Trader333
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Vic,
I once got myself into the same situation and it turned out to be very counter productive for me. You appear to have a great strategy and in my view just don't need to be putting in these kinds of hours.
I suggest you sit back put on The Clash and relax as it always made me feel better
Paul
I once got myself into the same situation and it turned out to be very counter productive for me. You appear to have a great strategy and in my view just don't need to be putting in these kinds of hours.
I suggest you sit back put on The Clash and relax as it always made me feel better
Paul
viclondon
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I suggest you sit back put on The Clash and relax as it always made me feel better
Paul
Great idea Paul! Now Jimmy jazz is on and I feel great.
The Dow today looks terrible: No real gap and PP all over the place.
If the sun comes out I might to for nine holes
viclondon
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Thanks mate, you are right: win some loose some
glad it aint just me! eratic Prices all of the place today so far. Ive been looking for the ES to hit 890 today and so have been playing the long side this moring, although am only slightly up due to being stopped out on some strange price action.
Have a good one.
viclondon
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Yesterday I realised since the opening that the charts were lloking so bad that it was better to go to the pub instead. I am pretty sure that I would have lost some money if I traded it.
I think I have made an important step forward in recognising when it is better simply to step back from the market. It certainly helps the fact that ATM I am doing a lot of forex, so I don't feel compelled to play the Dow if the set up doesn't look good.
The strategy I am using simply doesn't work if the PP are all over the place
I think I have made an important step forward in recognising when it is better simply to step back from the market. It certainly helps the fact that ATM I am doing a lot of forex, so I don't feel compelled to play the Dow if the set up doesn't look good.
The strategy I am using simply doesn't work if the PP are all over the place
viclondon
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I am pasting a reply I gave in a PM, as I think it might be useful to somebody else. Else it would be interesting if some experienced trader would like to comment on the following:
"I am having decent results daytrading the Dow, although ATM I am doing better with forex which also gives much more time flexibility.
I generally use a 20 point stop loss, although I can adjust it by a few points according to supp/res; the target varies according to supp/res and generally is at least 30 points.
The game with pivot points works quite well, but not every day; I think I am getting better in understanding when there is a day where it is better to stay away from the market (like yesterday). If you scroll through the thread I have talked about the fact that I follow two different set of pivots and whend they do not line up, then my whole pivot strategy simply doesn't work.
The set ups that seem to work the best are:
- If there is an opening gap of less than 100 points and price action stays within S1 and R1, then I play for the gap to be closed. This is the highest probability play and also gives good targets
- After the first hour I check the high and the low and they often match a PP level; when the price test that level I fade the move; this also gives good results
- When price approach a PP, especially at the high or low of the day I monitor the candlestick patterns; if they give me a strong signal at that price I take the trade
- At 20:30 London time there is generally a strong move; I have noticed that it generally goes within the day range. For example, if at that moment the price is close to the top of the daily range, the 20:30 move tend to retrace south. Of course some days there is hardly any move at all
Finally I have found that trading the Dow on its own is quite boring, which is dangerous because it leads to overtrading. I get better results if I do some forex at the same time."
Vic
"I am having decent results daytrading the Dow, although ATM I am doing better with forex which also gives much more time flexibility.
I generally use a 20 point stop loss, although I can adjust it by a few points according to supp/res; the target varies according to supp/res and generally is at least 30 points.
The game with pivot points works quite well, but not every day; I think I am getting better in understanding when there is a day where it is better to stay away from the market (like yesterday). If you scroll through the thread I have talked about the fact that I follow two different set of pivots and whend they do not line up, then my whole pivot strategy simply doesn't work.
The set ups that seem to work the best are:
- If there is an opening gap of less than 100 points and price action stays within S1 and R1, then I play for the gap to be closed. This is the highest probability play and also gives good targets
- After the first hour I check the high and the low and they often match a PP level; when the price test that level I fade the move; this also gives good results
- When price approach a PP, especially at the high or low of the day I monitor the candlestick patterns; if they give me a strong signal at that price I take the trade
- At 20:30 London time there is generally a strong move; I have noticed that it generally goes within the day range. For example, if at that moment the price is close to the top of the daily range, the 20:30 move tend to retrace south. Of course some days there is hardly any move at all
Finally I have found that trading the Dow on its own is quite boring, which is dangerous because it leads to overtrading. I get better results if I do some forex at the same time."
Vic
viclondon
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Paul, I have on my screen 5m, 15m, 1H, 4h, daily, weekly, monthly.
I use candles on 5m and to a lesser degree on 15m
viclondon
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No, forex cash.
Actually I had an incredible day with over 300 pips, even though I missed the London open as I woke up late. I did not lose a single trade and I cought some big ones. Really great day
cornishmiller
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Hi Vic
Have been following your thread with interest and admire your style. I use a similar approach to you, ie pivot points and S/R but I spreadbet on the dow daily cash, so all my figures are different. Is there a reason why you trade the ym as opposed to the spreadbetting?
Gerry
Have been following your thread with interest and admire your style. I use a similar approach to you, ie pivot points and S/R but I spreadbet on the dow daily cash, so all my figures are different. Is there a reason why you trade the ym as opposed to the spreadbetting?
Gerry
