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Bill,
Having just entertained a lad from your fair land for dinner, I
understand the time difference as I delivered him back to his hotel this
evening.
Anyway, thanks for the response. I think we trade allot more alike than you
think, using short term patterns (my average trade must be around
$300-500/contract), and I am still learning every day, new short term
opportunities. I use EW as a major roadmap, and generally try to trade
in favor of it, but generally my strategies are much shorter term in nature,
much like yours. I do not position trade, even though it was an original goal.
Watching the 5/35 ma in a histogram format is something you may wish to add to
your arsenal, it has helped me greatly (it sets the EW counts by the way).
Attached are several examples, the Euro and Crude which had in my opinion good
calls and kept one on the "right side of the trade" from that perspective once a
clear 5 wave sequence was in. I normally do try to trade with the trend
(although not always if the right setup occurs) as opposed to counter
trend.
You have mentioned several patterns (and included gif's in the past) that I
have a basic feel for, but certainly have not mastered. Always willing to learn,
can you elaborate for those who may not have seen your original definition of
the trade? DS comes to mind.
Good luck and good trading Bill,
don ewers
<BLOCKQUOTE
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----- Original Message -----
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
<A title=t-bondtrader@xxxxxxxxxxxx
href="mailto:t-bondtrader@xxxxxxxxxxxx";>t-bondtrader
To: <A title=realtraders@xxxxxxxxxxx
href="mailto:realtraders@xxxxxxxxxxx";>realtraders@xxxxxxxxxxx
Sent: Thursday, January 11, 2001 4:45
PM
Subject: Re: [RT] Re: H&S on the
Bonds
Don
You will appreciate my comments were made in a
day trading context - they usually are! For me, I need the fastest
most accurate means of determining what is happening, in time frames measured
in minutes, and there is nothing better than the price action itself. In
daily, weekly or bigger time frames it is no doubt a whole different story -
provided you also have the margin ability for the necessary stops,
etc.
When operating in minutes you simply cannot
afford the lag of indicators, all of which that I have come across need to
react to price action. There is no point watching an indicator tick up
and down with the price action, since the price action is doing it
anyway! I don't doubt for a moment that the market moves in waves in all
time frames, but it is a question of how that can be harnessed before, rather
than after the event.
Take today, when your mention "...not sure if
this is minor 4 of Wave 3 or Wave 4..." how can that help you make the
decision to take or not take a trade, at a particular point of entry against a
particular target, with a predetermined risk reward ratio? I use a
totally different criteria and the concept of waves simply doesn't help -
me. It might be okay for others, but that is for them to
say!
So, paradoxically, I have not tried it in the
time frames in which it might well work and I have tried it in the time frames
in which I am sure it does not work. But I am always on the lookout for
new and improved ideas and I am quite prepared to keep an open mind -
meanwhile, as you have said, "if it ain't broke don't fix it"
Price patterns, on the other hand, I would like
to have a much bigger 'library' of and sometimes I come across something that
'new' or at least 'new' to me. That is how I came to call a particular
pattern a Doji Sandwich - and it is a pretty reliable pattern,
too. Sometimes it is not as pure as it might be (rather like the
H&S I called on the bonds) and there is no point saying that a pattern has
to measure up to a fixed format, because in my experience most don't a lot of
the time. Often you get one confirming another. The H&S
incorporating a 2-bar reversal, as well as a 618 retracement led me to
conclude a trade worth taking - but don't ask me if it is going to go the
distance of a full blown H&S. It gave me and any day trader what was
wanted and if we end up with 3 black crows, it may give the position player
something as well. (It has certainly proved that it was not
misinformation, but you had to read what was said and understand the context
and I think that is the least you can expect of anyone reading a post on this
list).
Anyway, I hope this helps - if it only clarifies
how I look at the market, the bonds.
Finally, I've not the time to check this
through, as it is now late at night here in England and I cannot stop, so
please take this as E&OE...!!!!
Best of trading
Bill EykynTo
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