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coiled markets review (

  #12 (permalink)

San Diego, CA, USA
Trading Experience: Intermediate
Platform: Sierra Chart
Favorite Futures: CL, ES
Tiger45's Avatar
Posts: 309 since Sep 2010
Thanks: 203 given, 422 received

Daytrader 50, you've been give some really good advice here. I took his "course" in August, so no, it hasn't been improved.

He looks for triangles (he calls them apexes) on a 250 tick chart. His definition of a triangle is when two 5-bar pivots contract, forming a LH and HL. Then he will trade the break of the triangle. That's it. No triangle, no trade. When price contracts and breaks, it often doesn't do it cleanly. Austin gets chopped up frequently, then blames it on algorithms. Or low volume. Or...whatever.

Study classic chart patterns as was recommended, or study any of the numerous systems being given away for the cost of an Elite membership on (formerly BMT).

His 233% fib road map values do get hit frequently as he says, but what he doesn't say, as was pointed out, is it might take all day, or price will come back through your entry point and stop you out before reversing to the road map. Also, if the opening candle is a WRB, his road map values are much less likely to get hit.

In my opinion, the ONLY thing he teaches that is worth anything, and it is very valuable, is you need to hold for larger targets. He shoots for 40 ticks per trade with a 10 tick stop. This is what keeps his head above water. Nothing else.

The connection to the room will likely cost you an additional $30/month. He doesn't tell you that in advance. For the most part, the room is dead. Even Austin doesn't talk much. He admits that there isn't much educational value in his room: Commonly Asked |

His team forum is equally dead. He rarely posts on it.

Right now he's running his 'Skins Game'. He got 9 people to pony up $2,000 and he was going to trade their money live for 6 weeks, with the goal of doubling the money and returning the original $2k back to the participant (free education!). You could watch him do that in his room, starting in September. At first he posted his trades and even a couple of brokerage statements. He stopped doing that long ago, after he fought his way back to even after a $2k draw down. I think his last mention of the account balance was he was down ~$600. He had a good day in the TF a couple of days ago, and posted that on his public blog. It's now the middle of October. No trade details have been posted, no brokerage statements, no nothing. Read between the lines.

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