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<DIV><FONT face=Arial size=2>
<DIV><FONT face=Arial size=2>>You may very well be better at the percentage
of a move you manage to catch than <BR>>someone who uses a different
style. But you go much too far when you <BR>>claim your style is the
ONLY style for daytrading.<BR><BR></FONT></DIV>
<DIV><FONT face=Arial size=2>The above is the last sentence of a private post I
received from a member of the list, so I won't mention the name, but I feel
it worth commenting on in the forum. </FONT><FONT face=Arial size=2>For a
start, I don't think I have ever said that my style is the ONLY style.
What I have said is that I do not use indicators and think they are useless for
day trading. That is my opinion and quite clearly there are many, many
other people's opinions, which would be different.</FONT></DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV>
<DIV><FONT face=Arial size=2>I thought I would try and go a bit further, using
yesterday's trading, while fresh in everyone's mind. You will see on
the attached gif that I have used two or the most common indicators and a MA
crossover.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>They all speak for themselves. The MA would
have been brilliant on the first down move, but I assume it depends on the
overnight gap, etc, as to when you would actually have entered. If not
where indicated, then probably after the retracement. Certainly the second
trade would have been an excellent entry - and incidentally where many tape
readers would have joined had they not gone in on the failure to take out
yesterday's low.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>I have deliberately kept the lines on the chart to
an absolute minimum, so that you can see the trees from the wood of the
argument. The usual indicators are, in my view, useless if you are
trying to get a decent measure of a move, day trading the bonds. A MA
might be helpful, but to be honest with my style of trading, it would really be
a distraction rather than an asset - because, in a slightly different way - they
still lag or when used with particular settings can be just too noisy to be able
to trade with confidence.</FONT></DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV>
<DIV><FONT face=Arial size=2>You have really to see the whole picture to be able
to day trade 'reading the tape' but I think for those who try to do so using
these sorts of indicators are probably going to be less successful than the
might be, if they used the price action and how it reacts and moves during the
day. I am sure the bonds, with their much slower gait than many
other instruments are different - but for me it is the difference and the whole
make-up of the market which makes it so attractive to trade - and earn an
excellent daily living out of it.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>This is meant to be a helpful post to those who
</FONT><FONT face=Arial size=2>want to learn and not meant to be contentious for
those who have already learnt and are trading very happily doing what they do in
their own way.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>Finally....</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>The bonds have closed for two days running now
beyond the .618 retracement from the Contract High, which is rather negating the
downward pressure that the Telegraph Pole should be exerting on the scene - and
in fact the scene could look very different after today and its
Report. Also the S&P has a nice Island forming and that has is
own conclusions...</FONT></DIV>
<DIV><FONT face=Arial size=2>All puzzles for some, pleasantries for
other...</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial><FONT size=2>Good trading all</FONT></FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial> </FONT></FONT><FONT face=Arial size=2>Bill
Eykyn<BR><A
href="http://www.t-bondtrader.com";>www.t-bondtrader.com</A><BR>"Learn to read
the tape"</FONT></DIV></DIV>
<DIV> </DIV>
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