Ever wonder why it seems that people (using a fake name...well duh) bust on me all the time. Well, it's easy to explain in a sense, take the first bar trade. You don't need "ANY" indicators, you don't need any certain trading platform a secret coded sidewinder system or the galaxy universal world super daytrading system.......you just need price bars. So what would they have to sell? What deals could they arrange if all you needed was just price bars. WELL ZIP!!!!
So they spend their time giving me crap so I maybe I will go drift off into cyperspace. WELL,..........by now you should know the answer to that one.
The first bar today had an inside bar during the 9:34 to 9:36 time period, just meaning that neither the high or the low of the first bar was taken out. The rule is after the first bar has printed, if the low is taken out without taking out the high then go short. Since neither were taken out....It's still a valid setup.
Of course, the next question is always, Well Dennis how many inside bar until the setup is voided? ANSWER: Until the market closes. The most I have ever seem is 7 inside bars.......
As far as "your" data not being the same as mine....so your chart are a little different I can only tell you this:
1. Not all computers are the same.
2. Not all computers have the exact same software open during trading.
3. Not all computers process data the exact same.
4. Not all internet providers tranmit the data the same.
5. Dail up doesn't provide the same data as cable.
6. Cable doesn't provide the same data as DSL.
7. If everyone in the neighborhood is on their computers then the cable is different.
8. DSL doesn't provide the same data as a T-1.
9. Not all data providers send the exact same data.
10. and so on.
I use a T-1 full 24 channels to run my FT and TS. There isn't any chat room or chat rooms, browsers any other software packages on the computers that could even be open during trading hours.
Today I was at a prop trading firm in Vegas and as I walked around looking at what those traders were using.....all but 2 were out on the internet playing at some guru website. One trader was short and when I asked him why he said it was because of the all the bad news in the world the market had to sell off.....I didn't take the time to even ask his name........he is just order flow since he was short from yesterday and had moved his stop up a couple of times instead of taking the direct hit.
The rest were also playing around and no one had any logs to take notes and no one really had a clue of what they should be doing........SO I wished them well and went over to the Trade Station World International Universal Cruz Conference and ate a blueberry muffins and washed it down with 3 day old coffee.
There were only 14 booths at the conference once you took out the CBOT, CME, Traders Press and the rags. It took me almost 4.3 minutes to walk around the entire exhibit hall. It would have taken me less time, but I spotted another blueberry muffin and just had to give it to my "BELLYYYyyyyy".
After nine years of day trading, it was interesting to see and hear the pitch as you walked by the booth. Nexgen had 6 people to serve you the best curve fitting "after market" software out there. The charts had over 17 different things on it to give you the EDGE........so call today and I am sure they will send it out.....looked like they could use some business....ROTFL.
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8 comments:
Dennis,
I have using your first bar trade for some time. It seems to average over 85% however I use my own secret filter. My question though, is that today I show a print of 668.4 which was my trigger. Needless to say it didn't work. Anyone else with the same print?
What is the problem with an 85% setup that didn't work today? The snake oil salesman and his sidewinder would be glad with an 34% winning setup.
I wouldn't be working at Walmart if I could have used your system, so what is the secret filter and how much is it.
I need help!!!!
bobcathy
No problem that it didn't work. Just wondered why my chart triggered long at 668.4 and Dennis's did not. The secret filter is kept in a secure vault in Atlanta.
Dennis,
I like your first bar idea especially because, like you've said before, it keeps you from getting into a paralysis by analysis mindset vs. a trading mindset to start your day.
I like things like this that can be backtested with no ambiguity to show that an entry and trade management strategy can be made in a few simple steps.
Imagine that. No fancy names. No seminars to pay $295 plus who knows how much for travel and lodging and food. No subsidizing of expenses to fly over your buddy from England to setup all of the electronic gear. No sycophant seminars where you learn nothing new but you're supposed to act like you did so you feel like something got accomplished, etc. etc.
Kudos to drbob & friends. You're doing an excellent job with your hotComm group. I think he's succeeding where, ahem, others are failing because he's basing his work off of a longer term moving average with zero ambiguity as to when to enter the trade.
Scalping is not for traders with just several years of futures experience. Just ask the other room's current body count about that...if you can still find them trading.
Some boobinsky is pretending to be me again....get a life man!
I just come in here now and again to see if Dennis puts up new pictures of his home construction.
Love that photo of the rainbow and the outhouse.....now we all know that it is not a pot of gold at the end of the rainbow but a pot of......
cathy
Hi Dennis,
Just wanted to say thank you for sharing this simple idea yet very effective system.
About friday's 668.4, I use IB for datafeed/broker; my first 3 min bar high was 668.4 and low was 667.2.
The second bar high was 668.4 and low was 667.6 and the third bar took the low of the range. I had my stop limit order on each side of the range and got served at 667.
I guess i could have waited the usual correction/retest to get in but i did not.
The trade was a nice winner:
My first target (on 70 tick chart) was the 100ema at 666.6 zone (sorry if anyone is superstitious :) ) and second target was 200 ema at 665.2 which got hit.
The trade was a no-stress, as price remained below the 20 sma all the way down.
The whole move was a "measured move"
which means that if you took the length of the first leg down (668.4 to 666.5) and added it to the higher high at 667.1 around 9:42, 9:44 you had the target of 665.2... (Price went down to 665.1 around 9:53.
On top of that, 665.3 was the 1.618 fib extension of the first move down...
So you had 200 ema, measured move and fib extension not to mention price action and cherish on the cake your simple system Dennis! Really no excuse there!
the 200 ema on the 70 tick chart coincided with the 100ema on 3 min chart.
There are many ways to skin a cat!
If you were watching the divergence of your favorite oscillator, you could go long or reverse once price had reached objectives but thats another nice trade.
So again Dennis, thanks for your no BS / simple / effective system.
No need for complexity.
Regards,
Chris
Dennis,
On the first trade of the day, how do you treat an ouside bar after the first?
Thank you.
Cheers:-)
Mini Mike
OUTSIDE BAR....since the rules is first low is taken out without taking out the high....then an outside bar would void the setup for the day....so on to the next setup type....either ideal or scalp.
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