Trading the SPOOs with Patrick Slevin! Message Board

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Strategies & Market Trends : Trading the SPOOs with Patrick Slevin!

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To: Jerry Olson who wrote (3545)	2/12/2000 10:59:00 AM
From: Patrick Slevin	Read Replies (1) of 7434

I've been on the ISpec site but Mike must use an alias because I don't recall who he is. Tom must be using more than 50 points because he was ahead over 50 at one point yesterday. These moves really do hit hard when they hit these days. I've been working on that as well, trying to determine the likely strength of the follow through on a move. What you are saying about 5 minute charts versus longer term charts, I did not ever intend to paint a picture of daytrading off 5 minute charts. I use these short term charts for Entry clues. I look at chart from tick and one minute all the way up to Monthly Charts. But I only look at Monthly Charts once in the morning. 45 Minute Charts I've been using for years because at one time (at least) 45 minutes was integral to the timing in the Pit. Now that I think of it, I once asked She Said about why she uses 45 minute. I don't recall her answer but if I recall correctly she did not know the manner of brackets in the Chicago pits. It's a rather obscure time frame and I'm of a mind that most people who look at 45 minute charts aren't quite certain what the logic is behind them. It's actually quite simple. Time in Chicago was always determined by 45 minute brackets. You can almost trade just off the brackets. Almost every day, the True Action is in the first three and third three brackets. The second three brackets is mostly noise during thin times in the pits. As the sixth bracket comes to a close the action starts to pick up and trend once again. You could practically set your watch by it. Simply because it originates in time to begin with. I'll look at 45 minute charts two or three times a day. Daily Charts only need a glance now and then. As a position trader you are focusing on such long term charts. As a daytrader I focus on them just as much, but my time frames are faster twitch so when I'm anticipating a trade I've already got the longer term stuff in my head and the focus becomes the fast charts. As far as trying to trade off a group of opinions, that may be a mistake. If I were to consider my thoughts, then try to meld them with yours and several others I'm likely to go into lock and either do nothing or change my mind. I like to see what others think but I have to make the trade so I tend to filter it all out. Besides, Tom may be Long and I may agree that the Market is Long. But between now and the next hour I see the Market as Short. So depending on the strength implied in the Short I might take it Short for an Hour. Now to repeat I think the underlying Market is Long. Yet I tell you that I'm Short. This confuses you and so you think I'm Short and you stop and think about it. But my real ploy is to ride it down so I can take it up. Everyone's time frame is different from the next persons so taking a mass poll might be a tad dangerous. All these opinions have to be taken with the appropriate amount of thought. A position trader like yourself should be leary of what my opinion is, as I may be taking it Short into Noon and then walk away because I think the afternoon is going to be choppy. Meanwhile you are still Short wondering why the train is pulling into Hoboken instead of Kansas City.

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