P
postman
We're good.
luckyvictor
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So do you only trade the Monday open, which looks at how Friday finished?
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postman
Ah yes I'm sure they used to do that but now you can arb them against each other (I have posted doing that myself on here) or with the underlying market, theres plenty of bots that will do that. I think that tactic is now defunct, I run 2 S/b accounts and they tie up almost exactly.
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postman
I sit here from the open to the close - watching! If you cant do that your going to get eaten alive by 'news' and the trumpmeister is good at 'news'.
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postman
Stop down to 150
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postman
Looks like it could go.
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postman
Gone for +30 I will wait for another opportunity.
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postman
Do you think theres value here?A Trump Pump you say !
These seismic tremors dipping below the 200 day MA are getting more frequent! The earthquake is coming soon.
luckyvictor
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But you don't consider to go long, follow the current trend?
Sorry to have so many questions, just want to learn to think as a great trader
P
postman
I'm looking to short again around 200
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postman
I would like to think like a great trader too but after all these years I'll settle for being better than average.
I pick a direction at the start of the day based on longer term charts and look to trade that direction during the day. if you start 'making it up as you go along' once the bell rings, then your in for a beating.
P
postman
@luckyvictor whats your timeframe for trades?
luckyvictor
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I use 1H to see the day trend, and use 5M to execute. I trade with indicator like stochastic, I m also learning to use price action and volume information
in this aspect, I don't know whether the volume from IG in 5M is useful at all, one is how true it is to represent the whole market, 2nd is each volume bar in 5M is very similar in terms of size, also, the volume tends to decade from the 1hour anyway.
So how you find opportunity other than this Monday open correction?
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postman
Short dow 161
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postman
I saw some weakness on the s&p and that f*cker spiked back up as soon as I opened my trade.
Dow just jumped 30 points on the move.
JUST LIKE FRIDAY !!!
counter_violent
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No, there's no value here.
On balance, I see potential downside. Here's as good a place as any to build a short pozzi.
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postman
I am holding this because it looks like its weakening.
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postman
Good, glad we're on the same page.
counter_violent
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Dow being the weaker of the 3 indices on this retrace up move. So will be the instrument to short when they turn. In theory anyhow.
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postman
Timing during the day - madness to trade the last 10 minutes even if you do know what the MOC is. The open brings good rewards, when the dow was in the 15,000 area any open below 100 would close the gap, anything over 150 would stay high for the day.
Seeing the same chart pattern over and over again is key.
Mainly just watching the buying dry up and thinking well theres only one way to go from here.
Plus I have a bias to short which worked very well on the ftse but when I trade dow not so much. these markets have been going up for over 100 years so thats definitely counter trend.
