MENTOR Journal - "Scalping 101"

The purpose of this journal is to examine the different styles of "Intra-Day" market timing methods and provide hands on learning for all those interested in learning one of the most (if not the most) difficult method of extracting money from the financial markets on a consistent basis.

There will be NO "flaming" in this journal.
ALL rude & off topic post will be ignored and deleted and I will ask the moderators help in keeping this journal clean.
No personal attacks will be tolerated!

My goal is to ad value to ET by giving tutoring to those that request it. I have created a "Trading Plan" complete with rules on entry, exit, stop loss, and profit targets. Position size is up to the individual's risk tolerance and preference.

Although I am a Discretionary trader by nature I have attempted to automate alot of my analysis so that I can be free to examine changing market conditions.

I trade on a multiple of timeframes such as Weekly, Daily, 60 minute, 5 minute, and 1 minute bars.

My primary indicator is the "Swing Vix". The Trading Plan has all of the rules included on how to interpret the Swing Vix.

I do hope to spark some lively discussions in this thread as I will unveil some of my strategies along with some of the methods I employ while engaging in market analysis. I will also as time permits post some realtime trades so that students will have something to go back and study on their own time.



Some of the topics that will be discussed:

discovering the "Holy Grail".

What is the "Holy Grail"

Answer: finding a developing trend and following it all the way to the end.

A1.) In an uptrend, Buy every Breakout into new highs!
(Best Strategy)

A2.) buy every pullback into the 10 day EMA of closing prices.

(this includes corrections toward the 40 day EMA as well.)
NOTE: buying pullbacks can be risky because you have no way of verifying if the correction is do to light profit taking or worse---
TOTAL DISTRIBUTION! .....which marks the end of the uptrend!


B1.) In a downtrend, sell every breakdown into new lows!
(Best Strategy)

B2.) sell every rally into the 10 day EMA of closing prices.

(this includes corrections toward the 40 day EMA as well.)
NOTE: selling corrections can be risky because you have no way of verifying if the correction is do to light profit taking or worse---
TOTAL DISTRIBUTION! .....which marks the end of the downtrend!



Scalping 101 (in the 1990's)

When scalping as it so called one is looking to manipulate inconsistencies within supply/demand during the course of the trading day. In the early 90's this was referred to as "Daytrading".
However, as time progress traders started dabbling with intraday price patterns and overlaying them with all sorts of technical indicators and regression calculations on moving averages and support/resistance levels with many standard deviation models........in the long run- All to no avail.

By the end of the 1999 the market was at an alltime irrational exuberance. It was not until March 2000 that the 1st taste of "Reality" started to set in- Anybody can make money in a Bull market!

Once the "Shadow of the Bear" started to awaken the daytraders found themselves in quite a quandary. their systems failed to perform. What happened?

They did not know how to trade but rather thought that they could because everytime they bought a stock - it shot up in value.

The 2 Bar Charlie "SCALP METHOD" was designed to exploit the anomaly of time vs. price within the supply/demand on an intra-day basis without the disturbance of random price distribution. this technique will help to filter out the noise of fancy technical indicators. what I would like to demonstrate is.........How to trade like a pro using a few simple rules, 1 major indicator and discretion!


Now you will be able to see 1st hand how it is done along with the daily "Trading Plan" to help guide you along the way each day providing you with a daily roadmap into the market.

re: Scalping 101

Looking forward to it T, Seasons Greetings.

__________________
"Nature, time and patience are the three great physicians" - fortune cookie

So that we don't have a repeat of the last go-round this journal will be monitored very closely, and all attacks, abusive language, or off-topic posts will be removed. T-REX has also promised me that he will not respond to same, so those who do not want to add trading value here please go troll elsewhere. Thanks.

Re: MENTOR Journal - "Scalping 101"

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Quote from T-REX:


The 2 Bar Charlie "SCALP METHOD" was designed to exploit the anomaly of time vs. price within the supply/demand on an intra-day basis without the disturbance of random price distribution. this technique will help to filter out the noise of fancy technical indicators. what I would like to demonstrate is.........How to trade like a pro using a few simple rules, 1 major indicator and discretion!


Now you will be able to see 1st hand how it is done along with the daily "Trading Plan" to help guide you along the way each day providing you with a daily roadmap into the market.

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become familiar with the Trading Plan

Now when I post an alert you will be able to understand and follow along.

When I say 1st , you will know that I am referring to 1st entry price on the Trading Plan.

When I say 2nd , you will know that I am reffering to profit targets.

When I say use "Brkout trigger" you will know that I am referring to intra-day support/resistance levels.

When I say "2BC Channel", you will know that I am referring to a Swing Trade.
 

Sample Swing Vix Summary

Here is a sample of the Swing Vix Summary that is included in the daily "Trading Plan".

This is also from the 19th Dec 2003:

Sample Swing Vix Indicator

Here is a sample of the Swing Vix Indicator.

This is from Today's Trading Plan.

1st Topic of Discussion: 1 min Bar Charts

Alot of debate has centered around the use of 1 min time frames.
Some prefer the use of tick charts. We will not delve into that relm. Some even prefer a longer intraday approach such as 5 & 15 minute timeframes.


Let's dive right in!

This is a sample layout

by now you should have noticed that there were ample opportunites to make money in ES today.

What is the 1st thing that you notice with this chart?


Anybody?
 

Re: This is a sample layout

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Quote from T-REX:

by now you should have noticed that there were ample opportunites to make money in ES today.

What is the 1st thing that you notice with this chart?


Anybody?

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what about the sar?

$spx chart

I notice it is a chart of the $SPX: yet you are looking for trading opps in the ES.

__________________
let the cowboys ride!!!

Have you considered?

While intraday charts alone can not give the big picture they do however give us insight into the "here and now" of price action.

If you missed yesterday's breakout you were given another chance to capture some small intraday price movement to the upside.

Contrarian opinion only afforded you about 3 minor opportunities to capture about a point while on the other hand the long side offered up at least 5 opportunities!

Odds say go with the greatest possible opportunity to make profit with minimal risk.

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Quote from hoodooman:

what about the sar?

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Re: $spx chart

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Quote from stkcowboy:

I notice it is a chart of the $SPX: yet you are looking for trading opps in the ES.

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It can be done!

Here is an example of how to use this 1 min chart to extract $$$ from the market!

Taken from "ES Swing Trade Competition Journal"

http://www.elitetrader.com/vb/showt...?threadid=26022




--------------------------------------------------------------------------------
Quote from T-REX:


Yesterday (22 Dec 2003)
L 5 ES @ 1084.75
c 5 ES @ 1089.75
________________
TOTAL = +5.00 Points

5 X $250.00 = $1,250.00 profit


Today (23 Dec 2003)
L 5 ES @ 1086.75 (held overnight from yesterday)
c 5 ES @ 1092.75
________________
TOTAL = +6.00 Points

6 X $250.00 = $1,500.00 profit



5 X $250.00 = $1,250.00 profit (Yesterday)
6 X $250.00 = $1,500.00 profit (Today)
___________________________________
TOTAL 11.00 points in 2 trades in just 2 days = $2,750.00


Now take a closer look at yesterday's 1 min ES Chart:

Yes but where did you buy and why?

Re: It can be done!

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Quote from T-REX:

Here is an example of how to use this 1 min chart to extract $$$ from the market!

Taken from "ES Swing Trade Competition Journal"

http://www.elitetrader.com/vb/showt...?threadid=26022




--------------------------------------------------------------------------------
Quote from T-REX:


Yesterday (22 Dec 2003)
L 5 ES @ 1084.75
c 5 ES @ 1089.75
________________
TOTAL = +5.00 Points

5 X $250.00 = $1,250.00 profit


Today (23 Dec 2003)
L 5 ES @ 1086.75 (held overnight from yesterday)
c 5 ES @ 1092.75
________________
TOTAL = +6.00 Points

6 X $250.00 = $1,500.00 profit



5 X $250.00 = $1,250.00 profit (Yesterday)
6 X $250.00 = $1,500.00 profit (Today)
___________________________________
TOTAL 11.00 points in 2 trades in just 2 days = $2,750.00


Now take a closer look at yesterday's 1 min ES Chart:

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Let's examine the evidence.

Now that you have seen the 1 min chart from yesterday it should become clear that trading within the overall trend is most profitable on shorter-term time frames.

In a Nutshell: Buy the intra-day dips in an uptrend!

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Quote from hoodooman:

Yes but where did you buy and why?

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I must go

I must continue this discussion later.

My son is having an asthma attack and I have to take him to the doctor's.

Thank you for your participation in today's discussion.
You may feel free to post questions and I will address them when I return.

Happy Holiday's

Re: It can be done!

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Quote from T-REX:

Here is an example of how to use this 1 min chart to extract $$$ from the market!
 

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__________________
Whatever you are,
be a good one.

I hope your son is ok.

Best

"B1.) In a downtrend, sell every breakdown into new lows!
(Best Strategy)"


I don't think that works btw...

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Quote from T-REX:



Sometimes the SAR can give clues as to where the market may be headed.

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Its simply the parabolic sar

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Quote from hoodooman:

Its simply the parabolic sar

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This thread will not degenerate into a discussion of another website. While I'm aware of occasional links in the PDF files there will be no links in the posts. There will also be no solicitation thru PM (please let me know if such happens). Other than that T-REX is offering discussions of trading value to members at ET. I ask that all those posting stick to trading and offer the same. Thanks.

Sulong

Right on. Check parabolic sar on incredible charts.

Thank You

Thanks for all of your kind words of encouragement during my sons illness.

Magna, I thank you for keeping a tight lid on things in my absence as you always do.

Re: Thank You

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Quote from T-REX:

Thanks for all of your kind words of encouragement during my sons illness.

Magna, I thank you for keeping a tight lid on things in my absence as you always do.

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__________________
"The more you know, the less you need." - Aboriginal Proverb
"The less you know, the less you suffer." - Zen Proverb

Re: Re: Thank You

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Quote from Scientist:

T-REX, man it's nice to see there's still some ace traders alive around here.

Regarding your trade entries - Do you enter trades at market or do you wait for price to enter on discounts / use limit-orders to minimize stops/exposure? Personally, I am a scalper, too, but quite possibly I'm a lot more short-term and keying off different things. Yet I'd be interested to hear about your entries - And exits. What stops do you use?

Cheers and Happy New Year's,
Scientist.

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Quote from sulong:

I'm trying to figure this out, is this it?
(S)top( A)nd (R)everse

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__________________
Get out when the price action doesn’t confirm your position, not when it confirms your stop loss! -- Phantom of the Pits

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Quote from ortega:

Or (S)upport (A)nd (R)esistance

FYI: T-Rex.....intents and purpose....not....intense purposes

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thank you Magna....Let's stay on topic

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Quote from Magna:

This thread will not degenerate into a discussion of another website. While I'm aware of occasional links in the PDF files there will be no links in the posts. There will also be no solicitation thru PM (please let me know if such happens). Other than that T-REX is offering discussions of trading value to members at ET. I ask that all those posting stick to trading and offer the same. Thanks.

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Quote from T-REX:

I really do not use the SAR but that it looks good on a chart.
SAR is part of the methodology.

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Quote from phoenix_rising:

You don't use it, but it is part of the methodology? That makes it sound like you either don't follow the method, or you don't follow the whole method (thus making a new and slimmer version of the method).

I'm a little confused, but what else is new.

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Re: Re: It can be done!

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Quote from Scrutch:

I'm looking at a trade report for Friday and your trades are for Monday and Tuesday... Did I miss something here before we even get started?

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Re: Thank You

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Quote from T-REX:

Re: market orders = I would only do a market order if my absolute life depended on it!!!

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I prefer buy/sell "stop limit" orders on entry and exits.
I do however use buy/sell limits too.

Re: $$$ management = I use (on 1 min charts). I will use a 2-3 point initial stop-loss. On swing trades I will use a much larger stop-loss i.e. 7.50+ points.

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Quote from ortega:

FYI: T-Rex.....intents and purpose....not....intense purposes

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Smart $$$ & me/ I'm not so smart.

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Quote from Scientist:

FYI: ortega .... "Intents and purposes" - Not: "Intents and purpose".

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Quote from T-REX:

I'll admit I'm not the best writer and my punctuation and grammar are terrible. I use run-on sentences and incomplete sentences with incorrectly spelled words and phrases. It would appear obvious that I did not attend College or University.

However, last I checked I beat the pants off the college grads in the market and I took all their money. I have beaten the best and the brightest. I.Q. means squat in the market. The market does not care how smart you are or how many degrees you have.

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Quote from Scientist:

Hey T-REX - Of course I fully agree with you!

Let's face it: Most of those that had the super-grades in school are losers today. This quite literally here. I never wanted to end up that way. You're saying that the market doesn't care - And that's exactly what I love about the market. It is 100% indiscriminate.

By the way, last time I checked, 8 of the 10 richest people in the world were highschool/college dropouts. FWIK that includes Wal-Mart's Robson Walton, Bill Gates and Steve Jobs. What it takes is initiative, and initiative will always cause resistance. Steve Jobs stayed away from school and went around phone-phreaking with little synthesizers he'd built. He even got caught by a cop once, but told him it was a "music machine". Stupid cop. Later on he went to built something much nicer in his garage. Bill Gates dropped out because he slept through his lectures in the day, for at night he was busy playing poker, consistently taking money off people, to get capital for his ideas. He had a system, he played, he had vision, he did it. Hey, he stole the windows idea from Apple, and Apple stole the idea from Xerox. But that's business, and that's the markets. Hold on tight or lose it. As much as I hate Bill Gates, but that's all the world is about. Not huge degrees and other expensive forms of toilet paper. Peace.

Scientist.

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Quote from T-REX:

Thank you for bringing that to my attention.
that was a key error.
I meant to type: SAR is "NOT" part of the methodology.
It is too late for me to change it now. But for the record:
CORRECTION: SAR is NOT part of the methodology!

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Quote from sulong:

T,
I don't mean to harp on something that is obvious to everyone else but..
So far, we have two definitions of SAR, and I understand that you do not use it, but I would still like to know what YOU mean by SAR.
Stop And Reverse or
Support And resistance or
something else?
thank you

sulong

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T-REX

Where do you come up with all this? Stop and Reverse is NOT the same as Support and Resisitance. But perhaps you have twisted these commonly used generic terms and you mean to say that YOUR use of them contradicts their meaning and you have your own.

I don't think you have the slightest idea what you are talking about.

Michael B.

 

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Quote from T-REX:

I have to sign off now but let me say that
Stop & Reverse and Support & Resistance are one in the same.
If price exceeds the level then you take that direction.
More on the subject later.

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Re: T-REX

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Quote from ElectricSavant:

Where do you come up with all this? Stop and Reverse is NOT the same as Support and Resisitance. But perhaps you have twisted these commonly used generic terms and you mean to say that YOUR use of them contradicts their meaning and you have your own.

I don't think you have the slightest idea what you are talking about.

Michael B.

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Re: Re: T-REX

Ok sorry...It's just that he makes up things as he goes....

Michael B.



 

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Quote from roberk:

Michael,
he said he would be back with more on this. Allow the masters a little poetic license, especially when they promise to translate.

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OK Folks:
Am I the only one who dosen't get it? What is "Swing Vix"? How is it derived? What is the added value a trader gets using it? Who is on the other end of "Investor's Edge"? I did a review (google) for that term and got a bunch of different sources. What is "Pulse Scan", and again, what is the value added here. When you do a google search, you eventually get to a website, but currently you cannot get much info. I am willing to overlook the disorganized character of T-Rex's Posts (its his dime so to speak, and he can "say it" however he wants) however I don't see any real edge here (so far). Looking forward to hearing something that makes sense. Happy Holidays. Steve46

T-Rex,

I appreciate your willingness to share your scalping methodology with us and I couldn't agree more with your statement that the market could care less about the education level of its participants. I was just offering a crumb of my knowledge to you. I'm sorry..... it won't happen again.

Scientist,

Hi -

You are absolutely correct in saying intents and purposes, but so am I in saying intents and purpose. It can be used either way.

__________________
Get out when the price action doesn’t confirm your position, not when it confirms your stop loss! -- Phantom of the Pits

T-rex..

I dont understand what u are talking about. Period.

Either be more clear and elucid or this journal is a big waste of time. These forums have some professional traders like myself.. and we can smell BS a mile a way.

Not to insult.. but u are starting to sound like old man Hershey.


--MIKE

Just try to show us some added value.. something of an edge in what u are doing.. instead of posting a few charts with SAR's on them.. when u dont even have SAR's part of the plan.

You are posting 1 min charts telling us sometimes u swing and sometimes u scalp.

I'm lost bro.

--MIKE

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Quote from ortega:

Scientist,

Hi - You are absolutely correct in saying intents and purposes, but so am I in saying intents and purpose. It can be used either way.

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Scientist

So you make a living trading the Dax with no other weapons than price and volume?

Scalping Futures Indexes

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Quote from Baruch:

So you make a living trading the Dax with no other weapons than price and volume?

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Re: T-REX

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Quote from ElectricSavant:

Where do you come up with all this? Stop and Reverse is NOT the same as Support and resistance. But perhaps you have twisted these commonly used generic terms and you mean to say that YOUR use of them contradicts their meaning and you have your own.

I don't think you have the slightest idea what you are talking about.

Ok sorry...It's just that he makes up things as he goes....

Michael B.



Michael B.

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Scientist

Thanks. So you don't trade the news flow (eco numbers) like Mark? I have also read Mark's thread, and hope it will continue one day.

Re: T-REX

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Quote from T-REX:

I never claimed to "know-it-all". But what I do claim is that "I know what I'm talking about as it relates to my methods of extracting large sums of $$$ from the market on a consistent basis.

I tried to lead by example with my last journal. I placed hundreds of "before the fact trades" but I doubt very many followed them.
Had they followed them instead of making excuses about it being to difficult to comprehend my methods they too could have achieved large profits on a consistent basis. You don't need to fully comprehend all the intricacies of the method to follow the trades and profit from them. I made it quite simple: "Buy here, place stoploss there". You can not get any simpler than that other than me placing the trades for them!

Maybe I'm not the best communicator but I have tried.
I am consistently working on ways to do it better and all of your constructive input is appreciated.

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Re: Scientist

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Quote from Baruch:

Thanks. So you don't trade the news flow (eco numbers) like Mark? I have also read Mark's thread, and hope it will continue one day.

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T-Rex, I can't see any of the chart links

I think it's really cool of you to post one of your methods in a public forum. I just started reading it. But, the charts you had in the beginning of it are not coming out. I'd really like to see them. Is it something I'm doing wrong or is everyone else having the same problem with them. Thanks and have a great New Year's.

Re: T-Rex, I can't see any of the chart links

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Quote from privateisland:

I think it's really cool of you to post one of your methods in a public forum. I just started reading it. But, the charts you had in the beginning of it are not coming out. I'd really like to see them. Is it something I'm doing wrong or is everyone else having the same problem with them. Thanks and have a great New Year's.

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Quote from steve46:

OK Folks:
Am I the only one who doesn't get it? What is "Swing Vix"? How is it derived? What is the added value a trader gets using it? Who is on the other end of "Investor's Edge"? I did a review (google) for that term and got a bunch of different sources. What is "Pulse Scan", and again, what is the value added here. When you do a google search, you eventually get to a website, but currently you cannot get much info. I am willing to overlook the disorganized character of T-Rex's Posts (its his dime so to speak, and he can "say it" however he wants) however I don't see any real edge here (so far). Looking forward to hearing something that makes sense. Happy Holidays. Steve46

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sit back ,Relax and learn something.

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Quote from Trend Fader:

T-rex..

I don't understand what u are talking about. Period.

Either be more clear and elucid or this journal is a big waste of time. These forums have some professional traders like myself.. and we can smell BS a mile a way.

Not to insult.. but u are starting to sound like old man Hershey.

Just try to show us some added value.. something of an edge in what u are doing.. instead of posting a few charts with SAR's on them.. when u don't even have SAR's part of the plan.

You are posting 1 min charts telling us sometimes u swing and sometimes u scalp.

I'm lost bro.


--MIKE

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Re: Scalping Futures Indexes

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Quote from Scientist:

- Intraday "floor" pivots (and their divisions)
- Trends on larger TF (15, 60, D)
- Fib Levels on larger TF (15, 60, D)

I Scientist.

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Re: Don't wait! :-)

I already gave an introduction on the Swing Vix here:

http://www.elitetrader.com/vb/showt...=6&pagenumber=1

I'd rather stay on topic and not jump ahead to side discussions about irrelevant subjects.

Thank you
 

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Quote from roberk:

How do you calculate pivots on the dax Scientist?

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BTW I trade the hang seng - as training for the dax.
Robert

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Re: Re: Scalping Futures Indexes

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Quote from roberk:

How do you calculate pivots on the dax Scientist?

BTW I trade the hang seng - as training for the dax.
Robert

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Scientist

I must be very difficult to trade without news, because it is the news which moves the markets - near-term and long-term. Maybe you should invest in a Bloomberg/Reuters screen?

Re: Re: Re: Scalping Futures Indexes

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Quote from T-REX:

With all due respect roberk
This journal is not about pivot points or trading the dax.

Please lets keep it on topic. I will be discussing the next segment soon. In the meantime here is tomorrows charts that we will be focusing on.

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Re: Scientist

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Quote from Baruch:

I must be very difficult to trade without news, because it is the news which moves the markets - near-term and long-term. Maybe you should invest in a Bloomberg/Reuters screen?

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T-Rex

Sorry. I hope that our friend/genosse Scientist will make his Journal - like Mark did.
PS. I can't understand why you think that the market knows the (eco) news before they happen or get published. The news moves the markets.
PPS. Great thread, T-Rex.

Re: T-Rex

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Quote from Baruch:


PS. I can't understand why you think that the market knows the (eco) news before they happen or get published. The news moves the markets.
PPS. Great thread, T-Rex.

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Scientist

Why don't you make your own Journal (so T-Rex can get some peace) now that Mark had to stop his ?

T-Rex

Well, I suppose that if all the eco news from now on was negative, the bull market would be over pretty soon. Off course it is the BIG NEWS (surprises) which moves the market. PS. So you must invest in a Bloomberg or Reuter screen...

T-Rex, tried again at home and the links work. My work computer probably did not have the right software to read it. Thanks for the fast reply.

Re: T-Rex

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Quote from Baruch:

Well, I suppose that if all the eco news from now on was negative, the bull market would be over pretty soon. Off course it is the BIG NEWS (surprises) which moves the market. PS. So you must invest in a Bloomberg or Reuter screen...

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Quote from privateisland:

T-Rex, tried again at home and the links work. My work computer probably did not have the right software to read it. Thanks for the fast reply.

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Re: Scientist

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Quote from Baruch:

Why don't you make your own Journal (so T-Rex can get some peace) now that Mark had to stop his ?

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Scientist

Very good idea (if I must say so). PS. Maybe you should inform Mark about your new thread?

T-Rex

Fine story. Maybe we also have insider trading before the big eco news? I don't know if it's illegal? Who should be the insider? Greenspan?

Re: Scientist

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Quote from Baruch:

Very good idea (if I must say so). PS. Maybe you should inform Mark about your new thread?

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Re: T-Rex

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Quote from Baruch:

Fine story. Maybe we also have insider trading before the big eco news? I don't know if it's illegal? Who should be the insider? Greenspan?

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Monday 29 Dec 2003 road map

For those that missed it here are the charts that we will be discussing on Monday.

daily chart

http://www.elitetrader.com/vb/showt...6&pagenumber=12

60min chart

http://www.elitetrader.com/vb/showt...6&pagenumber=13

Change Your Thinking If You Want To Be a Winner!

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Quote from Kicking:

"B1.) In a downtrend, sell every breakdown into new lows!
(Best Strategy)"


I don't think that works btw...

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Swing Vix Indicator Chart (29 Dec 2003)

Here is the Swing Vix Summary for Today.

Swing Vix Indicator Chart (29 Dec 2003)

Here is the Swing Vix Chart for today.

ES Trading Plan (29 Dec 2003)

(Today’s BIAS) = “LONG” + Momentum.
(Swing Vix) = +.45 PulseScan (Overbought)
*Look for a possible intra-day "RVSL" @ 2nd trigger handle.

BreakOut: 1098.50
Resistance/Support 1096.00 /
2nd Short @ 1098.00 /
1st Long @ 1093.75

(Watch & Wait for support/resistance to be confirmed before entry. On occasion you may have to actually enter on the BreakOut or Resistance/Support “triggers” if Support/Resistance is confirmed but either the 1st or 2nd trades are not triggered.



*RULES:

(NOTE: ALWAYS trade in the direction of the BIAS/TREND.
If 1st Trade is triggered then use 2nd Trade as a profit target and/or Stop&Reverse.

NOTE: If prices collapse below the “Intra-Day SUPPORT” then use this level to catch the reversal on the “long” side. Likewise if prices rally above the “Intra-Day RESISTANCE then use this level to catch the reversal on the “short” side.

Intra-Day SUPPORT = Long above 1091.75 /
Intra-Day RESISTANCE = Short below 1100.25
_____________________________________________________________________________

Swing Vix Summary (29 Dec 2003)

TODAY'S PULSESCAN SWING VIX INDICATOR -
(See "Rules" for the indicator below)

The Yellow (Swing) Vix Indicator = +. 45 Overbought.

The Blue (Pulse) Indicator has now managed to move above the red line which signals a reversal in short-term trend with positive convergence crossing above The Red(Scan) Indicator and is now gaining upside momentum. Expect a down price channel to develope with some downside momentum in the short term.




*RULES:

Rules for the PulseScan Swing VIX Indicator The "Black" Line is your normal daily Stochastic Oscillator.The "Yellow" Line is your Signal line.The "Blue" Line is your Pulse line.The "Red" Line is your Scan line.

The rules on the Black line is 100 = Extreme Overbought
0 = Extreme Oversold. This is common with the normal Stochastic Oscillator function. However, as a stand-alone it can be very misleading as it can stay overbought or oversold for an extended period and is prone to false signals.

The rules on the Yellow line are +. 29 = Overbought
+. 40 = Extreme Overbought.
-. 29 = Oversold
-. 40 = Extreme Oversold(This is your lead indicator)

The rules on the Blue and Red line are - they both plot the current position of the market and move in lag to the Yellow signal line. Remember that The Yellow line is the signal line that you follow for the current days reading.

NOTE: It is important to remember that the Yellow line often will lead the mark et 3-5 days out!
So you need confirmation with the daily price action.

Let's trade

By now you should have your 1 min ES Chart up and have already read over today's trading plan and are aware of the game plan?

You should be watching the current price levels for failure attempts at a new high.

NOTE: ES 1100.00 is the psychological resistance level to break and close above today. Expect some hesitation and consolidation around the current price level before an attempt at a breakout.

According to the Daily & 60min chart (see a few pages back) the market still has some upside potential but expect a VERY nice pullback in the next few days. Trade the plan but watch for the reversal.

Any Questions???

Re: Let's trade

So did you wait for 1091.75 support? which never arrived....or did you enter long at 1093.75?

Call your trades .....don't waffle. If it gets near one of your levels YOU should be the first poster in here teaching and training if you are sincere in what you do....


Michael B.



 

---

Quote from T-REX:

By now you should have your 1 min ES Chart up and have already read over today's trading plan and are aware of the game plan?

You should be watching the current price levels for failure attempts at a new high.

NOTE: ES 1100.00 is the psychological resistance level to break and close above today. Expect some hesitation and consolidation around the current price level before an attempt at a breakout.

According to the Daily & 60min chart (see a few pages back) the market still has some upside potential but expect a VERY nice pullback in the next few days. Trade the plan but watch for the reversal.

Any Questions???

---

Re: Re: Let's trade

---

Quote from ElectricSavant:

So did you wait for 1091.75 support? which never arrived....or did you enter long at 1093.75?

Call your trades .....don't waffle. If it gets near one of your levels YOU should be the first poster in here teaching and training if you are sincere in what you do....


Michael B.

---

Re: Re: Re: Let's trade

T-rex.....I am not going to play your games....good trading....I am through with you...

Michael B.



 

---

Quote from T-REX:

Good morning.
I was hoping to get some dialogue about todays trading plan before the opening bell and no later than 10:30am EST but no questions were asked so I assumed everyone understood.

Consider today a test to see if you can follow directions.
I gave you the possible scenarios along with triggers to watch for.
Now it is up to you to tell me what you have done.
I will tell you what I did after the closing bell.
Until then I'm busy trading the ES so I will not entertain anymore questions until after the close.

Again this is a simple test to see how well you have understood what I have posted and to see if you can follow simple and easy...."buy here/sell there"....instructions.

If you are uncertain how to proceede may I suggest taking a quick look at the Daily and 60 min chart that I posted earlier along with todays trading plan.

Good luck.

p.s. see you after the close.

---

Don't punk out on me

---

Quote from ElectricSavant:

T-rex.....I am not going to play your games....good trading....I am through with you...

Michael B.

---

Re: Don't punk out on me

---

Quote from T-REX:


Did you take the Long @ 1098.50 breakout this morning?
If not then you just missed the most easiest trade of the day.

---

I got email notification that there was activity on this thread, so I checked back and find this post:

"I gave you the possible scenarios along with triggers to watch for.
Now it is up to you to tell me what you have done.
I will tell you what I did after the closing bell.
Until then I'm busy trading the ES so I will not entertain anymore questions until after the close. "

I think the general concept "expect the market to move up" is common sense. I also expected a positive rally this week, with consolidation at new highs. The rest of it "I'm busy trading the ES" for instance, is what I call evasion. Look at price activity for this market and ask yourself how "busy" a trader has to be here.

I am going to make another effort to gather data relating to the so-called "swing vix" and "PulseScan" . Up to this point however, I consider this to have been a waste of my time.

For the record, I started the day long 1 ES, and have executed a couple of trades, in and out as price bounced off the 50 EMA. In a predictable holiday uptrend this works just fine, and does not require any mystical intervention or exotic indicators.

Most of the profitable traders I know were long this morning, and expected a pullback or break down about mid-day. To this point it has not happened. I expect that if there is a pullback, it will be mild. In general I expect a continued uptrend tomorrow as well, with price continuing to bounce off the 50 EMA. I intend to be long the market at the open with a stop of 5 ES points. If the market breaks down (below the 50) I will close my position and wait. There you go. Simple directions. Just working off price and volume. Lets see how this stacks up against the market genius and his pulsesan and swing vix.

Re: Following simple instructions

---

Quote from steve46:

steve46: I got email notification that there was activity on this thread, so I checked back and find this post:

"I gave you the possible scenarios along with triggers to watch for.
Now it is up to you to tell me what you have done.
I will tell you what I did after the closing bell.
Until then I'm busy trading the ES so I will not entertain anymore questions until after the close. "

I think the general concept "expect the market to move up" is common sense.

T-REX: It is not "common sense" or else there would be no losers in the market today. If you won then that means that someone else lost.

steve46: I also expected a positive rally this week, with consolidation at new highs.

T-REX: What if the market did not meet your expectations?

steve46: The rest of it "I'm busy trading the ES" for instance, is what I call evasion. Look at price activity for this market and ask yourself how "busy" a trader has to be here.

T-REX: You do not know what I am doing throughout the day or how many markets I am currently trading?


steve46: I am going to make another effort to gather data relating to the so-called "swing vix" and "PulseScan" . Up to this point however, I consider this to have been a waste of my time.

T-REX: What effort? You basically just said that you did not follow the plan.

If you call pulling out 9 points in one single trade a waste of time then you obviously do not understand the "value of time".
If the ES was my only area of concern today then you are correct in that I would have had the time to answere questions during market hours today.


steve46: For the record, I started the day long 1 ES, and have executed a couple of trades, in and out as price bounced off the 50 EMA. In a predictable holiday uptrend this works just fine, and does not require any mystical intervention or exotic indicators.

T-REX: No day is typical. Anything can happen in the market at any given time. The markets are unpredictable.

steve46: Most of the profitable traders I know were long this morning, and expected a pullback or break down about mid-day. To this point it has not happened.

T-REX: The above statement is a Prime example that you do not know what the market is going to do.

steve46: I expect that if there is a pullback, it will be mild. In general I expect a continued uptrend tomorrow as well, with price continuing to bounce off the 50 EMA.

T-REX: What are you talking about. the market is nowhere near touching or bouncing off of the 50 Day EMA. The key word in your above statement is "expect". The market rarely does what we expect it to do. Let's not get to cocky just because you may have had a good day in the market.

steve46: I intend to be long the market at the open with a stop of 5 ES points.

T-REX: I recommend using no more than 2-3 point intital stop-loss on SCALP trades. You risked way too much $$$ today with that 5 point initial stoploss. Wider stops are used for longerterm trading. NOT intraday trading. You will eventually blow yourself out doing that.

steve46: If the market breaks down (below the 50) I will close my position and wait.

T-REX: When you say "below the 50" I assume you mean intraday minute bars? If not then you are risking WAY more than 5 ES points.

steve46: There you go. Simple directions. Just working off price and volume.

T-REX: You have not given any directions. All you have done is state what you may have did during today's session. Directions are something that is given prior to reaching a point of destination.
However, what could be more plainer than "Buy here" / "Sell there"? That is exactly what I posted this morning.

steve46: Lets see how this stacks up against the market genius and his pulsesan and swing vix.

---

There should be a rule in ET.. that will seperate the garbage from the pros. If a trader wants to teach.. his credibility must be earned.

T-REX put up a snapshot of your weekly p&l and the rest will be history.

The only person to do this was the guy on the dax thread from velocity trader.. and he was the real deal.

T-Rex is just another b/s artist trying to make his name. I have read some of your posts and they are just as baffling and arcane as Jack Hershey.

I know this is a free forum so u dont have to do anything.. but what pisses me off is when newbies and naive traders actually take this crap for real.

I am just calling it the way I see it.


--MIKE

What happend this morning?

Here is the 1min ES chart from this morning.

You should have had time to position yourself to catch the breakout today and at least rode it out to 1100 before the slight pullback. However if you had more patients then you could have held out all day until the close.

Re: Re: Following simple instructions

---

Quote from T-REX:

T-REX: I'm not a genius.

I went long ES @ the breakout point today 1098.50 and took profit @ 1107.50. I made 9 ES points today with one trade.


O.K. now that the trading day has ended its time to discuss today's market as it relates to this mornings trading plan.

---

Re: Re: Re: Following simple instructions

---

Quote from Trend Fader:

Show me a snapshot of the p&l stated above.

That will quell all naysayers like myself.

If u are gonna take the time to teach why not establish some real credibility.



--MIKE

---

why is it so hard for gurus to just post their trades as they do them and not be so evasive.if they cant post the trades in real time it always makes one wonder if the trades are real.
whats the point of all this controversy when its so easy to either show us the proof or keep it all to yourself and quit wasting out time.

---

Quote from Trend Fader:

There should be a rule in ET.. that will seperate the garbage from the pros. If a trader wants to teach.. his credibility must be earned.


--MIKE

---

---

Quote from vhehn:

why is it so hard for gurus to just post their trades as they do them and not be so evasive.if they cant post the trades in real time it always makes one wonder if the trades are real.
whats the point of all this controversy when its so easy to either show us the proof or keep it all to yourself and quit wasting out time.

---

Well, its 2:02 PST and I can see the throngs of posters waiting to comment on your trading plan.
Regarding the subject of effort, I took the effort to go to the pulsescan website. They do not offer supporting information for the product. They do ask you to try it for 30 days, AND at the header you see advertisements for broker services. I contacted the A.B.Watley rep Steve Pearlstein to request information about PulseScan. So far No Reply. From my point of view, you have no room to comment as to whether I am making an effort.
My two trades netted a profit. I use the 50 EMA on 3 min and 1 min charts. That is why I commented that price "bounced off" the 50 EMA. I remain long the ES with a profit. I continue to use a 5 point stop because it works. I also use a 5 point stop because my testing indicated that during this season, 5 point stops work. I don't hear anything about testing from you, and have to assume that you don't do any. Once again your comments about effort are interesting but don't apply to me. If my stop gets hit overnight, I will still have a profit. I intend to be long when the market opens tomorrow or flat after booking a profit. I will be long because testing indicates that this is a good time to be long. By all means keep talking about effort. Good luck. Steve46

Re: Re: Re: Re: Following simple instructions

---

Quote from T-REX:

P&L statements can be altered. Calling the market and posting trades before the fact, can not be altered. Either you made the call or you didnt.

Did I not tell you where to trade today?
Did I not give you specific instructions?
Did I not tell you what to watch for?

AS for credibility. I have posted numerous winning trades here at ET. More than anybody else including yourself. I do not have to prove anything else to you are anybody. If you do not get anything out of the thread then you are free to leave it and never come back.

As for your "so-called" care for the newbies , why don't you start a Mentor journal since you obviously feel that you can do it better?

If not then sit back and you might just learn something of value.


Thank you.

T-REX

---

"Be patient. I'm trying to take you through this one step at a time through each stage so that you might learn something.
If you just want a quick fix then you have not come to the right place. This journal is for those that want
to "earn while they learn"."

sorry i dont have time to try to figure out if your for real or not. its up to you to show us you are credible with proof.

The teacher is ready to teach.......but are the students ready to learn?

The purpose of today's journal was to determine whether or not students could read and follow simple directions?

It is becoming quite clear that the reason that most traders will never make it is because they don't know how to follow directions.

What good is my posting realtime trades day after day after day if you don't comprehend what I am saying?

To complicate matters further , those that say that they don't understand don't speak up until it is too late and the day session is now over.

Did I no end today's trading plan with the phrase-
"any questions"?

Posting my trades in realtime is not the problem.
YOUR ability to follow along IS.

So until I am convienced that you got it then I'm not going to post live trades. this is an instructional journal not a track record of my intraday trading prowess!

Thank You

T-REX

questions

wanted to try and sift thru todays trading plan and understand what actions were to be taken in light of how the ES traded today. Want to see if I am interpreting things correctly .

Bias was long so was looking to to enter long 1st @ 1093.75 . never happened .

watch and wait for support/resistance to be confirmed before entering :
resistance /support 1096 since the market traded up immeadiately does this mean that support was confirmed ?

It blew right thru 2nd short 1098 then slowly traded back down to this level around 11:00, how would we know not to short at this point 1098? because the broken resistance had become suppport ?

Re: The teacher is ready to teach.......but are the students ready to learn?

---

Quote from T-REX:

The purpose of today's journal was to determine whether or not students could read and follow simple directions?

It is becoming quite clear that the reason that most traders will never make it is because they don't know how to follow directions.

What good is my posting realtime trades day after day after day if you don't comprehend what I am saying?

To complicate matters further , those that say that they don't understand don't speak up until it is too late and the day session is now over.

Did I no end today's trading plan with the phrase-
"any questions"?

Posting my trades in realtime is not the problem.
YOUR ability to follow along IS.

So until I am convienced that you got it then I'm not going to post live trades. this is an instructional journal not a track record of my intraday trading prowess!

Thank You

T-REX

---

Re: Re: Re: Re: Re: Following simple instructions

---

Quote from Trend Fader:

Nice excuses. Just show us a snapshot of p&l and i'll be gone... not trades called out. There is a difference between trading real $ and paper money.

Its so easy to do.. much easier than your 1000 word posts. But u will continue be evasive and do anything possible to avoid establishing "real credibility".

We want to see the real deal... a snapshot of p&l.. not some calls on a message board. What is wrong with asking this?

I am not smart enough to be a mentor.. and keep my trading to myself. But if I did decide to become a mentor and be taken for real I would first establish credibility and show what I have accomlplished for my own account and silence all the naysayers.

Its funny how someone will go through such great lengths to teach and write longs posts for the goodness of education.. but when they are asked to put it on the line and do something which takes 1 min.. they are always making excuses.


U dont have to post trades in realtime...

Post your daily p&l today.. let us see how u really did in your own account. The dax trader from velocityfutures did exactly this.

I noticed that every credible journal had the trader post his p &l snapshot. The other gurus such as Jack Hershey have been banned from this site..

If u dont have the software do a snapshot of your p&l.... just PM me.. I will be glad to set u up.


--MIKE

---

Re: questions

---

Quote from babe714:

wanted to try and sift thru todays trading plan and understand what actions were to be taken in light of how the ES traded today. Want to see if I am interpreting things correctly .

Bias was long so was looking to to enter long 1st @ 1093.75 . never happened .

watch and wait for support/resistance to be confirmed before entering :
resistance /support 1096 since the market traded up immeadiately does this mean that support was confirmed ?

It blew right thru 2nd short 1098 then slowly traded back down to this level around 11:00, how would we know not to short at this point 1098? because the broken resistance had become suppport ?

---

Re: Re: Re: Re: Re: Re: Following simple instructions

---

Quote from T-REX:

Sorry. I don't give out my private and personal info.
Nice try though.
I would not mind to see yours though since you brought it up.

But you are right. If I wanted to raise $$$ then I would need to show some documented, audited performance. But I'm not looking for managed $$$. All you have to do is just follow along with what I am doing and you can see for yourself rather or not I know what I'm doing?

YOU ARE DEAD WRONG! though about calling the market in realtime. It is NOT easy to do on a consistant basis. If it were then everybody would be doing it.

But lets draw this out to its logical conclusion. If one had the ability to call the market correctly on a consistant basis doesnt it make logical sense that that individual had access to info that was not made easily accessible to the public? Doesnt it make sense that that individual could translate that into profits?

I rest my case.

Thank You

T-REX

---

(Today’s BIAS) = “LONG” + Momentum.
(Swing Vix) = +.45 PulseScan (Overbought)
*Look for a possible intra-day "RVSL" @ 2nd trigger handle.

BreakOut: 1098.50
Resistance/Support 1096.00 /
2nd Short @ 1098.00 /
1st Long @ 1093.75
---------------------------------------------------------------------------------

T-Rex, ok I'm trying to make sense of your call. You said the bias is "long", you were right. I can understand if you meant buy if resistance becomes support on a break of 1098.50. But what does "2nd short @ 1098" mean then? How do we know if we are supposed to be buying or shorting based on what you said?

__________________
voodster

" YOU ARE DEAD WRONG! though about calling the market in realtime. It is NOT easy to do on a consistant basis. If it were then everybody would be doing it. "



Calling a market in a chat room or message board is not the same as moving a $50,000 contract of ES.

One is about ego and the other is about making money.


--MIKE

Re: Following simple instructions

---

Quote from Trend Fader:

You will not rest your case .. until u just show us a snapshot of your p&l today. I want to see how many points u actually made. U can easily erase or delete the personal info part. Many traders have already done this.. if u dont know how I can show u how to do this.. w/o an type of invasion of privacy.

There is no reason for me to show my personal p&l because i am not the teacher...

The more u avoid this simple issue.. the worse u will look.


--MIKE

---

---

Quote from voodster:

(Today’s BIAS) = “LONG” + Momentum.
(Swing Vix) = +.45 PulseScan (Overbought)
*Look for a possible intra-day "RVSL" @ 2nd trigger handle.

BreakOut: 1098.50
Resistance/Support 1096.00 /
2nd Short @ 1098.00 /
1st Long @ 1093.75
---------------------------------------------------------------------------------

T-Rex, ok I'm trying to make sense of your call. You said the bias is "long", you were right. I can understand if you meant buy if resistance becomes support on a break of 1098.50. But what does "2nd short @ 1098" mean then? How do we know if we are supposed to be buying or shorting based on what you said?

---

NOTE: If prices collapse below the “Intra-Day SUPPORT” then use this level to catch the reversal on the “long” side.
------------------------------------------------------------------------

T-Rex did you actually mean to say "if prices collapse below the support then use that level to catch the reversal on the short side"?

__________________
voodster

Trend Fader,

You have made 6 posts today to this journal. It should be obvious to you that T-REX does not care to post his P&L. If that so thoroughly offends you then please do not read this thread, as your point has been made repeatedly.

---

Quote from dbphoenix:

In all fairness (which is difficult in this case), what you're requesting may not even be necessary IF he were to be specific about the setups and IF he were to explain why the setups are selected.

Unfortunately, TRex isn't teaching anybody anything about how to trade. What he's doing is "teaching" people to take his calls and to rely on proprietary indicators which he refuses to explain. In other words, he's teaching people to depend on him. This is not mentorship, and I can't for the life of me understand why this journal is allowed to stand.

Now if he were to explain how to code these indicators that he seems to rely on so heavily, OR use indicators that are available to everybody, OR to explain what makes a setup and why one setup is superior to another, either inclusive or exclusive of indicators, AND something about entry and exit, THEN he'd be at least in the ballpark of mentorship. Until then, he's just a guru wannabe collecting gimmees.

---

---

Quote from voodster:

NOTE: If prices collapse below the “Intra-Day SUPPORT” then use this level to catch the reversal on the “long” side.
------------------------------------------------------------------------

T-Rex did you actually mean to say "if prices collapse below the support then use that level to catch the reversal on the short side"?

---

--------------------------------------------------------------------------------
Quote from voodster:

NOTE: If prices collapse below the “Intra-Day SUPPORT” then use this level to catch the reversal on the “long” side.
------------------------------------------------------------------------

T-Rex did you actually mean to say "if prices collapse below the support then use that level to catch the reversal on the short side"?
--------------------------------------------------------------------------------



No. What I mean is that once prices collapse below the support then use that level to catch the reversal on the long side once prices begin to rally off the lows.
------------------------------------------------------------

T-Rex, OK trying to understand. You mean if 1090 is support and is broken then you don't see it as possible resistance when the market bounces back up to it? Instead you look to go long at 1090? I thought only if 1090 WASN'T broken but held then you'd want to go long there. Can you explain?

__________________
voodster

---

Quote from voodster:

--------------------------------------------------------------------------------
Quote from voodster:

NOTE: If prices collapse below the “Intra-Day SUPPORT” then use this level to catch the reversal on the “long” side.
------------------------------------------------------------------------

T-Rex did you actually mean to say "if prices collapse below the support then use that level to catch the reversal on the short side"?
--------------------------------------------------------------------------------



No. What I mean is that once prices collapse below the support then use that level to catch the reversal on the long side once prices begin to rally off the lows.
------------------------------------------------------------

T-Rex, OK trying to understand. You mean if 1090 is support and is broken then you don't see it as possible resistance when the market bounces back up to it? Instead you look to go long at 1090? I thought only if 1090 WASN'T broken but held then you'd want to go long there. Can you explain?

---

DP+"Now if he were to explain how to code these indicators that he seems to rely on so heavily, OR use indicators that are available to everybody, OR to explain what makes a setup and why one setup is superior to another, either inclusive or exclusive of indicators, AND something about entry and exit, THEN he'd be at least in the ballpark of mentorship"

========
T-Rex, this seems a reasonable request?

All further posts not specifically related to trades posted by T-REX, or his strategies, will be removed. While I see little merit in black-box methods there are many people at ET who find worth either in his calls or more likely in their ability to cull pertinent information from his posts i.e., reading between the lines. If you don't find value here then please move on, you are wasting your time in this thread.

Re: Re: T-REX

---

Quote from Scientist:

This is so typical of ET that it's just sad. I've seen it happen to almost any good trader I know around here, including AMT4SWA, who kicked ass live at the EGO challenge, posts his up-to-150+ contract ES trades live in a chat room everyday and is still being insulted and diminshed for the pure will to help (for free!).

.

---

2 Bar Charlie "Realtime" Trades

2 Bar Charlie "Live Demo"

http://www.elitetrader.com/vb/showt...t=EGO+CHALLENGE

2 Bar Charlie "Live Demo" Question & Answer session

http://www.elitetrader.com/vb/showt...light=live+demo


Bully on the playground

http://www.elitetrader.com/vb/showt...t=EGO+CHALLENGE


"EGO CHALLENGE" (26 Sept 2003)

http://www.elitetrader.com/vb/showt...t=EGO+CHALLENGE


"EGO CHALLENGE" (29 Sept 2003)

http://www.elitetrader.com/vb/showt...t=EGO+CHALLENGE


"EGO CHALLENGE" (01 Oct 2003)

http://www.elitetrader.com/vb/showt...t=EGO+CHALLENGE


"EGO CHALLENGE" (02 Oct 2003)

http://www.elitetrader.com/vb/showt...t=EGO+CHALLENGE


T-REX Journal (w/track record)

http://www.elitetrader.com/vb/showt...ht=TREX+journal

_____________________________________________


2 Bar Charlie System (Screen & Chart set-up)


Tools.

Use the EOD Swing Vix Indicator.
Mark yesterday's High & Low.
Use the 60min Candlestick chart to find current intra-day trend.
Use the 5min &/or 1min Candlestick chart to time entry point.


Technical Indicators.

Use a 40-bar EMA.
Use a Stochastic Line Chart (14,3,3 time periods)
Use a MACD Histogram Line Chart (5,40,5 time periods)


Chart Rules.

When the 5 min bar crosses above the 40-bar MA = buy.
When the 5 min bar crosses below the 40-bar MA = sell.


Filters. (Are not necessary but are useful)

(1.) Wait for the low of the 60 min bar
to close above the 40-bar MA = buy.

(2.) Wait for the high of the 60 min bar
to close below the 40-bar MA = sell.



Trade Set ups of the 2 Bar Charlie System

*"Momentum-NEUTRAL" ENTRY Days: Consolidated intra-day plays. These days are more common after a significant rally or sell-off they appear during a brief period of consolidation within the trend. Watch & Wait for the pullback toward Intra-Day SUPPORT/RESISTANCE to be confirmed before placing the buy/sell order especially if the days close is above today's price trigger. See *Trade Entry Rules.

*"BREAK-OUT" ENTRY Days: These days are less common but have a very high accuracy rate and are major trade signals. These types of breakouts tend to be very powerful moves and are typical within the current market trend. Usually, they occur while in a brief consolidation within the current trend after a strong move (but not always). See *Trade Entry Rules.

*"TRENDING" ENTRY Days: These are days were the market is expected to rally after a pullback. See *Trade Entry Rules.TRADE ENTRY RULES: Wait until after 9:30am EST before trade entry. Cancel order if not filled by 11:30am EST. NOTE: In a Bullish 40-Day Trend Do Not place the buy stop-limit order if after the open the market is trading above Intra-Day Resistance and or yesterday's High. In a Bearish 40-Day Trend Do Not place the sell stop-limit order if after the open the market is trading below Intra-day Support and or yesterday's Low. Refer to the intra-day 60-min & 5-min charts for a possible reversal of trend signal before placing the trade. The system is on the sidelines unless the entry point is triggered.

*Profit Target: = 1.25 - 3 points. The profit target is to be used as a guide to either move your stop-loss to breakeven or take profit in uncertain market conditions. You may also use the profit target as a working limit order if you don't have the time to watch the market and would like to take quick profits.



*Trade Entry RULES:

(Watch & Wait for support/resistance to be confirmed before entry. On occasion you may have to actually enter on the "BreakOut" or "Resistance/Support" triggers if Support/Resistance is confirmed but either the 1st or 2nd trades are not triggered.

(NOTE: ALWAYS trade in the direction of the BIAS/TREND.
If 1st Trade is triggered then use 2nd Trade as a profit target and/or Stop&Reverse.

NOTE: If prices collapse below the “Intra-Day SUPPORT” then use this level to catch the reversal on the “long” side. Likewise if prices rally above the “Intra-Day RESISTANCE then use this level to catch the reversal on the “short” side.




...........the 2BC SCALP METHOD in a nutshell.


T-REX



 

Re: Re: 2 Bar Charlie "Realtime" Trades

[QUOTE]Quote from roberk:

There is some good stuff in there T-Rex, looking forward to learning about your WAY of trading.

Re: 2 Bar Charlie "Realtime" Trades

---

Quote from T-REX:



_____________________________________________


2 Bar Charlie System (Screen & Chart set-up)


Tools.

Use the EOD Swing Vix Indicator.
Mark yesterday's High & Low.
Use the 60min Candlestick chart to find current intra-day trend.
Use the 5min &/or 1min Candlestick chart to time entry point.


Technical Indicators.

Use a 40-bar EMA.
Use a Stochastic Line Chart (14,3,3 time periods)
Use a MACD Histogram Line Chart (5,40,5 time periods)


Chart Rules.

When the 5 min bar crosses above the 40-bar MA = buy.
When the 5 min bar crosses below the 40-bar MA = sell.


Filters. (Are not necessary but are useful)

(1.) Wait for the low of the 60 min bar
to close above the 40-bar MA = buy.

(2.) Wait for the high of the 60 min bar
to close below the 40-bar MA = sell.



Trade Set ups of the 2 Bar Charlie System

*"Momentum-NEUTRAL" ENTRY Days: Consolidated intra-day plays. These days are more common after a significant rally or sell-off they appear during a brief period of consolidation within the trend. Watch & Wait for the pullback toward Intra-Day SUPPORT/RESISTANCE to be confirmed before placing the buy/sell order especially if the days close is above today's price trigger. See *Trade Entry Rules.

*"BREAK-OUT" ENTRY Days: These days are less common but have a very high accuracy rate and are major trade signals. These types of breakouts tend to be very powerful moves and are typical within the current market trend. Usually, they occur while in a brief consolidation within the current trend after a strong move (but not always). See *Trade Entry Rules.

*"TRENDING" ENTRY Days: These are days were the market is expected to rally after a pullback. See *Trade Entry Rules.TRADE ENTRY RULES: Wait until after 9:30am EST before trade entry. Cancel order if not filled by 11:30am EST. NOTE: In a Bullish 40-Day Trend Do Not place the buy stop-limit order if after the open the market is trading above Intra-Day Resistance and or yesterday's High. In a Bearish 40-Day Trend Do Not place the sell stop-limit order if after the open the market is trading below Intra-day Support and or yesterday's Low. Refer to the intra-day 60-min & 5-min charts for a possible reversal of trend signal before placing the trade. The system is on the sidelines unless the entry point is triggered.

*Profit Target: = 1.25 - 3 points. The profit target is to be used as a guide to either move your stop-loss to breakeven or take profit in uncertain market conditions. You may also use the profit target as a working limit order if you don't have the time to watch the market and would like to take quick profits.



*Trade Entry RULES:

(Watch & Wait for support/resistance to be confirmed before entry. On occasion you may have to actually enter on the "BreakOut" or "Resistance/Support" triggers if Support/Resistance is confirmed but either the 1st or 2nd trades are not triggered.

(NOTE: ALWAYS trade in the direction of the BIAS/TREND.
If 1st Trade is triggered then use 2nd Trade as a profit target and/or Stop&Reverse.

NOTE: If prices collapse below the “Intra-Day SUPPORT” then use this level to catch the reversal on the “long” side. Likewise if prices rally above the “Intra-Day RESISTANCE then use this level to catch the reversal on the “short” side.




...........the 2BC SCALP METHOD in a nutshell.


T-REX

---

And, again, how does one plot the "swing VIX indicator"?

---

Quote from dbphoenix:

And, again, how does one plot the "swing VIX indicator"?

---

---

Quote from T-REX:

You do not need to know "how" to plot the Swing Vix.
What you need to know are the "rules" for interpreting it.
If you can't understand simple trading rules how can you understand how to plot an indicator?

---

---

Quote from dbphoenix:

If not, are you willing to explain how to employ the strategy without the use of the "swing VIX indicator"?

---

Re: Trading Plan (30 Dec 2003)

---

Quote from T-REX:

The color code should make it alot easier for you to interpret.

---

Re: Re: Trading Plan (30 Dec 2003)

---

Quote from dbphoenix:

So it will be necessary to wait for you to plot it? That is, no one who is interested in your strategy can plot it himself? Your strategy has no value without it?

---

Re: Re: Re: Trading Plan (30 Dec 2003)

---

Quote from T-REX:

No. you can not plot it because it is my own proprietary work.
You do not need to use it and I dont have to post it here if the major consensus is not to do so.

---

ES Trading Plan (30 Dec 2003)

please read carefully.

Re: Trading Plan (30 Dec 2003)

---

Quote from T-REX:

No. you can not plot it because it is my own proprietary work.
You do not need to use it and I dont have to post it here if the major consensus is not to do so.

---

Re: Re: Trading Plan (30 Dec 2003)

---

Quote from dbphoenix:

Thank you for answering the question.

Now.

Again, is its use necessary for the implementation of your strategy?

If not, is there another indicator which will serve the same function? If there is, is it necessary?

---

I had hoped to walk you through today's set-ups but unfortuneatyly I will be in and out all day on appointments with my son who just turned 2yrs old today.


was anybody able to implement today's strategy?

Re: Re: Re: Re: Trading Plan (30 Dec 2003)

---

Quote from kernan:

T-REX, new to this discussion. Please clarify for me - is the system you are trying to teach (?) DEPENDENT on proprietary indicators that you are discussing, or INDEPENDENT of them?

---

---

Quote from T-REX:

I had hoped to walk you through today's set-ups but unfortuneatyly I will be in and out all day on appointments with my son who just turned 2yrs old today.


was anybody able to implement today's strategy?

---

__________________
Whatever you are,
be a good one.

Re: Re: Re: Re: Re: Trading Plan (30 Dec 2003)

---

Quote from kernan:

Still waiting for an answer to above.

---

Re: Re: Re: Re: Re: Re: Trading Plan (30 Dec 2003)

---

Quote from T-REX:

Hi kernan.

I just answered that question. db had already asked it awhile back.

The answer is NO. You do not need any proprietary indicators in order to implement the strategy. That should be evident by now.

Today's Trading Plan included "NO" technical indicators at all.

Thank You

T-REX

---

This mornings price action

You will notice that the Resistance/Support level @ 1104.75 held up nicely. The mkt came with one tick of hitting it right on.
Once you saw that this support held that should have clued you to referrence the "2 Bar Charlie Screen set-up" for how to proceed with the 1min chart as a stand alone.

Even with the tight narrow range day you could have entered @ the 1106.00 price range to capture 2 ES points with an exit @ 1108.00.

NRD's are tough to trade but you can still eek out 1-2 pts per trade and still do several round turns.

If you are ready I'd like to move on to the next point with the chart below.

Re: Trading Plan (30 Dec 2003)

---

Quote from kernan:


I originally thought with all the talk about "black box" and your website and indicators that there was proprietary analysis involved.

---

Re: Re: Trading Plan (30 Dec 2003)

---

Quote from dbphoenix:

There was, but hopefully he's decided to move beyond that, which would be to the benefit of anyone interested in his strategy.

---

How did you determine 1104.75 to be your s/r level?

Thanks

---

Quote from goforwand:

How did you determine 1104.75 to be your s/r level?

Thanks

---

---

Quote from T-REX:

I use pivot's. But not like most use them. My calculations are different.

Thank you

T-REX

---

---

Quote from T-REX:

I use pivot's. But not like most use them. My calculations are different.

Thank you

T-REX

---

????????????

Once you saw that this support held that should have clued you to referrence the "2 Bar Charlie Screen set-up" for how to proceed with the 1min chart as a stand alone.

are you referring to trading the 40 ,10 MA crossovers on a one minute chart ?

---

Quote from kernan:

So, I am reviewing your info (alot there), but this post brings me back to my original question. I would call what you say above "proprietary" - meaning if I do not know how you do it and cannot reproduce it, I am dependent on you for this information.

Are you going to give it to me every day? For free? Why go to all of that effort, if yes? And what happens if you - God forbid - get hit by a car? Will you ever charge me for it?

I am not trying to create waves. But, I don't want to waste my time if this is the case. I am sure that many others can/will follow you, but it would not be for me.

Please clarify.

Thanks!

---

---

Quote from goforwand:

Can you elaborate on how they are different or how they are determined?

Thanks

---

Re: ????????????

---

Quote from babe714:

Once you saw that this support held that should have clued you to referrence the "2 Bar Charlie Screen set-up" for how to proceed with the 1min chart as a stand alone.

are you referring to trading the 40 ,10 MA crossovers on a one minute chart ?

---

A straight forward question deserves a straight answer

---

Quote from kernan:

So, I am reviewing your info (alot there), but this post brings me back to my original question. I would call what you say above "proprietary" - meaning if I do not know how you do it and cannot reproduce it, I am dependent on you for this information.

Are you going to give it to me every day? For free? Why go to all of that effort, if yes? And what happens if you - God forbid - get hit by a car? Will you ever charge me for it?

I am not trying to create waves. But, I don't want to waste my time if this is the case. I am sure that many others can/will follow you, but it would not be for me.

Please clarify.

Thanks!

---

Clarification

---

Quote from kernan:

So, I am reviewing your info (alot there), but this post brings me back to my original question. I would call what you say above "proprietary" - meaning if I do not know how you do it and cannot reproduce it, I am dependent on you for this information.

Are you going to give it to me every day? For free? Why go to all of that effort, if yes? And what happens if you - God forbid - get hit by a car? Will you ever charge me for it?

I am not trying to create waves. But, I don't want to waste my time if this is the case. I am sure that many others can/will follow you, but it would not be for me.

Please clarify.

Thanks!

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

so would you be a buyer today 1 hour and 45 min into a trading when 5 min bar closed at 1108.00 and 40 EMA was 107.9
because on 60 min we are clearly above 40 EMA

I am sure you didn't buy on that signal can you tell us why?

__________________
It doesn't matter where you get in, it where you get out that counts

Re: Clarification

Hi T-Rex,

Thanks for summarizing your entry signal. With 25 pages in this thread, it's helpful to have it all in one posting.

Can you please also summarize your suggested stop loss and take profit price levels if you are trading just one unit, and and if you are trading multiple units?

-- M


 

---

Quote from T-REX:

2 Bar Charlie System (Screen & Chart set-up)


Tools.

Use the 60min Candlestick chart to find current intra-day trend.
Use the 5min &/or 1min Candlestick chart to time entry point.


Technical Indicators.

Use a 40-bar EMA.
Use a Stochastic Line Chart (14,3,3 time periods)
Use a MACD Histogram Line Chart (5,40,5 time periods)


Chart Rules.

When the 5 min bar crosses above the 40-bar MA = buy.
When the 5 min bar crosses below the 40-bar MA = sell.


Filters. (Are not necessary but are useful)

(1.) Wait for the low of the 60 min bar
to close above the 40-bar MA = buy.

(2.) Wait for the high of the 60 min bar
to close below the 40-bar MA = sell.


Big things come in small packages with simple instructions.

Thank You

T-REX

---

---

Quote from balda:

so would you be a buyer today 1 hour and 45 min into a trading when 5 min bar closed at 1108.00 and 40 EMA was 107.9
because on 60 min we are clearly above 40 EMA

I am sure you didn't buy on that signal can you tell us why?

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

Re: Re: Clarification

---

Quote from mmm:

Hi T-Rex,

Thanks for summarizing your entry signal. With 25 pages in this thread, it's helpful to have it all in one posting.

Can you please also summarize your suggested stop loss and take profit price levels if you are trading just one unit, and and if you are trading multiple units?

-- M

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

Thanks T-Rex.

Can you a suggest a stop loss as well?

I know you said it's an individual sort of thing, but I would be interested in hearing your thoughs on stops.

Thanks.

-- M

speaking as a true newbie...

I'm not even trading yet, and I'm still in the process of learning the lingo. so some of the terms your using are a little are unfamiliar to me, but don't change anything, I like the challenge of deciphering posts. I'm learning, but I still feel like a contestant on the price is right trying compete with jepardy champions

thanks for all the help T-Rex

T-Rex

My broker says trade when the market hands you a gift, such as today was.

---

Quote from mmm:

Thanks T-Rex.

Can you a suggest a stop loss as well?

I know you said it's an individual sort of thing, but I would be interested in hearing your thoughs on stops.

Thanks.

-- M

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

Re: T-Rex

---

Quote from porgie:

My broker says trade when the market hands you a gift, such as today was.

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

ES Trading Plan (02 Jan 2003)

Nice trending up day expected.

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

Re: ES Trading Plan (02 Jan 2003)

---

Quote from T-REX:

Nice trending up day expected.

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

Re: Re: ES Trading Plan (02 Jan 2003)

---

Quote from T-REX:

 

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

Re: Re: Re: ES Trading Plan (02 Jan 2003)

---

Quote from T-REX:

 

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

Re: ES Trading Plan (02 Jan 2003)

---

Quote from T-REX:

Nice trending up day expected.

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

Re: ES Trading Plan (02 Jan 2003)

---

Quote from T-REX:

The 60min Chart should have clued you in that the intraday trend was about to reverse.

---

Re: Re: ES Trading Plan (02 Jan 2003)

---

Quote from dbphoenix:

Since all of this face-saving is being done in hindsight, in what way should the 60m chart have clued anyone in that the intraday trend was about to reverse?

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

Re: Re: Re: ES Trading Plan (02 Jan 2003)

---

Quote from T-REX:

Per the rules outlined in the Trading Plan.
According to Friday's Trading Plan where was the recommended short?

Remember, the recommended price triggers are given pre-mkt.
At 11:15am did not the 5min bar close below the 40 EMA?
How does the "2 Bar Charlie SCALP METHOD" tell you to proceed on a day like this?

I believe you have answered your own question.

Also, although from time to time this journal may contain some realtime intraday trades this is not a track record journal but rather a mentor journal meant to give instruction and education regarding the Scalp method.


Thank you

T-REX

---

Re: ES Trading Plan (02 Jan 2003)

---

Quote from T-REX:

Per the rules outlined in the Trading Plan.
According to Friday's Trading Plan where was the recommended short?

Remember, the recommended price triggers are given pre-mkt.
At 11:15am did not the 5min bar close below the 40 EMA?
How does the "2 Bar Charlie SCALP METHOD" tell you to proceed on a day like this?

I believe you have answered your own question.

Also, although from time to time this journal may contain some realtime intraday trades this is not a track record journal but rather a mentor journal meant to give instruction and education regarding the Scalp method.
 

---

T-Rex

Enjoying your thread.... trying to catch up.

Thanx

__________________
Hell is that place where the person you are meets the person you could have become.

Re: Re: Re: Re: ES Trading Plan (02 Jan 2003)

---

Quote from JackDaniel:

T-REX: Think of the daily Trading Plan as a roadmap.
If you are traveling to a specific destination for the 1st time and are not familiar with the surrounding landmarks or alternative routes, you will be lost without a map. I have given you the "methodology" now I assist you with the Trading Plan so that you can correctly apply the method to your trading. The Trading Plan is NOT necessary in order to trade the method but it is essential in assisting those that have never traded before at all and need that additional assistance. Hence the trading plan is a roadmap telling you how to get from point A to point B.

Again the trading plan in NOT meant to supersede nor replace the "2 Bar Charlie SCALP METHOD" but rather is meant to be used as a guide to assist you in using the methodology.


JackDaniel: The thing that is confusing to me, and possibly others is:
your post of 01-02-04 at 630a says the bias is LONG. Then you have a rule that says "ONLY trade in the direction of the bias". That means no shorts....correct?

T-REX: WRONG! what that means is to always look for your initial entry point to be long in an uptrend and short in a downtrend.
You must remove your own personal bias about trading in order to broaden your scope of understanding. That is how you will be able to correctly interpret the daily trading plan. (See comments below.)

JackDaniel: At the same time, another part of that same post listed support and resistance levels and said that if the price went through your listed resistance, then use this as an opportunity to short. Well, which is it?

T-REX: It is simple. would you rather be short from the "low" of an up-bar or short from the "high" of an up-bar?
Change your thinking and you will be able to comprehend the method.

JackDaniel: Did the bias change during the trading day (and how would one know this) and that allowed you to short, or do you allow shorts even when you say
ONLY TRADE IN THE DIRECTION OF THE BIAS ?

T-REX: Again "ONLY TRADE IN THE DIRECTION OF THE BIAS" means when the bias is long and the intraday price action is still moving higher then you should be long. However when the intraday price action changes or shifts direction then you should be prepared to do the same. Static rules are not what discretional trading is about. The rules are meant to be a guide only. I'm trying to teach you how to "think outside the box" so that you might be able to read and interpret price action correctly as it relates to intraday trend.

jd

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

Re: Re: ES Trading Plan (02 Jan 2003)

---

Quote from dbphoenix:

dbphoenix: So if one is to follow "the plan" even though you say to expect an uptrending day, which turned out to be exactly the wrong call, what's the point in making the calls?


T-REX: The market DID in fact trend higher and as a result a new 10-day high was posted. It just so happens that the market stalled precisely above the "Intra-Day RESISTANCE" handle thus signaling you to get ready to go short intraday.

dbphoenix: As you say, this is "a mentor journal meant to give instruction and education regarding the Scalp method". It is not a "track record" journal. So I see no point in trying to impress people into ignoring the plan and following these "calls" instead.

T-REX: In all fairness to you I have already answered this question in response to an earlier post.

dbphoenix: As for the "real-time intraday trades", any trade posted to a journal is by definition a hindsight trade. Newbies should understand that very clearly.

T-REX: db, I think you know better than to suggest that posting realtime trades in a journal during the trading session IS considered to be realtime. The only thing that is being done in hindsight is my "end-of-day" commentary.

 

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

Trading Plan (05 Jan 2004)

Please reference my earlier post in response to Friday's trading plan.

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

Re: ES Trading Plan (02 Jan 2003)

---

Quote from T-REX:

The market DID in fact trend higher and as a result a new 10-day high was posted.

---

---

Quote from T-REX:

I think you know better than to suggest that posting realtime trades in a journal during the trading session IS considered to be realtime.

---

---

Quote from T-REX:

Also, although from time to time this journal may contain some realtime intraday trades this is not a track record journal

---

---

Quote from T-REX:

dbphoenix: As you say, this is "a mentor journal meant to give instruction and education regarding the Scalp method". It is not a "track record" journal. So I see no point in trying to impress people into ignoring the plan and following these "calls" instead.

T-REX: In all fairness to you I have already answered this question in response to an earlier post.

---

Question about 60 min and 40EMA

low of ES on 60 min chart has been above 40EMA since middle of December so how could you possibly go short if price on 60 min chart has never been below 40EMA or
do you use 60 min bars and 40EMA from 5min chart?

thank you
alex

__________________
It doesn't matter where you get in, it where you get out that counts

Re: Re: ES Trading Plan (02 Jan 2003)

---

Quote from dbphoenix:

A 30m "trend" lasting only a few points hardly qualifies as an "uptrending day". In any case, you still haven't explained why you made the call in the first place. Is part of your "mentoring" an attempt to teach newbies how to make calls? If so, what were your criteria for making your "uptrending day" call?



Just following your lead:



If you don't consider "realtime intraday trades" to be "realtime", why on earth are you calling them "realtime"?



Actually, you haven't. I'm still interested in your response.

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

---

Quote from balda:

Question about 60 min and 40EMA

low of ES on 60 min chart has been above 40EMA since middle of December so how could you possibly go short if price on 60 min chart has never been below 40EMA or
do you use 60 min bars and 40EMA from 5min chart?

thank you
alex

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

I can see that you're not going to answer the question regarding bias and making "calls", so there's no point in pursuing it further. Everyone but you understands that a couple of points up in the first ten minutes does not constitute an "uptrending day" (and, yes, it may have been more than two points and, yes, it may have been more than ten minutes, but you have absolutely no criteria whatsoever, so the number of points and the length of time are immaterial).

If anyone can make all this contradictory information work, good luck to you.

This looks like a great Journal T-Rex and hope it will continue well through 2004. A little concerned about some of your calls - like being "neutral" for yesterday. Markets are tough, aren't they?

You mentioned that this would be a 12 week course. Is there more to come?

__________________
"The Grasso is always greener on the other side of the bid and ask spread for our members - not the public - at our member's only NYSE Club."

Grasso, Sr. Specialist
 

Re: Re: ES Trading Plan (02 Jan 2003)

---

Quote from T-REX:

The 60min Chart should have clued you in that the intraday trend was about to reverse.

---

__________________
It doesn't matter where you get in, it where you get out that counts

this is 60 min chart with 40EMA at which point it would give me a clue to go short on 1-2-04

__________________
It doesn't matter where you get in, it where you get out that counts

Re: Re: Re: ES Trading Plan (02 Jan 2003)

---

Quote from balda:

so how did 60min chart would clued me if price on 60 min chart on 1-2-04 has never traded below 40EMA?

how do you use 60 min chart?

---

---

Quote from dbphoenix:

I can see that you're not going to answer the question regarding bias and making "calls", so there's no point in pursuing it further. Everyone but you understands that a couple of points up in the first ten minutes does not constitute an "uptrending day" (and, yes, it may have been more than two points and, yes, it may have been more than ten minutes, but you have absolutely no criteria whatsoever, so the number of points and the length of time are immaterial).

If anyone can make all this contradictory information work, good luck to you.

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

---

Quote from T-REX:

You have ONE of 2 options:

use the 5 min bar
or
use the 60 min bar

that is all there is to it.


T-REX

---

---

Quote from mdl060374:

I am enjoying this thread and appreciate your input. I have no intention of learning yourt proprietary info, or the calls.

You mentioned the MACD and Stochastics. How are these incorporated into the above? Specific signals, etc?

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

---

Quote from T-REX:

Making market calls IS NOT part of the trading plan.
The purpose of the directional bias is to give the trader a reading of market momentum so that he/she might be better prepared to handle the uncertainty of extreme intraday volatilty.

---

---

Quote from T-REX:

Again, my method is "DISCRETIONAL" and not necessarily systematic. Remember, I'm trying to explain a trading style that is unique and is NOT known or widely used. It is my own discretionary style of trading based on my own personal proprietary indicators that can not be reproduced.

---

---

Quote from T-REX:

I don't know what else you expect from me for free?
I can't place the trades for you.
You will have to do that yourself.

---

The Journal is looking great and I'm still learning what to use, not to use, when to use and when to not to use. This makes things tough following T-Rex, but I think that it will all come together when he continues with further explanations.

The main thing is that I'm making money $$$$ from following this Journal and T-Rex. Hope others are too.

__________________
"The Grasso is always greener on the other side of the bid and ask spread for our members - not the public - at our member's only NYSE Club."

Grasso, Sr. Specialist
 

---

Quote from dbphoenix:

In other words, the plan is so vague that whoever uses it requires a "reading" from you in order to figure out what action to take.



The word is "discretionary". And I can believe that your plan is not widely used.



All I expect is that you make sense. I'm still waiting.

As for placing the trades, I follow another system. But thank you for asking.

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

---

Quote from T-REX:

I apologize if I'm still not making sense to YOU.
I have really tried both to qualify & quantify my rationale the best way I possibly can. Please forgive me if I'm not the best communicator in the world.

This method may not be for you. If after my many repeated attempts to explain myself you still can not bring it all together.
 

---

Sad to see you go

---

Quote from dbphoenix:

Apparently, the inability to bring it all together lies elsewhere. But, as I said, I'm done with it.

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

Actually, I'm doing much better with my strategy than I would with yours. You take something which is relatively simple and make it much too complicated. But if it suits you . . .

Can we end this little exchange now?

Today's ES Trading Plan

Be alert for unexpected volatility today.

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

Most excellent there T-Rex. Was getting anxious to see "The Investors Edge" daily trading plan back in the mix. This is the foundational excellence that has made me very confident in every aspect of my trading. I still am amazed how easy these concepts and trading plans really are. More so, THEY ARE MAKING ME TONS OF MONEY!! $$$$$$ Day in - day out, it simply works!!!

Hope others are making money like me. I just wish you could report stories of $$$ like me too.

Keep up the "good" and "free" work T-Rex.

__________________
"The Grasso is always greener on the other side of the bid and ask spread for our members - not the public - at our member's only NYSE Club."

Grasso, Sr. Specialist
 

Man. Did you just see how easy it was to get long on the 5 minute chart above the 40 EMA? I'll be riding this baby for at least a 5-6 point gain with the rest of the afternoon free!!

The rules and guidelines are here throughout this Journal from T-Rex. It works. Just implement it and don't let emotions be a factor at all. Time to focus on the rules and let the money flow in $$$$.

Gotta go....forgot to switch over to "real time quotes" from my 20 minute delayed stuff.

$$$$ today and everyday!!!

__________________
"The Grasso is always greener on the other side of the bid and ask spread for our members - not the public - at our member's only NYSE Club."

Grasso, Sr. Specialist
 

Did anyone else get out with a 5.0 gain like me off the 2BC setup?
It was right there from the beginning with the long bias from the daily trading plan. Follow the rules and guidelines that T-Rex mentions, pound them into your trading brain so that they become second nature with no guess work involved.

Way too easy and great fun to be making $$$.

How did your setup go T-Rex (and others?)

__________________
"The Grasso is always greener on the other side of the bid and ask spread for our members - not the public - at our member's only NYSE Club."

Grasso, Sr. Specialist
 

---

Quote from Bruto Blukowski:

Did anyone else get out with a 5.0 gain like me off the 2BC setup?
It was right there from the beginning with the long bias from the daily trading plan. Follow the rules and guidelines that T-Rex mentions, pound them into your trading brain so that they become second nature with no guess work involved.

Way too easy and great fun to be making $$$.

How did your setup go T-Rex (and others?)

---

YEAH BABY

60min chart gives me clue after clue after clue

Thanks T-REX

__________________
It doesn't matter where you get in, it where you get out that counts

---

Quote from kgharris:

Thought you were in for the rest of the afternoon, according to your earlier post. How did you know to exit?

---

__________________
"The Grasso is always greener on the other side of the bid and ask spread for our members - not the public - at our member's only NYSE Club."

Grasso, Sr. Specialist
 

The 5min on the 40EMA is setting up perfectly to go into the noon hour. There...on that close I'm in long. Will watch for the intraday volatility that T-Rex mentioned today since it didn't happen for the morining session. Time to make some more easy money $$$.

__________________
"The Grasso is always greener on the other side of the bid and ask spread for our members - not the public - at our member's only NYSE Club."

Grasso, Sr. Specialist
 

Praise God!

Somebody's got it!

yes.yes.yes.

keep up the good work.

I caught the initial sell off but decided to concentrate on my
Euro Currency position from last night.

200 points and counting!

gotta luv dis game.


Hint. Be careful. watch for the failed attempt at a rally between 2:30pm EST and 3:00pm EST. One last attempt at a lift could come before we falter. Reversals can happen suddenly so be watchful. 2nd trigger should hold as resistance today from the 1st trigger that was never reached.

sounds like a riddle I know but you will get the hang of it.

Here's a big one for you swing traders:

1111.00 price level will be critical for a BIG short entry on swing trades. A close below here could signal a HUGE 50+ point pullback on a rather nasty correction. So HEADS UP!

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

Man 'o Man. This has been a killer day bangin' away on the 5min 40 EMA setup. It really is a sure that I got another 2.75 points being out at 1130.50. This is like playing Twister down at the old folks home on Sunday's where my Grandpa lives. Just follow the rules of "the game" and only fun and profits can follow $$$$.

 

__________________
"The Grasso is always greener on the other side of the bid and ask spread for our members - not the public - at our member's only NYSE Club."

Grasso, Sr. Specialist
 

Bruto, are you saying you are trading a delayed chart? Don't get too happy just yet because when a turn comes and you don't know it you'll get slammed. Plus how do you sell out at 1130.50 when the high was 1130.25 (regular hours)? We'd all love to know.

__________________
voodster

Well, I'll be a blue nosed gopher. The delayed charts had a bad print on the high for the day. Tough to watch a delayed 5min chart all day. It was still a classic 2BC setup that made me $$$ in my pocket.

The zone continues into tomorrow for more $$$ setups.

__________________
"The Grasso is always greener on the other side of the bid and ask spread for our members - not the public - at our member's only NYSE Club."

Grasso, Sr. Specialist
 

Even if it was a bad print it doesn't mean you can get filled there. So don't say you sold at 1130.50. I think you tried to BS us all and you got caught.

__________________
voodster

BS? My integrity is only a couple notches below that of the keeper of this Journal. My trading accumen will be equal to, if not greater than, the vast majority here on ET as I contine to follow this Journal. It is a definitely a goal I have set for 2004 and, of course, will obtain.

I'm the student and the teacher is who I'm following to learn trading for big $$$$ profits.

__________________
"The Grasso is always greener on the other side of the bid and ask spread for our members - not the public - at our member's only NYSE Club."

Grasso, Sr. Specialist
 

I don't get how you can think you have an edge daytrading with delayed data. The whole world sees turns before you. What kind of professional does not know this?

__________________
voodster

This is just funny.

Most people reading this thread know why, but for the few people who do not, well - take my word for it, this is just FUNNY.

Re: Today's ES Trading Plan

---

Quote from T-REX:

Be alert for unexpected volatility today.

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

(C.) There were "6" 2 Bar Charlie set-ups on your 5min ES chart today that you should have keyed in on:

1. 10:20am,
2. 11:10am,
3. 12:10am,
4. 1:15pm,
5. 2:20pm,
6. 2:50pm,



Yep, T-Rex is totally correct for the 2BC times to scalp for profits. Even with my 20min delayed data on a 5min chart, I saw them coming like locust on the tundra. As Jim Rogers would say - you just have to walk over to the corner and pick up the money.(in this case they might bite back a little...)

Do you have the trading plan for tomorrow T-Rex?

__________________
"The Grasso is always greener on the other side of the bid and ask spread for our members - not the public - at our member's only NYSE Club."

Grasso, Sr. Specialist
 

---

Quote from Bruto Blukowski:


Do you have the trading plan for tomorrow T-Rex?

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

Charlie

Hi! So the system is; short if 5 min bar cross below 40 bar ema? Long opposite..

And you have predetermined profit targets and stops?

Will such stops and targets work when the markets volatility changes?

Thanks

__________________

>Will such stops and targets work when the
>markets volatility changes?

Oh, give me a break! Of course they will

JB

__________________
Results may vary (widely)

Re: Charlie

---

Quote from callmeput:

Hi! So the system is; short if 5 min bar cross below 40 bar ema? Long opposite..

And you have predetermined profit targets and stops?

Will such stops and targets work when the markets volatility changes?

Thanks

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

Re: Re: Charlie

---

Quote from T-REX:

Yes. the intraday trend is pre-determined by the 60min bar crossing above the 40EMA. You use the 5min bar crossing the 40EMA to time entries. It's just that simple!

If the trend is up, then you look for buying opportunities near the 40EMA.

If the trend is down, then you look for selling opportunities near the 40EMA.

The 2 Bar Charlie SCALP METHOD works in ALL mkt's and ALL mkt conditions.

Thank you

T-REX

---

Re: Re: Re: Charlie

---

Quote from snooptrader:

How do you know when to exit, and where to take profits?

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

this is recent 60min chart with 40EMA
notice how easy to spot intraday reversal.

__________________
It doesn't matter where you get in, it where you get out that counts

Thanks T-rex

It´s very nice of you to tell about your strategy. Very rare of course.

And you won´t bill us now, will you?

__________________

---

Quote from balda:

this is recent 60min chart with 40EMA
notice how easy to spot intraday reversal.

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

---

Quote from callmeput:

Thanks T-rex

It´s very nice of you to tell about your strategy. Very rare of course.

And you won´t bill us now, will you?

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

ES Trading Plan (09 Jan 2004)

---

Quote from T-REX:




2 Bar Charlie System (Screen & Chart set-up)


Tools.

*Use the EOD Swing Vix Indicator.
(Not a necessary component but is very helpful).
*Mark yesterday's High & Low.
*Use the 60min Candlestick chart to find current intra-day trend.
*Use the 5min &/or 1min Candlestick chart to time entry point.


Technical Indicators.

Use a 40-bar EMA.
Use a Stochastic Line Chart (14,3,3 time periods)
Use a MACD Histogram Line Chart (5,40,5 time periods)


Chart Rules.

When the 5 min bar crosses above the 40-bar MA = buy.
When the 5 min bar crosses below the 40-bar MA = sell.


Filters. (Are not necessary but are useful)

(1.) Wait for the low of the 60 min bar
to close above the 40-bar MA = buy.

(2.) Wait for the high of the 60 min bar
to close below the 40-bar MA = sell.



Trade Set ups of the 2 Bar Charlie System

*"Momentum-NEUTRAL" ENTRY Days: Consolidated intra-day plays. These days are more common after a significant rally or sell-off they appear during a brief period of consolidation within the trend. Watch & Wait for the pullback toward Intra-Day SUPPORT/RESISTANCE to be confirmed before placing the buy/sell order especially if the days close is above today's price trigger. See *Trade Entry Rules.

*"BREAK-OUT" ENTRY Days: These days are less common but have a very high accuracy rate and are major trade signals. These types of breakouts tend to be very powerful moves and are typical within the current market trend. Usually, they occur while in a brief consolidation within the current trend after a strong move (but not always). See *Trade Entry Rules.

*"TRENDING" ENTRY Days: These are days were the market is expected to rally after a pullback. See *Trade Entry Rules.



ES Trading Plan (RULES)

*TRADING PLAN ENTRY RULES: for the daily "Trading Plan" ONLY!
Wait until after 9:30am EST before trade entry. Cancel order if not filled by 11:30am EST. NOTE: In a Bullish 40-Day Trend Do Not place the buy stop-limit order if after the open the market is trading above Intra-Day Resistance and or yesterday's High. In a Bearish 40-Day Trend Do Not place the sell stop-limit order if after the open the market is trading below Intra-day Support and or yesterday's Low. Refer to the intra-day 60-min & 5-min charts for a possible reversal of trend signal before placing the trade. The system is on the sidelines unless the entry point is triggered.

(Watch & Wait for support/resistance to be confirmed before entry. On occasion you may have to actually enter on the "BreakOut" or "Resistance/Support" triggers if Support/Resistance is confirmed but either the 1st or 2nd trades are not triggered.

NOTE: ALWAYS trade in the direction of the BIAS/TREND.
If 1st Trade is triggered then use 2nd Trade as a profit target and/or Stop&Reverse.

NOTE: If prices collapse below the “Intra-Day SUPPORT” then use this level to catch the reversal on the “long” side. Likewise if prices rally above the “Intra-Day RESISTANCE then use this level to catch the reversal on the “short” side.



*PROFIT TARGET: = 1.25 - 3 points. The profit target is to be used as a guid to either move your stop-loss to breakeven or take profit in uncertain market conditions. You may also use the profit target as a working limit order if you don't have the time to watch the market and would like to take quick profits.

*STOPLOSS: is based on the individuals risk tolerance.
Here is a suggestion (for ES only).
1.25 - 3.00 pts on 1min & 5min bars
7.25+ on swing trades on daily bars.




...........the 2BC SCALP METHOD in a nutshell.




Thank you

T-REX

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

Re: ES Trading Plan (09 Jan 2004)

---

Quote from T-REX:

Expect the unexpected today as today IS "take back Friday".
Usually what this means is that if the mkt has been up all week then today will be profit taking. Remember what I said at the begriming of this journal- "profit taking can lead to a total distribution that marks the end of the trend".
Today may or maynot be the day but you still need to be aware that this mkt is headed for a MAJOR correction and in my opinion a TOTAL correction that will take out the lows of 2001, & 2002.

Trade wisely and follow the plan!

Thank you

T-REX

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

Re: Re: ES Trading Plan (09 Jan 2004)

---

Quote from T-REX:

Hope you got your shorts in?
mkt gave you a gift this morning but how many of you saw it comming?

Today's trading plan nailed it again!

---

__________________
Hell is that place where the person you are meets the person you could have become.

Re: Re: Re: ES Trading Plan (09 Jan 2004)

---

Quote from cdbern:

This was soooooooooooo sweet today.

Thanxs T-Rex

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

Take back Friday's

Take back Friday's are a common occurence in this mkt.
Sometimes though the mkt just keeps on going.

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

Re: ES Trading Plan (09 Jan 2004)

Take back Friday's are a common occurence in this mkt.
Sometimes though the mkt just keeps on going.



 

---

Quote from T-REX:

Hope you got your shorts in?
mkt gave you a gift this morning but how many of you saw it comming?

Today's trading plan nailed it again!
Expect the unexpected today as today IS "take back Friday".
Usually what this means is that if the mkt has been up all week then today will be profit taking. Remember what I said at the begriming of this journal- "profit taking can lead to a total distribution that marks the end of the trend".
Today may or maynot be the day but you still need to be aware that this mkt is headed for a MAJOR correction and in my opinion a TOTAL correction that will take out the lows of 2001, & 2002.

Trade wisely and follow the plan!

Thank you

T-REX

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

T-Tex, please add me to your hotlist, I have some questions and would like to speak with you

__________________
Hell is that place where the person you are meets the person you could have become.

---

Quote from Bruto Blukowski:

BS? My integrity is only a couple notches below that of the keeper of this Journal. My trading accumen will be equal to, if not greater than, the vast majority here on ET as I contine to follow this Journal. It is a definitely a goal I have set for 2004 and, of course, will obtain.

I'm the student and the teacher is who I'm following to learn trading for big $$$$ profits.

---

At the risk of being accused of having multiple aliases, I have to make a contribution here.

It does seem odd that the moderator deletes most posts that question the validity of T-Rex and his methods. Sure, he will say he wants to keep the thread on-topic, but it really calls into question his objectivity as a moderator.

What is more odd is that - sarcastic or not - there are not many other people showing much interest in this BS except you Bruto!!!

Beware the chop, that is all I can say.

---

Quote from maggandre:

It does seem odd that the moderator deletes most posts that question the validity of T-Rex and his methods. Sure, he will say he wants to keep the thread on-topic, but it really calls into question his objectivity as a moderator.

What is more odd is that - sarcastic or not - there are not many other people showing much interest in this BS except you Bruto!!!

 

---

---

Quote from newtoet:

This is just funny.

Most people reading this thread know why, but for the few people who do not, well - take my word for it, this is just FUNNY.

---

And I thought it was all just a guru spoof. Whoa...ya mean it's actually serious? Holy cow!

JB

__________________
Results may vary (widely)

Dear MAGNA

this is T-REXs first post:

"My goal is to ad value to ET by giving tutoring to those that request it. I have created a "Trading Plan" complete with rules on entry, exit, stop loss, and profit targets."

He made reference to 2BC system multiple time but his market calls have nothing to do with it. Not with 60min 40EMA nor with 5min 40EMA, so what value does he add by using his proprietary system to give market calls?

this is quote from page 20


 

---

Quote from dbphoenix:

In all fairness (which is difficult in this case), what you're requesting may not even be necessary IF he were to be specific about the setups and IF he were to explain why the setups are selected.

Unfortunately, TRex isn't teaching anybody anything about how to trade. What he's doing is "teaching" people to take his calls and to rely on proprietary indicators which he refuses to explain. In other words, he's teaching people to depend on him. This is not mentorship, and I can't for the life of me understand why this journal is allowed to stand.

Now if he were to explain how to code these indicators that he seems to rely on so heavily, OR use indicators that are available to everybody, OR to explain what makes a setup and why one setup is superior to another, either inclusive or exclusive of indicators, AND something about entry and exit, THEN he'd be at least in the ballpark of mentorship. Until then, he's just a guru wannabe collecting gimmees.

---

__________________
It doesn't matter where you get in, it where you get out that counts

---

Quote from balda:

....so what value does he add by using his proprietary system to give market calls?

 

---

Re: Re: ES Trading Plan (09 Jan 2004)

---

Quote from T-REX:

Take back Friday's are a common occurrence in this mkt.
Sometimes though the mkt just keeps on going.







Hope you got your shorts in?
mkt gave you a gift this morning but how many of you saw it coming?


Per the above the mkt DID give you enough of a clue as to what was about to come. The 2nd resistance trigger held up nicely today as the mkt just could not get anywhere near it.

You had plenty of opportunity to get short!

Your last opportunity was between 2:20-2:25pm EST.
(See chart).




2BC ROCKS!!!

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

At no one in particular

I'm kinda new to ET and don't know the personalities of most people. But one thing I've noticed is the tendancy to attack. I've gotta ask, why??

Seems to me if you don't agree with an approach suggested by someone, because you've tried it and found some flaws, state them, but state them in a civil manner. If the suggestion isn't clear to you, ask for clarification. If the approach is totally new, why assume it won't work at all?

I found this thread particularly helpful last week. Applying the method on choppy days is questionable although I would be the first to admit there might be something I'm missing. I use volume as an indicator and when I was in doubt about T-Rex's indicators, I validated it with volume. Twelve points in one day for me was pretty good.

Just my thoughts.

__________________
Hell is that place where the person you are meets the person you could have become.

Re: At no one in particular

---

Quote from cdbern:

I'm kinda new to ET and don't know the personalities of most people. But one thing I've noticed is the tendancy to attack. I've gotta ask, why??

Seems to me if you don't agree with an approach suggested by someone, because you've tried it and found some flaws, state them, but state them in a civil manner. If the suggestion isn't clear to you, ask for clarification. If the approach is totally new, why assume it won't work at all?

I found this thread particularly helpful last week. Applying the method on choppy days is questionable although I would be the first to admit there might be something I'm missing. I use volume as an indicator and when I was in doubt about T-Rex's indicators, I validated it with volume. Twelve points in one day for me was pretty good.

Just my thoughts.

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

Have you posted the daily plan for today Monday, 12th yet T-Rex?

Need to get my indicators setup off your plan.

Thanks

__________________
"The Grasso is always greener on the other side of the bid and ask spread for our members - not the public - at our member's only NYSE Club."

Grasso, Sr. Specialist
 

****QUICK TRADE*****

Short @ 1122.50 with a profit target of 1116.25

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

I'm sorry T-Rex. I don't understand "Quick Trade." Is this a new portion of your daily plan? I'm still looking, maybe many others are too, for your plan for today - 12th.

__________________
"The Grasso is always greener on the other side of the bid and ask spread for our members - not the public - at our member's only NYSE Club."

Grasso, Sr. Specialist
 

Re: ****QUICK TRADE*****

---

Quote from T-REX:

Short @ 1122.50 with a profit target of 1116.25

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

Re: Re: ****QUICK TRADE*****

Interesting how you claim to have bot the low of the day above your target while everyone else following your advice got their butts handed to them today.

In fact, you made a post here this morning (that has now been deleted) where you said you were still holding your short long after the 1119.50 low had passed. Explain that to us!
 

---

Quote from T-REX:

picked up 3 points @ 1119.50.

..........Next the Swing Trade Matrix for the Stock Index Futures.

We will examine this on tommorow.

---

__________________
Wally

--------------------------------
"In actual practice a man has to guard against many things, and most of all against himself."
--- Jesse Livermore

Re: Re: Re: ****QUICK TRADE*****

---

Quote from pspr:

Interesting how you claim to have bot the low of the day above your target while everyone else following your advice got their butts handed to them today.

In fact, you made a post here this morning (that has now been deleted) where you said you were still holding your short long after the 1119.50 low had passed. Explain that to us!

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

T-REX. Here's what you said back in August regarding your trades:

Elite Member

Registered: Aug 2003
Posts: 1049


09-05-03 07:35 AM


...I set 3 point profit targets on "ALL" trades. Once the market has moved 3 pts in my favor I have the option of getting out @ profit or moving my stop loss to break even.

Since your exit is not a pre-determined 3 points, inquiring minds want to know how you were able to cover your short at 1119.50, the low of the day, when less than 130 contracts traded at 1119.50 the entire day? According to your own trading rule, you elect to take profit or move the stop to breakeven ONCE the trade has moved 3 points in your favor. By that time your order at 1119.50 is WAY BACK in the cue, and has NO chance of getting filled. The BID size at 1119.5 was never less than 1432 contracts. Not to mention that the BID dropped to 1119.50 and all contracts which were executed at that price were ALL executed in less than 1 second. From 10:08:12 to 10:08:13. At 10:18:13 the BID was raised to 1119.75 and never returned to 1119.50.

Re: Re: Re: Re: ****QUICK TRADE*****

No, I don't use your system for actual trading but others may. And, yes, there was a post from you late in the morning where you stated you where still holding the short position based on your "analysis". Since you must have had it deleted I am unable to show you -- DUH.

And, just how did you manage to cover your short at the low tick of the day. That's nearly impossible to do except maybe with one or two contracts -- maybe.

Good luck with your journal and your trading as I've made my point and I'm through commenting on this.

(Thanks for updating the rules and T&S info, Wareco)

 

---

Quote from T-REX:

I only posted the entry and the exit for today.
I did not post anything else today because I was too busy with technical issues with my software this morning.

If you have seen another post by me please show me because I am very confused by your post?

Only one trade posted by me today in ES

Short @ 1122.50
C @ 1119.50
________________
TOTAL = 3 points ($150.00 per contract)

If you got your butt handed to you then you should have called me on the phone and I would have informed you to get out and or move your stoploss to atleast breakeven.

T-REX

---

__________________
Wally

--------------------------------
"In actual practice a man has to guard against many things, and most of all against himself."
--- Jesse Livermore

---

Quote from wareco:

T-REX. Here's what you said back in August regarding your trades:

Elite Member

Registered: Aug 2003
Posts: 1049


09-05-03 07:35 AM


...I set 3 point profit targets on "ALL" trades. Once the market has moved 3 pts in my favor I have the option of getting out @ profit or moving my stop loss to break even.

Since your exit is not a pre-determined 3 points, inquiring minds want to know how you were able to cover your short at 1119.50, the low of the day, when less than 130 contracts traded at 1119.50 the entire day? According to your own trading rule, you elect to take profit or move the stop to breakeven ONCE the trade has moved 3 points in your favor. By that time your order at 1119.50 is WAY BACK in the cue, and has NO chance of getting filled. The BID size at 1119.5 was never less than 1432 contracts. Not to mention that the BID dropped to 1119.50 and all contracts which were executed at that price were ALL executed in less than 1 second. From 10:08:12 to 10:08:13. At 10:18:13 the BID was raised to 1119.75 and never returned to 1119.50.

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

Re: Re: Re: Re: Re: ****QUICK TRADE*****

---

Quote from pspr:

No, I don't use your system for actual trading but others may. And, yes, there was a post from you late in the morning where you stated you where still holding the short position based on your "analysis". Since you must have had it deleted I am unable to show you -- DUH.

And, just how did you manage to cover your short at the low tick of the day. That's nearly impossible to do except maybe with one or two contracts -- maybe.

Good luck with your journal and your trading as I've made my point and I'm through commenting on this.

(Thanks for updating the rules and T&S info, Wareco)

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

Can we look for this posting sometime today T-Rex? Also looking for your daily plan for today also.

Many thanks.


"Next the Swing Trade Matrix for the Stock Index Futures.
We will examine this on tommorow."

__________________
"The Grasso is always greener on the other side of the bid and ask spread for our members - not the public - at our member's only NYSE Club."

Grasso, Sr. Specialist
 

Re: Re: Re: Re: Re: ****QUICK TRADE*****

---

Quote from pspr:

....... there was a post from you late in the morning where you stated you where still holding the short position based on your "analysis". Since you must have had it deleted I am unable to show you -- DUH........

---

__________________
Wally

--------------------------------
"In actual practice a man has to guard against many things, and most of all against himself."
--- Jesse Livermore

ES Trading Plan (13 Jan 2004)

Long @ 1129.50
Short @ 1126.00

Which ever is filled 1st use the 2nd order as your stoploss.
 

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

Re: ES Trading Plan (13 Jan 2004)

---

Quote from T-REX:

Long @ 1129.50
Short @ 1126.00

Which ever is filled 1st use the 2nd order as your stoploss.

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

Re: Re: ES Trading Plan (13 Jan 2004)

---

Quote from T-REX:

you can go ahead and place your 3 pt profit target now.

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

new resistance is at 1126.50

should have increasing momentum once we cross below the 112400 handle.

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

1st support should be at the 111300 handle.

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

last call

your opportunity to catch the tiger by the tail is short @ 1125.75

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

Scared $$$

I advise you to staight cancel your 3pt target!

This could turn out to be a very bloody day.

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

very good trade

took my profits early, next time will listen to T-REX.

__________________
It doesn't matter where you get in, it where you get out that counts

yeah i collected 2.75 pts, in for another .75

__________________
Hell is that place where the person you are meets the person you could have become.

---

Quote from balda:

very good trade

took my profits early, next time will listen to T-REX.

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

---

Quote from cdbern:

yeah i collected 2.75 pts, in for another .75

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

broken legs

---

Quote from T-REX:

good trading.


ES should have additional weakness going into this afternoon.
Look for the next leg down after NY lunch time around 2:30 - 3pm EST.

I'll keep you posted.

p.s. keep those 60min, 5min, and 1min charts up.

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

you should have already moved your stoploss to at least 1123.00.

this could get very ugly very fast. at the rate this thing is going you should look to hold this one overnight especially if we get 10pts of profit locked in by the close.

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

hope everyone else was along for the ride

__________________
Hell is that place where the person you are meets the person you could have become.

---

Quote from cdbern:

hope everyone else was along for the ride

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

If you are still holding short then you may want to tighten up your stop here as we head into the last hour of trading.

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

last chance to move stop

If you would like to hold your position overnight you may want to move your stop to 19.50 or 19.75.

That should hold if this mkt is going to continue to slide down.

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

---

Quote from T-REX:

although I had posted a profit target beyond 3 points that does NOT mean that I did not place a buy limit order three points out.
Just because I believed the mkt was going to move to a certain level that does NOT mean that I don't place a limit order just incase I'm mistaken.

---

To all posters:
Checking back in, I see that you now (after all this time) have some idea of a systematic approach. It seems to be a simple moving average (trend) system. As a previous poster said before signing out "beware the chop", and I agree. Now it should be no problem for someone with Tradestation or Investor RT to backtest this system and get some idea of what it has done in the past. If the system tests out in a promising manner, you might incorporate some ideas into your own trading program. I can tell you this... Just following another trader's "calls" is not going to help you to learn to trade. Just to give those who understand an idea of what I am talking about, I watched the market hit support at about 1115. When it failed to take out resistance, I was long. I took a couple of points profit and bailed because nothing was happening in the middle of the day. At 1445 the market again tested support and again it failed. What isn't going down, has the possibility to go up, so again I was long small size because second signals are often losers. I had to learn this from trial and error, not from taking someone elses signals. Now I am holding with a profit, while you guys are left with advice to hold short overnight. Personally I would give it some more thought. Good luck everyone. Steve46

---

Quote from steve46:

To all posters:
Checking back in, I see that you now (after all this time) have some idea of a systematic approach. It seems to be a simple moving average (trend) system. As a previous poster said before signing out "beware the chop", and I agree. Now it should be no problem for someone with Tradestation or Investor RT to backtest this system and get some idea of what it has done in the past. If the system tests out in a promising manner, you might incorporate some ideas into your own trading program. I can tell you this... Just following another trader's "calls" is not going to help you to learn to trade. Just to give those who understand an idea of what I am talking about, I watched the market hit support at about 1115. When it failed to take out resistance, I was long. I took a couple of points profit and bailed because nothing was happening in the middle of the day. At 1445 the market again tested support and again it failed. What isn't going down, has the possibility to go up, so again I was long small size because second signals are often losers. I had to learn this from trial and error, not from taking someone elses signals. Now I am holding with a profit, while you guys are left with advice to hold short overnight. Personally I would give it some more thought. Good luck everyone. Steve46

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

---

Quote from wareco:

Whoa!, I don't think so sport. You don't place hard stops remember? Let's see what you said back in September:

...The initial 3 point target will allow me to exit the trade atleast break-even. Break-even = half a point.

The sell limit order is not placed!!!!!!
It is merely a guide to move the stop loss to break-even once the 3 point target is reached.

It's a guide, not a hard stop. So you would not have placed an order to cover your short simultaneously with your short entry. So, please don't try and tell me you placed an order to cover at 1119.50 as soon as you shorted at 1122.50.

---

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

I agree. There are many ways to trade profitably. I notice that you made a good call to short the market. One thing that new traders should learn is to jump on a trend early and get some breathing room (if they can). I simply caution traders not to take signals without thinking about what they are doing. Stops work just find when markets are orderly, however just one "event" will teach traders a very painful lesson. For your stop to work, there has to be a bid. I avoid this little problem by booking my profit (or taking my loss) and stepping aside until the next signal. New traders (or anyone who hasn't seen a negative event trigger a fast market may have to learn this lesson the hard way. I guess that is inevitable. I am glad you had a good day. Steve46.

---

Quote from steve46:

Now it should be no problem for someone with Tradestation or Investor RT to backtest this system and get some idea of what it has done in the past. If the system tests out in a promising manner, you might incorporate some ideas into your own trading program. I can tell you this... Just following another trader's "calls" is not going to help you to learn to trade.

---

DBPhoenix:
You are right. To test you have to have a static set of conditions. I am suggesting that new traders test what I see. A simple 40MA trend system. Use it as a starting point. Forget the rest. Thats how I would approach this. Best Regards, Steve46

T-REX doesn't use just 40 MA or EMA
because yesterday there was a short signal of 5min 40EMA into 60min 40EMA and actually 60 min was stronger. he is also using his brains to analyses current condition and he doesn't explain his analisys that is why it is not possible to code it correctly without more information.

__________________
It doesn't matter where you get in, it where you get out that counts

---

Quote from balda:

T-REX doesn't use just 40 MA or EMA
because yesterday there was a short signal of 5min 40EMA into 60min 40EMA and actually 60 min was stronger. he is also using his brains to analyses current condition and he doesn't explain his analisys that is why it is not possible to code it correctly without more information.

---

__________________
Hell is that place where the person you are meets the person you could have become.

Yes boys;
That is my point, he is using his brains. Use yours. A 40 MA trend following system will get its ass kicked in the chop. That is why you have to "use your brains". As Clint Eastwood once said, "a mans gotta learn his limitations". I hope you guys try to develop your own feel for the markets, as well as taking T-Rex's calls. Good luck, Steve46

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

---

Quote from steve46:

Yes boys;
That is my point, he is using his brains. Use yours. A 40 MA trend following system will get its ass kicked in the chop. That is why you have to "use your brains". As Clint Eastwood once said, "a mans gotta learn his limitations". I hope you guys try to develop your own feel for the markets, as well as taking T-Rex's calls. Good luck, Steve46

---

__________________
Hell is that place where the person you are meets the person you could have become.

[QUOTE]Quote from dbphoenix:

A. The purpose of this "journal" is not to teach anybody anything. If it were, you'd be answering questions, providing explanations, taking those who are having trouble step-by-step through whatever it is they're having trouble with. Instead, you simply blow them off.

If you have a question, state it plainly.... without attacking. I had questions, called T-Rex, he not only answered the questions I had, he also told me what to look for.

Simple? Maybe in some form. But there are so many qualifications, exceptions, ifs, buts, and on the other hands, that the "instructions" become more like what one receives at Christmas with a bicycle made in Japan.

Sometimes the more you know, the more you start second guessing yourself. Again, state your questions without attacking.

B. Even if one were to take your rationale for the journal at face value, the fact is that it would be impossible for anyone to learn it unless they had the code for the proprietary indicators. Even then, the explanations for the discretionary choices would take far more than off-the-cuff guru-ese.

I'm not a trading guru by any means and I've caught on very nicely thank you. Mmmmmm, maybe I'm smarter than I thought. Also, at this point I don't yet use some of his triggers etc. I'm taking everything one step at a time.

Before in a trade, I would take a small profit then jump out because I had no idea what the market was 'likely' to do. Now at least, he's taught me how to read the indicators so that I can make better decisions. Still, whether to get in, stay in, or get out, is up to me.

Whether this belongs in a "journal" I know not, that is up to the moderator. All I know for sure is that T-Rex has taught me a great deal and since I don't attack him, if I have any questions at all, he'll answer them and more.

__________________
Hell is that place where the person you are meets the person you could have become.

---

Quote from cdbern:

[QUOTE]Quote from dbphoenix:

A. The purpose of this "journal" is not to teach anybody anything. If it were, you'd be answering questions, providing explanations, taking those who are having trouble step-by-step through whatever it is they're having trouble with. Instead, you simply blow them off.

If you have a question, state it plainly.... without attacking. I had questions, called T-Rex, he not only answered the questions I had, he also told me what to look for.

Simple? Maybe in some form. But there are so many qualifications, exceptions, ifs, buts, and on the other hands, that the "instructions" become more like what one receives at Christmas with a bicycle made in Japan.

Sometimes the more you know, the more you start second guessing yourself. Again, state your questions without attacking.

B. Even if one were to take your rationale for the journal at face value, the fact is that it would be impossible for anyone to learn it unless they had the code for the proprietary indicators. Even then, the explanations for the discretionary choices would take far more than off-the-cuff guru-ese.

I'm not a trading guru by any means and I've caught on very nicely thank you. Mmmmmm, maybe I'm smarter than I thought. Also, at this point I don't yet use some of his triggers etc. I'm taking everything one step at a time.

Before in a trade, I would take a small profit then jump out because I had no idea what the market was 'likely' to do. Now at least, he's taught me how to read the indicators so that I can make better decisions. Still, whether to get in, stay in, or get out, is up to me.

Whether this belongs in a "journal" I know not, that is up to the moderator. All I know for sure is that T-Rex has taught me a great deal and since I don't attack him, if I have any questions at all, he'll answer them and more.

---

---

Quote from cdbern:

Before in a trade, I would take a small profit then jump out because I had no idea what the market was 'likely' to do. Now at least, he's taught me how to read the indicators so that I can make better decisions. Still, whether to get in, stay in, or get out, is up to me.
 

---

__________________
"The Grasso is always greener on the other side of the bid and ask spread for our members - not the public - at our member's only NYSE Club."

Grasso, Sr. Specialist
 

I really would like to know how to use 60 min chart. I admit that I have asked this question before many times but it has been deleted by Moderator.

__________________
It doesn't matter where you get in, it where you get out that counts

---

Quote from balda:

I really would like to know how to use 60 min chart. I admit that I have asked this question before many times but it has been deleted by Moderator.

---

__________________
Hell is that place where the person you are meets the person you could have become.

Your answering the question really doesn't address the issue of TRex's answering questions, though it's nice of you to step in in his absence.

---

Quote from dbphoenix:

Your answering the question really doesn't address the issue of TRex's answering questions, though it's nice of you to step in in his absence.

---

__________________
Hell is that place where the person you are meets the person you could have become.

---

Quote from cdbern:

I'm really not trying to step in in his absence, rather just passing on what I have learned.
 

---

---

Quote from Bruto Blukowski:

May I ask what indicators that he has you watching? His 2BC method uses NO INDICATORS except the 40 bar MA. He constantly lists stochastic and MACD, but the system only uses
40 MA. I can reference posts from T-Rex stating that he has no confidence in using indicators on such a small timeframe.

"
Technical Indicators.

Use a 40-bar EMA.
Use a Stochastic Line Chart (14,3,3 time periods)
Use a MACD Histogram Line Chart (5,40,5 time periods)


Chart Rules.

When the 5 min bar crosses above the 40-bar MA = buy.
When the 5 min bar crosses below the 40-bar MA = sell.
"

---

__________________
Hell is that place where the person you are meets the person you could have become.

I should also add that I pay attention to patterns. Today I noticed a possible bearish pennant. I plotted the pattern and sat and waited. The market moved long, out of the pattern, but only for a couple ticks or so (I had seen that happen before so I continued to wait). Sure enough, the next time (or maybe the one after) it went short, it busted through the pattern and kept going for another 3 points +-. Then later when the market met support at 1114 or 1113.75, that signaled a double bottom that would be followed with a serious retracement, which happened.

__________________
Hell is that place where the person you are meets the person you could have become.

It occurs to me that posting a buy to cover at the low of the day when only a few contracts traded at that price, and posting it considerably later is completely ignoring the whole point of "real time" posting. I mean, it's not even "delayed" (20 minutes), LOL.

Not that I am weighing in on any side of any argument, mind you. But it also does occur to me that there is an easy way for T-Rex and his supporters to show up all those critics. Post them in real time, 30 second time limit required. For T-Rex, who apparently entered his buy-to-cover before the market opened (or shortly thereafter), this should be easy. Most orders could be entered into the chatroom well before they are hit. The few market orders should be no problem. I myself participate in two rooms where folks post orders very quickly (thanks to this swell mIRC script that these two fellas (or more) have written). And I get my orders posted in well under 30 seconds, except in rare cases when the gosh darn market hits my exit before I can post (and I gotta log all this data).

And, I'm not sure I can tell y'all about these chatrooms or scripts - I'd have to find out from the folks who own and run them. But it is clear there is the means for T-Rex to post real real-time trades, and either silence his critics or fall on his face.

But, I have the weirdest feeling that there will be some hitch, some reason that T-Rex cannot post in real real-time (meaning 30 seconds or less after an order is entered). If so, that tells anybody that wishes to read, what they need to know.

Should there be interest, I will see about arranging a chatroom for such an event. It will be moderated, and orders will be required to be posted no more than 30 seconds after they execute. Since the purpose of this room will be an examination of T-Rex's trading, if he does not agree to participate, there will be no chatroom. Not that I am completely sure I can arrange one anyway.

EDIT: I forgot to weigh in, I just wanna see who's right is all.

Not only am I endlessly fascinated with whatever ET guidelines and policies allow this non-journal to be here, I can't help wondering what drives you [Magna] to protect it rather than move it where it belongs.

You have yourself a nice day.

my trades

S 1126.00 @ 9:15
C 1117.25 @ 11:06
(+8.75)

S 1117.25 @ 1:15
C 1114.75 @ !:50
(+2.50)

L 1115.50 @ 1:55
C 1120.50 @ 2.55
(+5.00)

All times Central

__________________
Hell is that place where the person you are meets the person you could have become.

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Quote from dbphoenix:

Maybe you should start a real journal and show how you've applied what you've learned to your own trading. Perhaps that way more sense might be made of it.

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Quote from TGregg:

It occurs to me that posting a buy to cover at the low of the day when only a few contracts traded at that price, and posting it considerably later is completely ignoring the whole point of "real time" posting. I mean, it's not even "delayed" (20 minutes), LOL.

Not that I am weighing in on any side of any argument, mind you. But it also does occur to me that there is an easy way for T-Rex and his supporters to show up all those critics. Post them in real time, 30 second time limit required. For T-Rex, who apparently entered his buy-to-cover before the market opened (or shortly thereafter), this should be easy. Most orders could be entered into the chatroom well before they are hit. The few market orders should be no problem. I myself participate in two rooms where folks post orders very quickly (thanks to this swell mIRC script that these two fellas (or more) have written). And I get my orders posted in well under 30 seconds, except in rare cases when the gosh darn market hits my exit before I can post (and I gotta log all this data).

And, I'm not sure I can tell y'all about these chatrooms or scripts - I'd have to find out from the folks who own and run them. But it is clear there is the means for T-Rex to post real real-time trades, and either silence his critics or fall on his face.

But, I have the weirdest feeling that there will be some hitch, some reason that T-Rex cannot post in real real-time (meaning 30 seconds or less after an order is entered). If so, that tells anybody that wishes to read, what they need to know.

Should there be interest, I will see about arranging a chatroom for such an event. It will be moderated, and orders will be required to be posted no more than 30 seconds after they execute. Since the purpose of this room will be an examination of T-Rex's trading, if he does not agree to participate, there will be no chatroom. Not that I am completely sure I can arrange one anyway.

EDIT: I forgot to weigh in, I just wanna see who's right is all.

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Quote from JohnM4402:

T-REX posts to this journal because he wants to.... I'm sure you won't be able to coerce him into posting his trades in a chat room just to satisfy your curiosity.

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__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

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Quote from balda:

I really would like to know how to use 60 min chart. I admit that I have asked this question before many times but it has been deleted by Moderator.

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__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

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Quote from JohnM4402:

dbphoenix,

Why do you even bother reading THIS journal if all you can do is come up with things to complain about?

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ES Trading Plan (14 Jan 2004)

Possible inside day ahead.

__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

Re: ES Trading Plan (14 Jan 2004)

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Quote from T-REX:

Possible inside day ahead.

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__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!

Listing support and resistance levels, is this part of the 2BC scalp method? You seem to be deviating from the purpose of this Journal from your byline listed below.

Where are the daily plans that are supposed to be offered for free to ET members?

Support and resistance levels were offered by Canibus in his thread. Now you have them. Interesting.


"The purpose of this journal is to teach those how to read and follow the 2 Bar Charlie SCALP METHOD that I have outlined complete with simple instructions."

__________________
"The Grasso is always greener on the other side of the bid and ask spread for our members - not the public - at our member's only NYSE Club."

Grasso, Sr. Specialist
 

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Quote from Bruto Blukowski:

Listing support and resistance levels, is this part of the 2BC scalp method? You seem to be deviating from the purpose of this Journal from your byline listed below.

Where are the daily plans that are supposed to be offered for free to ET members?

Support and resistance levels were offered by Canibus in his thread. Now you have them. Interesting.


"The purpose of this journal is to teach those how to read and follow the 2 Bar Charlie SCALP METHOD that I have outlined complete with simple instructions."

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Quote from kgharris:

T-REX - earlier in this thread, this question was asked:

"T-REX, new to this discussion. Please clarify for me - is the system you are trying to teach (?) DEPENDENT on proprietary indicators that you are discussing, or INDEPENDENT of them?"

You answered:
"Hi kernan.

I just answered that question. db had already asked it awhile back.

The answer is NO. You do not need any proprietary indicators in order to implement the strategy. That should be evident by now."

And you also answered this to a similar question:
"NO. its use is not necessary for the implementation of my strategy."

Now, your signature line disclaimer says the following:
"The T-REX Journal "Scalping 101" is solely based on my own proprietary indicators & Discretionary style of trading. The purpose of this journal is to teach those how to read and follow the 2 Bar Charlie SCALP METHOD that I have outlined complete with simple instructions. If you believe that you can beat the market and If your primary purpose is to build your own "system" then you are wasting your time in this journal. This journal is for those that realize that they can't figure it out on their own and don't mind following signals on a daily basis. If this is NOT for YOU and you find that this thread doesn't add any value to YOU and doesn't meet any of your personal needs then please ignore the thread and move on to another.

Again, I use Disrection in my trading and my proprietary indicators are black-box market calls that may hold little interest to some, but are of tremendous value to others."

==============

How do you reconcile these statements? I guess I am confused as to how many and what systems are going on here. Maybe it is just me...

And, if you are indeed helping people here but you decide to stop, are they just screwed because your methods are "proprietary" and "black-box", as you say?

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__________________

2 Bar Charlie Live Demo

Scalping 101

E.T. Track Record:

Nobody on Elitetrader has more aliases than I do!

Very few on Elitetrader have posted as many (if not more) "before the fact" winning market calls than I have

.....and very few (if any) at Elitetrader can outperform me in the market!