Michele, Worse than a newbie? Is this possible? HAHAHA Trading from strength is a concept ingrained in successful floor traders. Before I explain this, though, let me first mention that no matter the method, the use and number of filters, the number ...

'Vegas Wealth Builder Part II'

Mr.Majik, I want to make sure you are clear on the 50% retracement rule. It is critical for 2 trading concepts. 1) If you have a day-trading model [no matter what it is], anytime the market comes back, when the range is greater than 60 pips [GBP], ...

'Vegas Wealth Builder Part II'

Mr. Majik, I am assuming you are referring to the 50% retracement rule. First you take todays range [high-low]. The trading day starts at 5:00 p.m. Chicago time [6:00 p.m. for daylight savings time]. Range needs to be at least 60 pips in cable to ...

'Vegas Wealth Builder Part II'

lambrechtj, No. However, see my posts above [re: volatility] for using 1 hour price action.

'Vegas Wealth Builder Part II'

Heavy J, When I first released the 1 hour and then the 4 hour [about 2 months later] practically everybody ignored the risk model part of the equation. These are trading models to catch shorter [time-frame] market moves. Now, when things are ...

'Vegas Wealth Builder Part II'

bhale, I don't trade NZD because there are other pairs that I believe trade better. However, if this is your pair of choice, then by all means trade it. You have to figure out which fib model to use, but I would think it would be either model #1 or ...

'Vegas Wealth Builder Part II'

Everyone, I get a lot of emails from people asking me which method I like best, and do I use VWB with the 1 hour and/or 4 hour methods. For the record, I use VWB most of the time. When a market has unusually high volatility I will use VWB for entry ...

'Vegas Wealth Builder Part II'

Everyone, Who unleashed the email avalanche? All I've been doing the last 2 days is answer emails and watch the pute screen. I'm caught up, for the moment, and if anyone has questions let 'em fly.

'Vegas Wealth Builder Part II'

Sarbot, 50% rule pertains to any range over 60 pips from the most recent direction. However, as I use it, it only matters when we are out at the outer fib numbers. As I stated in my last post, we aren't there anymore. If you daytrade then it takes ...

'Vegas Wealth Builder Part II'

Everyone, Today was like the old days. Unusual intraday volatility today, especially in the euro. Anybody else notice the 10,000 - 20,000 contract offers on globex when the euro tanked. Somebody on the e-platforms sold about 3.5 bln euros [nice ...

'Vegas Wealth Builder Part II'

Sarbot, One month is not history, just one month.

'Vegas Wealth Builder Part II'

Lambrecht, Nothing like the present. What is a "free trade"? The short answer [without writing a book] is to be in a position for a big gain without any risk. It is a mindset of looking past scalping and a few pips and putting yourself above that. ...

'Vegas Wealth Builder Part II'

pipex, You are right, trading is based on risk. When I wrote the post, what I had in mind were all the traders I saw on the floor who in the course of the day would make 100 trades. 70 winners, 25 scratches, 5 losers; after all that they're down ...

'Vegas Wealth Builder Part II'

Everyone, Some comments on todays GBP. We got long near the end of the day. Market rallied 25 pips turned around and stopped us out at breakeven. Why did I do this? A number of factors. 1) Trading is about "free trades". Those of you who don't ...

'Vegas Wealth Builder Part II'

Jace, There are no stupid questions. No, that is not what I mean. By trading on news, more often than not, you get in a position you normally wouldn't want to be in, but because of the news you're in it. What happened on the last NFP, where the ...

'Vegas Wealth Builder Part II'

Jace, I definitely pay attention to what's coming out and the perception the market wants to see, but I NEVER trade off of news. The same news tomorrow can lead to the exact opposite market reaction. It will drive you nuts. Price action is all that ...

'Vegas Wealth Builder Part II'

Everyone, Some thoughts and comments on todays GBP trade. As I told everybody on C2, "I never said probability was easy or pretty". The main reason I moved my stop up was that the daily chart really isn't showing a clear reversal picture. We're only ...

'Vegas Wealth Builder Part II'

Jace, Your comments remind me of all the locals who used to stand next to me in the pits and who expressed the exact same thing as you. Their argument was what I call the "What if ..." theory. What if the low had been taken out? What if the news had ...

'Vegas Wealth Builder Part II'

Everyone, All of you who trade VWB should now be long Cable from much lower leverls. Stops should be moved up to make this a breakeven trade at worst. I will be back later with my thoughts and comments regarding this trade.

'Vegas Wealth Builder Part II'

lambrecht, I can't comment on specific trades because it's not fair to all the people who subscribe through C2. I may comment after a trade has taken place, or after a position is closed.

'Vegas Wealth Builder Part II'