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1.The previously posted Low cost method net 7 more points today. It
took its first loss [a 1 pointer because I wanted out and did not
want to miss my swim] . Total for 3 weeks [close of week Fri] is 64
points profit. All trades folowed breadth and moving average
indicater as described. I found a new site to get real time breadth
numbers during the day and will post it later.
2. Mechanical Nas system is in a $650 DD and went short today at
1013. Market closed at 998 so maybe we will get some back assuming
exit is OK and resume equity upswing.
3. Mechanical S&P system is in $1250 DD. Lost long trade from 907 to
891 where it reversed and closed at 875 to get a good chunk back
assuming exit is OK.I expect an equity upswing here also.
4. New system will be simpler and easier to do than the low cost
method. After I fine tune it for myself and you , I will post it. It
will entail only 2 items Breadth quantified and a 60 min bar
observation.
Market for long term holdings SUX and will get better over time. I am
not going anywhere and the selected equities have a great track
record even over the worst of times.
Just felt like letting it all hang out.
Sincerely,
John
------------------ Reply Separator --------------------
Originally From: John Cappello <jvc689@xxxxxxx>
Subject: [RT] Low Cost Day Trading Method/System
Date: 07/17/2002 05:57pm
This method/system is not fancy or high tech and should still be
considered experimental given its short track record.
Picked up 7 e-mini points today. First trade was triggerred by the
overextension in price on all 3 time frames used and made a good
short. The second had concurrence on its side but breadth changed and
caused an early exit. That too was a short.
I am enjoying the fib debate not so much from whether one side is
right or wrong, but from the various characterizations the
participants are giving each other...carry on.I am learning a lot
more than just about the fib...but also people. My two cents is that
whether one chooses to call them "whatever" retracements, "whatever
does appear to exist.
Sincerely,
John
------------------ Reply Separator --------------------
Originally From: John Cappello <jvc689@xxxxxxx>
Subject: [RT] Low Cost Day Trading Method/System
Date: 07/16/2002 04:56pm
While I am still trading almost always in the market mechanical S&P
and Nas system, I also wanted to develop a low to no cost day trading
system.
1. You can use Lycos to get free Nas and S&P live charts. For $9.95
per month you can a lot more.I like being frugal.
2. The Lycos has built in indicaters and my favorite is the moving
average volume.
3. I trade off of 1 min. , 10 min. and 60 min. bars looking for
concurrence and I started with a $10,000 test account.I also know my
own S&R's as a backdrop and posted these calculations this week.
4. I also check for breadth [Advancers vs Decliners]and the simpest
way for me is to just go to the Oddball site hourly and see that
status.If red, decliners beat advancers. If green vice versa. I
disregard the Oddball numbers.
5. I trade with no stops because I like my entries and am not adverse
to averaging up or down one time as long as I do not take 2
overnight.I have taken as low as a 1 point profit and as high as a 20
point profit. Most fall in between and are assesed on my tolerance
which is a personal thing.
Over the last 2 weeks I am up 50 e-mini points and have not taken any
losses that were not reversed out the next day.I know that is not a
track record but it is a start. It is just retirement fun. Sometimes
Lycos is down and when that happens I take the day off rather than
fight Lycos.I may just be lucky so far.
Frankly, Hurst-Fourier, Pitchforks, Fibs, Ben's proprietary
indicater, Astrology and other things posted here have been helpful
to me from a perspective standpoint.There seems to be a little bit of
luck or "feel" in all of these too.
Once again, this may all be luck but so much of what I see posted is
the result of conjecture or educated guesses, I thought it was time
to share this.
No doubt this can be modified or bettered by the geniuses on this
list, but so far this simple little "system" has been fun for me. I
trade until about 1:30PM and then go smoke a good cigar [I do not
inhale,I just like the taste]and have a long swim... Hans Selye's
answer to stress.
Sincerely,
John
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