This sideways market is kicking my butt... Is there a way to trade this without scalping?. Maybe I should just stay out of the market ? I've been in cash for the past few days.
Examine the big picture and trade accordingly. My analysis say your sideway nightmare may soon be coming to an end. Anek
If you look back at a number of Option Expirations you will notice that you get a lot of congestions... fake breakouts... sideways-bore-you-to-death-movements and all together really tough trading days... I think in the September opt expiration week we had this EXACT type of day one day... a gap down and then mostly sideways market for hours with numerous false breakouts... I agonized thru that one and recognized this one as the same early on... Futures71 says he just skips the Opt Exp weeks and i am beginning, as thick as my head is... to see why... <img src="http://www.enflow.com/p.gif">
What do you consider scalping? (How many points before it's not scalping?) While truly flat market present different challenges, I'm quite amazed that people cannot find good signals / opportunities here. Are the 5+ ES points from 3:07 to 3:39 scalping? Or the 7+ point move from 10:06 to 10:16? Or the 8+ point move from 10:26 to 11:39? Or ....? If I'm having problems generating profits in a market, the issues generally reside within my methods or my executions or my assessments. Rarely does the market not provide the opportunities from which to succeed. Just curious - do you normally expect a large trend day ahead of INTC earnings? R
Develop a stable of stocks, and stick with them. I've had reliable successes with a stable. Knowing the S/R levels, and momentum/ resistance of these "ponies" gets me through.
Its funny, I've had the best few days in a while. I can never make a cent when the market breaks into a trend, but this sideways to down stuff is like an atm machine. In my opinion congestion on a 60 minute chart with with 1 and 5 minute channeling signals is the easiest way to consistantly take money out of the market. Then again I am strictly a scalper who very rarely holds anything more then 15 minutes.
RAMOUTAR, I think S/R could work well with low volatility market but maybe it could not make much money from high volatility market does your method work with HSI future I wonder
Paying close attention to S/R levels work best in higher volatility markets. Think of these levels as "invisble fences", they represent the greatest culmination of fear and greed and second guess the best strategies. S/R levels work with ANY TRADING VEHICLE, as ALL of these vehicles are emotion based. Certainly, one cannot use S/R levels alone. Secondary technical tools such as MA's, OBV, Volume and Trends play a major role as well. May the trend be with you, FlyinForget!