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There are many people who use indicators to their advantage. There
is a substantially greater number who haven't got a clue at what they are
looking at. They don't understand where the numbers come from that
should be used in an indicator. They go by standard numbers which
are used by chart services, without understanding why they don't work in
many instances. You put up and ADX and a MA and didn't display the
numbers you used in their make-up. It is obvious from what I saw
that you and the indicators are on two separate time frames of trading.
There is an indicator that tells you were you are right now. It is
stochastic, and if used properly, can be a great aid in making trading
decisions. The key is, if understood and used properly. You
use a system that suits your personality and trading style. It wouldn't
suit mine. The bonds are about the most predictable future to trade
and, under many systems, they go right to the projected numbers.
I credit you for staying with a trading vehicle that you are comfortable
with, that you seem to understand, and appear to be profitable in trading
it. There are too many traders that want to have the macho persona
and be able to say that they trade the S&P or the E-Mini and they haven't
got a clue that, for them, it is the road to financial disaster.
There are many who can trade it successfully, but they have a great deal
of experience in and understanding of the market. Trading is not
about macho or about being right, it is about making money and about being
able to admit that you are wrong when a trade goes against you. A
predetermined stop based upon the chart and your system, not a money stop,
is the best way to get out, because it tells you when you are wrong.
Sorry to be so long winded. Ira.
<p>T-Bondtrader wrote:
<blockquote TYPE=CITE><style></style>
<font face="Arial"><font size=-1>>You
may very well be better at the percentage of a move you manage to catch
than</font></font>
<br><font face="Arial"><font size=-1>>someone who uses a different style.
But you go much too far when you</font></font>
<br><font face="Arial"><font size=-1>>claim your style is the ONLY style
for daytrading.</font></font>
<br> <font face="Arial"><font size=-1>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. 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></font> <font face="Arial"><font size=-1>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></font> <font face="Arial"><font size=-1>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></font> <font face="Arial"><font size=-1>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></font> <font face="Arial"><font size=-1>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></font> <font face="Arial"><font size=-1>This
is meant to be a helpful post to those who 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></font> <font face="Arial"><font size=-1>Finally....</font></font> <font face="Arial"><font size=-1>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></font><font face="Arial"><font size=-1>All
puzzles for some, pleasantries for other...</font></font> <font face="Arial"><font size=-1>Good
trading all</font></font> <font face="Arial"><font size=-1> Bill
Eykyn</font></font>
<br><font face="Arial"><font size=-1>www.t-bondtrader.com</font></font>
<br><font face="Arial"><font size=-1>"Learn to read the tape"</font></font> </blockquote>
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</x-html>From ???@??? Mon Jun 12 18:31:26 2000
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From: "Earl Adamy" <eadamy@xxxxxxxxxx>
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References: <393D0B95.89085634@xxxxxxxxxx> <086e01bfcfcd$dabcb9f0$7e2a42cf@xxxxxx> <025b01bfd087$74c6ef20$e7ceead8@xxxxxx> <039401bfd0b0$57c234b0$e7ceead8@xxxxxx> <007101bfd207$3d5f8f20$46ceead8@xxxxxx>
Subject: [RT] Re: Bonds
Date: Fri, 9 Jun 2000 08:37:40 -0600
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Status: O
Here's the bullish triangle setup on the 60 minute bonds ... top line
has been well tested and support has held well above the apex at 96-27.
After vacillating up and down between 62/78% retracement levels on the 5
minute chart we finally got what looked like a workable bottom at 9703
and entered long on the breakout. 95-15 is strong intraday resistance. A
strong move above 9719 will confirm the position. Projection on breakout
above 9808 is 9918.
Earl
----- Original Message -----
From: "Earl Adamy" <eadamy@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Friday, June 09, 2000 5:38 AM
Subject: [RT] Re: S&P chart (follow-up)
>
> Bonds appear to be expecting a benign PPI .. Thursday hourly closed
> above a large bullish symmetrical triangle for a buy signal ... did
not
> take the trade ... will await possible entry points after release of
> PPI.
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