Summary:

Another day spent watching the markets unfold. I also paid attention to the live buy/sell volume on a couple of stocks - previously I had only reviewed them EOD. The day was also broken up with picking up my wife from the airport.

I have to say again, this is a new experience for me. As I mentioned to Fozz after market close today, I have only ever studied static historical charts, attempting to identify patterns before the big moves - or been actively engaged in and trying to profit from the events, via live/paper trading. Watching/listening to the market like this is lending itself to some objective perspective: I am going to call it a much sharper focus and even some market move anticipation; sometimes I feel like the market is going to do something. This is all new to me - and I am starting to think that this might be where master traders find themselves. If so, letting this 'feeling' develop and mature so it is familiar/strong enough to withstand the emotional live (and in my case even paper) trading gamut is probably the way to go.

Heh -  always the optimist, clinging to the idea of a turning point - but I like to call this progress. Time will tell. It is definitely different from any other approach/attitude I have had thus far.

I am going to post the charts and notes for the sake of posterity and my own personal later review; they are a little cumbersome. The most interesting one is the ABX which had a strange volume signal on the 11:20. Might be a misprint. Still not sure about this indicator - I like the concept (and it doesn't lag), but it looks like some big moves happen independent of the respective bid/ask trading volume. I found a better version of the buy/sell volume on the NT forums which should give a better visual and perhaps a better sense of market bias.

Also of interest, I ran across an article this morning (somewhere on my iGoogle page) about the dying language of trading hand signals. There is a guy documenting all of this over at http://tradingpithistory.com/.

Anyhoo - he found a 1989 copy of a trading lesson presented by Charlie D (the 'Michael Jordan of the Pit') and posted it on YouTube. I started watching it during some of the more boring market moments today and couldn't quit. Fascinating - trading venues have changed, but the basics of making money haven't: add to your winners and cut your losses. He spends about 70% of the video talking about pit position and how to get your orders filled (BE LOUD), but I found it worth the sit thru. Timeless: 'I have known successful doctors, lawyers, and teachers; they all at a certain point in time want to give it up and do something else... I don't know anybody that is good at commodities trading that ever gave it up.' Best business in the world.

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