Monday, March 18, 2013

OTA Jeff Manson Live Trading Demo Session

About 50 persons attended Jef f Manson's Market Timing Workshop preview at MND Complex Annex B Auditorium on 18 Mar 2013 from 7pm to 10pm.

Jeff specialises in Dow Jones Futures using simple ruled based strategies and strict money management.  In the workshop, Jeff will teach how us to spot 6 winning chart patterns.  Owing to time constraint, he could only show us 2 patterns, namely

1.  Drop Base Rally setup for long trade and
2.  Rally Base Drop setup for short trade.

Jeff entered the trade upon re-test off the demand/supply zone.  His 1st take-profit level was at the mid-point of the base-to-rally perpendicular (i.e. 50% fibo retracement).   His 2nd and 3rd take-profit levels were pegged at other fibo levels, which could not discern clearly.  Jeff set his stop-loss level at the opposite end of the demand/supply zone.  Jeff's demand and supply zones look like a price-chart support and resistance levels.

Jeff reiterated us of the importance of having an established trade plan.  He showed us a spread-sheet where he grew a US$5,000 initial cash deposit to US$31,400 account balance one year later.  He achieved it by targeting a 5-point profit per trade on Dow futures (US$5 per point), and by trading 4 contracts a day, 20 days a month.  He told us that after 28 trading days, one would be able to comfortably withdraw US$300 a day for living expenses.

To drive home the profit expectancy of his trade plan, Jeff did two live trades in front of the audience.   In both instances, he was stopped out.   He reminded the audience that after two successive trade losses, a trader must stop trading and review what actually went wrong with his plan.

To save further embarrassment,  Novy, GM of OTA quickly interrupted Jeff's session by announcing a $488 course fee for Jeff's 3-day workshop on 25-27 May 2013.  To sweeten the deal, every paying attendee will be allowed to bring a friend to attend same course free-of-charge.

Jeff uses Dow cash market performance to predict Dow futures market direction.  Jeff uses trade station's 144-tick and 610-tick ergodic volume charts instead of normal candlestick 5-min and 60-min charts in tonight’s demonstration.  Perhaps, Jeff fared badly tonight because he adopted the wrong type of price chart and ignored the traditional indicators, such as moving average, MACD, RSI, Bollinger Bands, ADX?

USDJPY  377 tic
USDCAD 55 tic
EURUSD 144 tic trading  610 tic for trend identifying
YM Dow  233 tic
NLQM Nasdaq 610 tic identify trend

10pm has 80% reversal success rate


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