysis of when to go long, short or flat in any particular market
cannot be done very quickly then I would be forever falling behind.
Now perhaps you can see why, at least in my case, I strongly advocate K.I.S.S.
I would say the most complicated part of my trading analysis is on risk
and money management rather than the trading decision itself.
<P>Its easy to take a position (make a trading decision). Just lift
an offer or hit a bid. There easy isn't it? But what you do
after you pull the trigger is what distiguishes the good from the bad,
from the damned-right ugly.
<P>It's differing options that makes a good market, its what keeps us making
loads of dough, it what makes this business so damned fun!!
So, for the sake of keeping the markets liquid and 2-sided lets agree to
continue to disagree. What d'ya say? That way we can all carry
on to make $$$ and feed our wives and kids. Right?
<P>E.
<P>ps. "Would you have the analysis Police come and arrest me if
I use an indicator?". This quip was lost on my boring-British sense
of humour please explain so that I can have a laugh too.
<P>BrentinUtahsDixie wrote:
<BLOCKQUOTE TYPE=CITE>Would you have the analysis Police come and arrest
me if I use an
<BR>indicator? Can you say that no traders that use indicators have been
<BR>successful? That no complicated analysis works. Can't you say that
this is
<BR>your opinion or what seems to work for you? I have some indicators
that I
<BR>love and that serve me well so you just wont convince me, but your
free to
<BR>try.
<P>Brent
<P>> > But guess what? The only indicator you need is called PRICE
ACTION.
<BR>The
<BR>> > only indicator that works consistently is called PRICE ACTION.
The
<BR>only
<BR>> > indicator that doen't lag is called PRICE ACTION. And where
does the
<BR>PRICE
<BR>> > ACTION count most? At major support and resistance
levels. And
<BR>where do
<BR>> > you find those? Where the PRICE ACTION has shown you where
the PRICE
<BR>ACTION
<BR>> > has been.
<BR>> >
<BR>>
<BR>> Agree...Agree and Agree. Couldn't agree more. Agree.
I hope others on
<BR>this
<BR>> forum read this bit of your post carefully and with a little thought
they
<BR>may
<BR>> finally come around to realising the beauty and simplicity of K.I.S.S.
<BR>Good
<BR>> point here Bill. Nuff said..... :)</BLOCKQUOTE>
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</x-html>From ???@??? Tue Jul 28 15:27:05 1998
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From: schong <schong@xxxxxxxxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Subject: Re: What is a Schiff ML?
References: <199807282126.HAA08433@xxxxxxxxxxxxxxxxxxxxxxx>
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Ray,
There is a section called Balance Point Trading(Chapter 3) in the
book by J.D.Hamon "Advanced Commodity Trading Techniques" that
talks about a similar concept. Although he advocates using the
midpoint of at least 2 swings. There is also a section on channels
and equilibrium rules.
Clement
ramon wrote:
>
> Hi Tom
>
> Schiff Line is a new one on me.
>
> If you have the time can you tell me where I can get
> more info. If unavailable from the Public Domain, would
> you be willing to define the situations where it is used to
> define a Change in Trend?
>
> thanks
>
> ray
>
> R Barros
> 101/25 Market Street
> Sydney NSW 2000
> Australia
>
> Voice: 61 2 92673470
> Fax: 61 2 92673478
> E-Mail: rbarros@xxxxxxxxxxxxxxxxxx
>
> ----------
> > From: Renate Muldowney <mailbox@xxxxxxxxxx>
> > To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> > Subject: Re: What is a Schiff ML?
> > Date: Wednesday, July 29, 1998 6:33 AM
> >
> > The Andrews ML is drawn by finding 3 points A_B_C
> > Find the mid point of B-C and draw a median line by connecting A and the
> > mid point.
> > To get the parallel lines draw lines from B and C that are parallel to
> the
> > line A-Midpoint.
> > As in the chart with the up sloping silver line
> >
> >
> > To draw the Schiff ML
> > Find the midpoint of AB and The midpoint of BC draw a line connecting the
> two.
> > To draw parallel lines draw the lines from B and C.
> > Example is the down sloping silver line.
> >
> > Besides being a different line the purpose of the 2 are different.
> > The Schiff is used only to find turning points in some situations.
> >
> >
> >
> >
> > At 12:45 PM 7/28/98 -0700, Tom Stein wrote:
> > >It is amazing how the cash S&P came with 1 point of a .618 retracement
> of
> > >the June-July rally......It's hard to imagine why anyone would say that
> Fib
> > >numbers don't work......
> > >
> > >I don't care why they......but they do have some validity.....
> > >
> > >
> > >Tom Stein
> > >comfut@xxxxxxx
> > >
> > >
> > >
> > >
> > >
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