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Hello Ron,
couple of ideas for you--
I trade intraday SP's and have found I've learned most about patterns
from:
Teresa Lo of www.trendvue.com. her chat room is OK for a while. her
Trader's Manual is very well written, clear, stripped of jargon and
fluff. good stuff on simple patterns and how she trades them.
Linda Raschke course (expensive) is very good for that. the
StreetSmarts book is only fair for that purpose.
Joe Ross's book Trading as a Business has some good stuff but is very
overpriced i think. his setup patterns are probably better explained
and used by T Lo above.
Nisson or Morris for candlestick formations. a few basic ones are all
lyou need.
Ultimate Trading Guide by Hill, Pruitt and Hill is very good for
patterns in the first half of the book especially.
Although not geared to patterns only, Trader Vic by Vick Sperandeo has
some good stuff.
I've just begun Alan Farley's Mater Swing Trader but it promises to be
very helpful.
The one thing I've noticed is that after you strip away all the cute
names etc, many of these chart patterns are old as the markets. Many
of these current authors are repeating, with the help of easy-to-make
charts the same stuff old timers like Schabacker, Sklarew, Wyckoff,
Kerr, Dunnigan, Dow described earl in the 20th century. Candlesticks
are even older.
If I could buy only one, it would be Teresa Lo's manual.
--
Best regards,
Jim Johnson mailto:jejohn@xxxxxxxxxxxxxxxx
Wednesday, March 20, 2002, 6:47:16 PM, you wrote:
RC> Don,
RC> I also trade in the discretionary style you mentioned here. However I
RC> feel the need for better short term pattern recognition skills. Is
RC> there any text that you or other discretionary traders might like to
RC> recommend for short term pattern recognition. Comments appreciated.
RC> Ron
RC> Don Thompson wrote:
>>
>> John,
>> Your first catostrophic stop loss is $3000 or 12 S&P Points? Whew.. that
>> takes alot of balls to trade that level of
>> a stop. My inclination is to get it down to two points or so.. no more than
>> that. I can see you might have to make
>> a system do this kind of stop loss if you aren't looking at the actual
>> prices during the day trading it. The
>> day traders I know who are successful don't have more than a 2 point stop
>> loss and when in doubt they get out
>> at 1 or .50 at best. But they are purely discretionary traders that work off
>> of price and pattern.
>>
>> Don Thompson
>> ----- Original Message -----
>> From: "profitok" <profitok@xxxxxxxxxxxxx>
>> To: <realtraders@xxxxxxxxxxxxxxx>
>> Sent: Wednesday, March 20, 2002 1:52 PM
>> Subject: Re: [RT] S&P Day Trading
>>
>> > hello john
>> > I can not see how you can make money if your profit objective is SMALLER
>> > than your stop loss
>> > nice day
>> > Ben
>> > ----- Original Message -----
>> > From: "John Cappello" <jvc689@xxxxxxx>
>> > To: <realtraders@xxxxxxxxxxxxxxx>
>> > Sent: Wednesday, March 20, 2002 6:44 AM
>> > Subject: [RT] S&P Day Trading
>> >
>> >
>> > >
>> > > My system has not performed at max this year so far and I am doing
>> > > adjustments to current market conditions mainly related to psychology
>> > > of the market and ranges. I am still trading it at a low contract
>> > > levels 5% of asset allocation. After debugged will step up.
>> > >
>> > > Adjustments being made.........entry and exits not limited to Level 2
>> > > and 3 Supports and Resistance.
>> > >
>> > > Widen trading ranges..............expected today [1179 to 1183] sell
>> > > points [1165 to 1169] buy points. No trade if total range beyond
>> > > 1183 to 1165 at open.
>> > >
>> > > My personal stops are $3000 ; min profit target $2000 ; trailing stop
>> > > once $1500 profit reached is $750 ; MOC or OCO if tweaked.
>> > >
>> > > John
>> > >
>> > >
>> > > To unsubscribe from this group, send an email to:
>> > > realtraders-unsubscribe@xxxxxxxxxxxxxxx
>> > >
>> > >
>> > >
>> > > Your use of Yahoo! Groups is subject to
>> http://docs.yahoo.com/info/terms/
>> > >
>> > >
>> >
>> >
>> >
>> > To unsubscribe from this group, send an email to:
>> > realtraders-unsubscribe@xxxxxxxxxxxxxxx
>> >
>> >
>> >
>> > Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
>> >
>> >
>>
>>
>> To unsubscribe from this group, send an email to:
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>>
>>
>>
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