renato0o
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Re: How to win trading & when not to trade (I have 1 month real live record so far)
Great info! Thanks dude. I hate to assume things, can you please define, or refer me to understand what power trend is?
Where do you look for overbought/oversold? What screener do you use?
Many thanks.
Great info! Thanks dude. I hate to assume things, can you please define, or refer me to understand what power trend is?
Where do you look for overbought/oversold? What screener do you use?
Many thanks.
Here are some of the methods on how to make decision!! its kind of unorganized so pls ask me question if u dont understand! I'll explain my best.
this all depend, but usually this is good range for averaging down.
except maybe during option expiration, other important news(jobless claim, bernanke speaking,etc related).
always look for an oversold/overbought in BB,power trend, price degree the steeper the better.
the higher the timeframe, the stronger the retracement.
how do you know ? when price goes much further away from the overnight range.
by how much ?
for crude, usually it is by $1-2 range (u can also see euro/usd for correlation/divergence)
for gold, usually it is around $10 or so
for SP maybe 10 points or so.
same w/ daily pivot the farther it is moving from overnight range the better for scalping and avg down.
this price range estimate is more extreme during option expiration
just add more points
for example, today june 17,2010, after job claim data released, emini s&P hit high of 1117 but close was 1115.
it means that we need to anticipate 10 points below those 2,which is 1105 and 1107. however this week is option expiration,
so we need exxagerate those 10 points to 13 or so points.
furthermore, this was confirmed by big candle down which is I think more than -78 degree. good indication to scalp for retracement.
e.g. so for crude try to range it more than a 1 price range to $1.50, $2 or more range to scalp/avg down.
today crude high after stock market open is 77.80 and it sell off to 76.80 before it rebound slighlty (good time to scalp).
then it continue to drop 30 cents more below that 76.80.