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The Electronic Local method

  #89 (permalink)

Trading Experience: Advanced
Platform: Linn Software Investor R/T
Broker/Data: Vankar
Favorite Futures: Pipe Organ
Posts: 35 since Sep 2009
Thanks: 20 given, 49 received

Jack Hersey, et. al. esp.--- Cory

I read some of those posts on Elite Trader and felt that getting at the meat of the method, enough to know if you wanted to commit the time, was more than I wanted to spend. It looked like an honest effort to impart some information... There were also diligent posters who were assisting I believe, as well as those whose "noise" became distracting. That's Elite Trader, it often has too many "interested party" postings and "tantrums," and, of course, good threads. A lot of the ratings and advice I would take with a grain of salt as man, whether they have 5 months experience or 5 years has an opinion.

I had a friend in NYC who was a broker for EF Hutton in the 70's and bought some options based on his knowledge and became somewhat interested. I received a brochure from Ken Roberts in the late 80's and he is articulate and convincing. It wasn't necessarily that expensive and I learned quite a lot (updating charts by hand). His material was ust standard technical analysis regurgitated in a simplistic format. I overpaid for commissions and blew my account out eventually.There were a few good trades and I was lucky not to get stuck on the wrong side of "limit" market.

I have been investing and trading more or less ever since then. I would suggest to Cory that he has everything he needs to trade technically. I see him all over Mike's Forum and he contributes like crazy. Entries and exits don't need to be precise in that they must be exactly on the mark, the 'X' so to speak. Make it easier on yourself by finding the best 'areas' to enter, set a SL and target(s).

Rather than trying to pry out something that isn't here I would that anyone who is having a hard time "figuring out a trading system/method" take Mike up on his offer for help with your trading. EL's method is not fully revealed. You can subscribe to MarketDelta or Linn, visit and import the "descriptions" (scripts) for many of his charts, which I think might reveal something more. When searching you will find that some are his, some are done by others, many don't include "descriptions," and some are from his first lessons but require a little searching. It seems to me that his entries are always late, that is at the end of bar. Why not use the MP levels, wait for PB and then second test on very short term time frame? You will see that EL uses longer term MP charts. Rejections of certain price levels are generally higher percentage trades, but trades that break out of rotation and become initiative can often yield more profit. Also look for 3-5 day balances as described by Don Jones (see among others). He is dismissed out of hand by traders interested in MP, but he can give you a thorough understanding of the market, and you can call and speak with him at length on occasion. The co-author, Jones, on Dalton's book is Don's son, btw. Everyone who trades with MP, and there are some big traders, including at least one "Wizard" who use it, owe Don Jones something as he was also among the first. I don't follow his 'method' you either discover one with his help or find someone else who does. (obviously I took a course with Don, the "short course", but other than that I doubt he remembers my name).

I read a post by someone who said she lost $40k in Woodies CCI room, not $4k, sheit, most people lose some money but it's hard to have sympathy some times. I'd already been booted from his room for asking a question--Woodies (free) room wouldn't let me into the "Vegas" trade room. That's all. I'd also seen the "moderator's" hiding their entry windows under their charts (they were losing money, btw), but carrying on like they were pros. Woody is a frigging industry now. Look at all the famous people who he's had his picture taken with!

Sorry to go on, but I like to add my 2 cents on occasion.

I know nothing, nothing-Sgt. Schultz

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