minime69
Established member
- Messages
- 754
- Likes
- 25
tennisball
Well-known member
- Messages
- 262
- Likes
- 1
Could be worse, Neil, I was selling it on the way up. - sold the top finally though so regained some ground.
not just you, I missed it as well, got bored watching it go no where, so I took the dog out.
still the dog was happy enough, altough i think he did say RUFF when i swore
minime69
Established member
- Messages
- 754
- Likes
- 25
LeoE
Active member
- Messages
- 224
- Likes
- 7
Ditto! I've been watching oil all morning waiting for a setup, figured it wasn't gonna come for a while so go get on with something else, come back to see a perfect setup would've triggered and i'd have made 300points! Hindsight is a wonderful thing 😆
tennisball
Well-known member
- Messages
- 262
- Likes
- 1
what a horrible day to trade - no consistent signals at all.
Wassup, seems to be a fairly bad day overall.... at least it aint falling so fast!
Got a chart to show, this explains a large and very important part of my strategy which I find has really helped, and others may want to have a play around with and I really think it will help you get better results.
Background, I trade short term on the 2 minute chart, playing price action. My main aim is +8 points per trade, after that a tight stop gets applied. This may sound quite regimented, and in practice it often gets bent a little but +8 is basically my target.
However, I have a steadfast rule that I will NEVER trade against and it has really improved my win %.
I never EVER trade against the direction of the 5 min stochastics, and I also use stochastics on the 2 min and need this to be roughly with me, it is a lot more volatile though and can criss cross in the overbought/sold region for a long time.
This is fairly seconday though, the 5 min stochastics is my key.
Now to show a example from this morning. Point 1 on the chart is a trade others may have been long on, given price action set up. However due to the 5 minute stochastics sloping down (circled) I refused to take this. Point 2 is the trade I took, using the price action from the 2 min but this time is clearly backed by the 5 min stoch.
Now I know these time frames are not for everyone, but I see no reason this could not be applied to other time frames. Just go through and look at each of your failed trades, and see how many of them are clearly violating either its own stochastic, or of a slightly higher time frame.
Hope this helps someone!
Got a chart to show, this explains a large and very important part of my strategy which I find has really helped, and others may want to have a play around with and I really think it will help you get better results.
Background, I trade short term on the 2 minute chart, playing price action. My main aim is +8 points per trade, after that a tight stop gets applied. This may sound quite regimented, and in practice it often gets bent a little but +8 is basically my target.
However, I have a steadfast rule that I will NEVER trade against and it has really improved my win %.
I never EVER trade against the direction of the 5 min stochastics, and I also use stochastics on the 2 min and need this to be roughly with me, it is a lot more volatile though and can criss cross in the overbought/sold region for a long time.
This is fairly seconday though, the 5 min stochastics is my key.
Now to show a example from this morning. Point 1 on the chart is a trade others may have been long on, given price action set up. However due to the 5 minute stochastics sloping down (circled) I refused to take this. Point 2 is the trade I took, using the price action from the 2 min but this time is clearly backed by the 5 min stoch.
Now I know these time frames are not for everyone, but I see no reason this could not be applied to other time frames. Just go through and look at each of your failed trades, and see how many of them are clearly violating either its own stochastic, or of a slightly higher time frame.
Hope this helps someone!
Attachments
LOL! One of the things that makes this one of the best daytrading discussions.
Horrible looking tape today. I'm glad I took the day off.
tennisball
Well-known member
- Messages
- 262
- Likes
- 1
Today was an unusual day. Needed a change of mindset I think - I ended up trading mean reversion off levels and trendlines. Bit like being a fixed income trader! Finished flat which is good for me as I have some appaulingly bad habits which loose me money.
neil
Legendary member
- Messages
- 5,169
- Likes
- 752
tennisball
Well-known member
- Messages
- 262
- Likes
- 1
There didn't seem to be an overall trend, just large jumps followed by tight range bound trading. ftse and dax seemed to decouple from the s&p and Dow quite a bit as well. As to why - well I've no real idea. lackof news coming out? Lack of sentiment? Market bottom? Any ideas?
There was, mate, but neither you nor I saw it, probably because it went sideways for such a long time that we ignored the fact that a reversal was building up.
At 1330 I could not see what to do and decided that SP500 was a better trade for me, being at work, etc. so I bought the Daily Future. Like the 10,000 men, they marched all the way up the hill (galloped, actually) then marched all the way down. Stopping me out at a loss around 1900. I was browned off at that one especially as the Footsie did not behave quite like that. I would have saved something, at least, with Footsie.
My system with averages is not good with sideways movements. Anyone got an alternative to
1) Identify them quickly and
2) stay out of them until a breakout is due?
Split
Attachments
Last edited:
Jock Strap
Active member
- Messages
- 182
- Likes
- 5
Morning all.
Bought an oversold signal last night at 3496, sold for +30 pts.
Bought an oversold signal last night at 3496, sold for +30 pts.
fast trader7
Well-known member
- Messages
- 273
- Likes
- 3
Good morning all
Happy trading!
Happy trading!
Dentalfloss
Legendary member
- Messages
- 63,404
- Likes
- 3,726
anybody know why sterling got hit yesterday.was not trading it
Jock Strap
Active member
- Messages
- 182
- Likes
- 5
my understanding is that it is all wrapped up with the weak economy, our reliance on Financial Services and the clear fears over financials at the moment
that said I don't trade forex
Chelski
Well-known member
- Messages
- 487
- Likes
- 5
here is a little something for those sideways days, Try looking for divergences, either MACD.m, RSI or Stochastics.
This is a 5 min chart. We have already got the intra day low but re stop short the second time, however the MACD is showing weakness compared to price, (1) later on as this is hidden divergence which tends to confirm a trend we get it again. It can lag or give a signal only to yield a small movement before reversing. Have a look back on some sideways days and it will be there.
Attachments
Morning all.
I just scalped from 3514 to 3538 and was quite pleased to cop a quick 24 points while I was getting Junior out to school. That's until I saw what it did in the next 15 minutes.
We're above that 5DMA now, but I'm treating in with suspicion until the SPX participates in a similar move.
Anyway, best of luck today. Pick the right times to take the dog for a walk etc. 🙂
I just scalped from 3514 to 3538 and was quite pleased to cop a quick 24 points while I was getting Junior out to school. That's until I saw what it did in the next 15 minutes.
We're above that 5DMA now, but I'm treating in with suspicion until the SPX participates in a similar move.
Anyway, best of luck today. Pick the right times to take the dog for a walk etc. 🙂
BTW, I scalp off a 5 minute chart using a 13 bar MA and Parabolic SAR for trend and a fib of the previous days price range with minor fibs and extensions as appropriate as a road map. I keep and eye on the 1DMA, 2DMA and the 5DMA as the market seems to find them important. I also keep an eye on Bollinger, RSI and Stochastic for confirmation that I'm not missing something.
If we get a quiet period during the day it might be worth while to pop those up an a chart and see if it's useful to you. The only problem I have is a habit of ringing the register too soon which is much better than my previous habit of letting profits evaporate. It doesn't work in chop, what does?
Have a peep if you get 10 minutes or so, you might find something that suits your style.
If we get a quiet period during the day it might be worth while to pop those up an a chart and see if it's useful to you. The only problem I have is a habit of ringing the register too soon which is much better than my previous habit of letting profits evaporate. It doesn't work in chop, what does?
Have a peep if you get 10 minutes or so, you might find something that suits your style.
Similar threads
- Locked
