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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: SE who wrote (5028)	9/30/1998 9:48:00 PM
From: Mary A Young	Read Replies (2) \| Respond to of 44573

Without reading the posts following yours, Patrick, I wondered if all the buying as short covering toward the end of the day would be the reason for the positive tick in spite of the action in the SPOOS. I have trouble understanding the PREM and your post is helpful. Thanks.... Mary

To: SE who wrote (5028)	10/1/1998 1:02:00 AM
From: Patrick Slevin	Read Replies (1) \| Respond to of 44573

<I am very interested in your pattern read for tomorrow. > Did not do one, I am playing golf until Tuesday, although I will, I think, be around tomorrow afternoon. <you will skip all this stuff> I did read it. Great, my wife is ticked because I am spending more time here than with her. This, is going to have to be quick. Now first of all, all we discussed has nothing to do with anything with regard to how I "set-up" a day. We discussed breaking MAs and triples and god knows what else. But we never got into Yellow days or Greens or whatever as far as Patterns were concerned. This is beyond the realm of SI discussion. Trendlines may have a bearing on your system but do not on mine. The TIKI/PREM/TICK action along with the Trendline is.may be of some interest. I would like to see the correlation. Honest I would. It still has nada to do with what I do. The fact of the matter is we would have to actually sit down and go over this in detail. <However, as you recall short term tops and bottoms can be identified from extreme readings in those categories> Scott, to be quite honest I know what we discussed but at this point in my life the stuff is in my DNA and I can't recall it exactly. Perhaps I'm not all BS when I say I trade intuitively. One day perhaps we can get together and you can remind me what I said. These days I am surely an intuitive trader and maybe I need your help more than others need mine. Anyway, I do not mean to be rude, although I probably come off as such. I do have to get back to my wife as she thinks I spend too much time here....thus I am abrupt. But, maybe I can get out for a Packer game. I am much more pleasant when I'm not under pressure. Yeah, okay. I was a jerk at Morton's in Chicago but there was a reason for that. I don't know anyone in Wisconsin, I'll be much more pleasant. Anyway, the method you have hit on is fine it's just that you have to accept that markets change and that's what happened today. Now, if you will excuse me, I have to figure out why my wife feels as if I spend more time on SI than attending to her. In other words, I don't mean to be rude, I am under the gun....if you will.

To: SE who wrote (5028)	10/1/1998 8:02:00 AM
From: Patrick Slevin	Read Replies (1) \| Respond to of 44573

Okay I'm awake. Although I was short of time last night I really think I touched all the bases, Scott. I don't really look at Trendlines much. Many do, however, so it's not a bad thing to look at as it will tell you what the crowd is doing. I don't believe there is such a thing as an extreme TICK number. I think I recall mentioning that one day last summer to someone. Perhaps it was Beebs; there was a negative reading of 11 or 12 hundred and someone said this was too extreme and forebode a rally; the following Monday it hit 1500 and the next day about 1700. I do recall noting something Mark Cook said along the same lines but fell back on something that another trader told me. TIKI and PREM readings I can get a handle on but still I don't think they have much predictability going forward into the next day. I never looked at them that way; I have no data to support such a conclusion, perhaps there is a correlation but I never tracked it. To be honest, I was suspicious of that TRIN indicator you mentioned yesterday. I have a hard time believing that extreme TRIN readings indicate a reversal of spoo points of a magnitude that you mentioned. I think what you had yesterday was a day that fell outside the realm of your system's normal parameters, and that is all. I do believe there will be something of a bounce today, because Globex was pressing triple digit futures last night and therefore we should see triple digit Cash at the least today. That, in and of itself, should bring in some money. But my longer-term viewpoint is that the worst is not over. As far as a Pattern Call the market should make a sustained turn at the Bond close, trending in the eventual direction of the turn all day. If I were here to trade it, I would think the day is moderately bullish. This, of course, is an early read and a sketchy one. I should be back by early afternoon, perhaps 12 or 1 ET. Good Luck trading today.