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Hi John.
1) Bonds are not usually this volatile. Exceptional times!
2) Night sessions need to be followed there days as it is fairly liquid.
At a minimum, the low/high from onite is often support/resistance. Just
do not use indicators computed off night session IMO.
3) As for approach, you must develop one that works for you. What works
for me and my mental frame of mind (or lack thereof) will not work for
you. Find an analytical style and timeframe you are comfortable with and
go with it. Read Mark Douglas' book.
3) I use DTN and I think it sucks! If you can afford it, get CQG (around
$800 bucks) or even BridgeStation or Bloomberg (well over $1000). If you
are an active trader or managing money, it is worth it. I had a problem
on my DTN this morning too. They told me to check my PC for a serial
port prob (I use ensign). When that did not work, I reloaded ensign
which did not work either. Then they resent programming and it woke up.
Also, depending on where you are, this time of year you get 5-10 minute
blackouts caused by the sun being near the satellite blinding your dish
temporarily (this is the case with any satellite service). As soon as I
can afford I will get a real service. Bloomberg, bridge, etc fix bad
ticks, DTN does not. Also they have historical data and the data are not
stored on your machine.
Steve Poser
John Timberlake wrote:
>
>
> -----Original Message-----
> From: John Timberlake <wrtlake@xxxxxxxxxx>
> To: traders@xxxxxxxxxxxx <traders@xxxxxxxxxxxx>
> Date: Friday, October 09, 1998 11:05 AM
> Subject: TRADERS: Daytraders dilemma
>
> I've been working on a daytrading approach for about 10 weeks.
> the last two weeks I've been watching a lot of good
> signals go by and questioning my resolve. The interesting thing
> lately is how quickly the bonds jump from one level to the next,
> where two weeks ago there was time to consider things,now if
> you hesitate at all the train leaves without ya. Am I imagining this
> or are the bonds a little more aggressive lately?? when I started
> watching them intra day a month a go they seemed a bit more
> laid back. Volatility??? The bonds??
>
> The main question of this post concerns the opening bell.
> There seems to be two approaches and both assume that the
> daily homework has been done and long, intermediate and short
> timeframe action Is understood.
>
> 1. buy and sell prices are decided before hand and trades are taken
> when these levels are hit. An alternative is devised in case the night
> session
> gaps you over or under your objectives. Accurate predictive abilities
> are a
> must.
> 2.No opinion of market direction is taken into the session,although
> you are aware
> of the direction of the larger timeframes, the market itself reveals
> the trend
> of the day and after that it's up to your signal generating method to
> tell you when
> and if to
> risk your capital.
>
> I've tried both and for me #1 is a dismal failure I have no predictive
> ability.
> I can accurately locate s/r lines, I can interpret price action off of
> them fairly
> well.I can take into account the previous days hi /lo and it's range
> and even
> look at the night session before the bell in case the early part of
> the day is an
> extension of the night shift.I haven't come close to a good
> prognostication<g>,it just
> seems to put a fog of opinion over the interpretation of my signals(
> always
> trying to justify the prediction) a lot of what if ing going on.
>
> I was curious about how others have dealt with this situation, I'm
> going back
> to #2 as I feel much more relaxed during the session and I don't have
> to try
> being as smart or smarter than the market. (Because obviously I'm not)
>
> Another item, are there any long time DTN users out there, was curious
> if
> Fridays are a regular programming breakdown day,2nd Fri. in a row, no
> charts
> no trades. Aggravation level rising.
> What a week.
> It must be the full moons fault<g>,glad it's lightening up.
> Sorry bout this novelette.
> Reply private or to the list.
> J Timberlake
>
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