Turn Up The Volume

Can someone please turn up the
volume? 
While I wouldn’t say that
to my pre-teenager, we again find the market chopping around with little
conviction in either direction to resolve the current NQ 1565 – 1585 trading
range. Aside from one early 13-minute continuation short trigger, there has been
little in terms of high-percentage intraday opportunities. The Qs do currently
have hourly and 13-minute resistance favoring shorts until violated, yet there
is added risk with the light volume. I’ll be watching the hourly stochastic on
any climbs to try to gauge whether additional follow-through to the downside is
likely or not.

Monday December 3, 2001 
11:50 AM EDT

(1) Approx. Equivalent
QQQ price

I received lots of e-mail in
response to the QQQ
video
over the weekend and appreciate the growing interest and feedback and
am doing my best at this end to keep up with responses. Among this weekend’s
bundle was one which asked if the techniques and strategies could be applied to
markets other than the the Qs. My response was “most definitely,” with
one important caveat which I’ll expand on in a moment.

I say “definitely” because the early portion of the video was
purposely structured to address several foundational concepts and perspectives
which I felt were absolutely critical to understand before venturing into Q
setups and triggers.
(For
those skipping the first portion and jumping right to the triggers — and I know
you’re out there — the charts and triggers will be of little effectiveness
unless you understand the earlier material)
.
With respect to the specific setups, while some like downtrend continuation
triggers are best suited to the Qs where one can short without being hindered by
the uptick rule, much of the material should indeed have universal appeal so
long as one is trading a highly liquid, easily executable market.

Now for the caveat. At the risk of stating the obvious for many, I can’t stress
enough that trading success requires so much more than simply buying and
watching a video. Purchasing the video and expecting to be transformed into an
instant successful trader is analogous to buying an instructional book on golf
from Tiger Woods and then expecting to play the PGA Tour. As is the case with
golf, more fail than succeed and some fail miserably. In the context of the
trading industry, two traders can be armed with the exact same method and one
can trade extremely successfully while the other fails terribly, and most
perform somewhere within the spectrum between the two extremes. Yet the intent
of the material is to simplify this business and to help uncover some of the
illusions and mysteries of trading, while providing a foundation for success to
occur if you make it happen.

As it is clearly difficult for me to objectively comment on the quality of a
product in which I have an interest, I must look closely at objective feedback
from paying customers who likely have high expectations. To that end, I received
the following comment from one buyer over the weekend.

“I have studied the
markets for a few decades from a technical perspective, and would not have
believed that there existed a conceptual framework for trading fast-moving
markets that skewed results so favorably, while managing risk to such a fine
degree. You are to be commended for your research, your practical application of
the principles you developed, and for sharing this information.”  EJ

Obviously, there is no magic or guarantee and most will continue to fail at this
difficult business, because one must do what others can’t or refuse to do. Yet I
hope the information has provided perhaps a different perspective, as you
further develop and refine your own particular style.

Good trading!

Don Miller