Guy Cohen - Illuminati Trading System

This is a discussion on Guy Cohen - Illuminati Trading System within the First Steps forums, part of the Reception category; Originally Posted by andys280176 I do remember someone else on here was using FT. Any feedback from any of you ...

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Old Apr 7, 2009, 6:18pm   #89
Joined Oct 2008
Quote:
Originally Posted by andys280176 View Post
I do remember someone else on here was using FT. Any feedback from any of you other guys out there?

Andrew
Hi Andrew - I'm now also a fully paid-up FT user - although I have been away and out of the country since February-12, and only returned home last Wednesday, April-01.

Before going abroad I meticulously went through and studied all of Guy's videos, but didn't feel comfortable enough at that time to place any real trades .. just a few 'dry-run' practice attempts, which produced a mixture of results, which I guess was only to be expected.

Now after a gap of more than seven weeks away I reckon that I'll need to go through all of GC's videos again and refresh my FT learning curve. This should be no bad thing in any case.

I did open an IG-Index account back in early February, although as mentioned, I have yet to place any active 'live' trades. However, I do intend to start properly trading within the next few days/weeks - and certainly no later than shortly after this forthcoming round of earnings announcements has ended.

As we're both more-or-less in the same position, then perhaps it would be good to exchange thoughts and opinions*. This surely would be to our mutual advantage? With this in mind, please do not hesitate to contact me here in open forum, or perhaps by way of a PM/e-mail msg at any time.

Meanwhile - good luck with your initial trades.

Cheers for now

KEITH

*PS - is there any other FT users out there who might care to join in discussions? (knowledge shared is knowledged gained! .. etc .. )
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Old Apr 7, 2009, 9:54pm   #90
Joined Sep 2006
Hi Keith

I done pretty much the same as you (except going away for a few months). My first virtual trades were not really meticulously planned; I just went with a few flags I picked up and about half went the opposite way (so nothing lost really). A few more went up a little bit and one or two went up and then broke down to the downside ( a few losses incurred). I hadn't checked news, market conditions or anything like that. It was the second round of bull virtual trades that I planned a bit better and seemed to get a bit better results. One actual loser in about 10 and about 5 or 6 breaking out and these are still on the up. Best one was Hospira. You can see it here with the flag about mid march. I thought out of all my trades that this was one of the better ones and even looking at the chart there was risk of a double top (ish) or a rounded top but shouldn't have lost anything if it did. There's also an upside down cup and handle but that is before the uptrend; I think guy said something abot upside down cups and handles so will need to go back and check - although not trading right after it.

HOSPIRA INC Share Price Chart | HSP - Yahoo! Finance

For me the flag was a good one, it wasn't steep and the spread was only a dollar or so, and the thrusting bars looked quite good too coming up to the flag. If you run the scanner thing over it in the chart you can see it actually consolidates down in the flag, with volume stalling at the flag. Would have pointed out that the volume was dropping as the thrusting bars were going up but more nearer the top so I don't think this was a significant concern.

Out of all the trades this is the one I would have picked as a live trade if I was going to trade for real. It looks like it is forming a little bit of consolodation again so If I was in this trade I would be using the trend line to manage my stop loss and by the looks of it would still be in just now having taken about $3 overall profit so far and first half profits already taken.

Guy did mention that the current overall market condition is or was a rally so this upward trend may not have lasted in the Dow/S&P500 etc, which was more evident in my other trades but the majority I picked did still go up and hit the trading areas I had set.

I'm stil learning so I am not trading yet. I am a bit sceptical doing it so near this rally and in an upcoming earnings season. Once I get plenty of practice I will be much more confident trading around these areas.

Last thing I want to do is throw caution to the wind and let human emotion take over and cause me to start incurring losses. Stick to the plan and never deviate is my motto. Don't trade because it looks good (except a good flag) or you have a hunch just if it passes the plan criteria.

Andrew

Last edited by andys280176; Apr 7, 2009 at 10:01pm.
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Old Apr 8, 2009, 9:58am   #91
Joined Oct 2008
Good work Andrew - thanks for your detailed explanations, which all make perfect sense to me. Yes, I think you're dead right to keep tight stops, especially in view of the apparent current downturn in overall market conditions; we of course mustn't forget the bigger macro-economic picture. Guy's latest blog alert (dated Friday, March-20), in which he talks about reversing markets, and how to protect your profits confirms this.

FWIW, as an aside, I'm also studying candlestick patterns, which should add weight to judging the indicative probabilities of the correct future direction of a price move and breakout.

It's good to communicate like this. I'm sure we can learn from each other's experiences. Please keep in touch.

I'm off now to now embark on my second study of Guy's videos.

Kind regards

KEITH
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Old Apr 30, 2009, 9:44pm   #92
Joined Sep 2006
Keith

Regarding candlesticks. I have never went into the fine granular details of candlesticks so maybe you can share - since you are studying it.

Obviously on a chart there seems to be 4 main types of candles I have noticed red(filled and hollow), green (filled and hollow)? I know solid green means price finished higher than it started so this generally means price has risen and red means it finished lower than it started so price going down, but the hollow ones - i see these on my trade analysis software and have never looked into them thoroughly.

i don't know if my understanding is right here but if a price opens higher than previous price, goes down and passes highest value of last closing price but overall is still above it then that would be hollow green. Equal and opposite for hollow red??

Also noticed the sticks where the price starts at a point goes up or down then returns to that first point at closing so it looks like a little square with spikes coming out top and bottom - I think that is the best explanation I can give of that - do you know what I'm trying to describe?

Maybe i'm reading in to it too much.

Andrew
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Old May 1, 2009, 1:55pm   #93
Joined Oct 2008
Andrew, in summary, as I see it, [and I am definitely no expert BTW):

Solid red candlesticks means today’s close is less than the open, and today’s close is greater than yesterday’s.
Solid green candlesticks means today’s close is less than the open, and today’s close is greater than yesterday’s close.
Hollow red candlesticks means today’s close is greater than the open and today’s close is less than yesterday’s close.
Hollow green candlesticks means today’s close is greater than the open, and today’s close is greater than yesterday’s close.

What you described in your penultimate para sounds like a 'doji' formation to me. There's tons of stuff out there on candlesticks. E.g. go to these sites for more info:

here

here

and here

to name but a few.

Cheers

KEITH
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Old May 5, 2009, 5:39pm   #94
 
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Joined Mar 2009
Hey guys,
Any updates on your trades as yet? I was looking to go for the Flag trading system. Granted it won't make me a millionaire overnight, I believe it could make me some decent extra part-time cash. I have a few questions which I'm hoping you can help me with.

This is my situation as I'm finding, Mr. Cohen's online support really really really slow. I just don't understand this as usually a potential product query is (and should be) taken seriously and answered in the quickest time possible. Some of queries were dealt with by Mr Cohen himself only after I got his guy@optioneasy email from this thread. By saying that, he was extremely polite and to the point.
Ok, on to my questions -

a) What monthly income can I aim for considering I'm conservative in my trades and start out with a pot of £2,500.00? I'm thinking of being ultra conservative here.
b) Considering I join one of these days, can I start to trade by the end of May or maybe say June continuing to trade all summer i.e. July August? Or are these the 'Earnings report season'? The reason I ask this is I don't want my 30 day trial to coincide with Earnings reports.

And that's about it. Please forgive my ignorance on the matter. I'm hoping one of you can help me.

Cheers.
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Old May 5, 2009, 5:40pm   #95
 
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Joined Mar 2009
Hey guys,
Guys support just emailed me with the answers just now. Its a 'dooohhhh' moment.
Your input is appreciated nevertheless.

Ta
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Old May 5, 2009, 7:58pm   #96
 
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Last I heard is he had just opened a Hotdog stand along with his trading `system`.
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