one hour breakout, i took it from jake Bernstein book day trading or close to it. works on volatile stocks with big volume.
tradersaavy, What's up? A few months ago I started incorporating trendlines and higher time frame charts into my trading scheme. Actually, several traders in #FuturesTrades room recommend this to me, along with lindq & igor via my journal. (Thanks all!) I use the 3 minute chart as my main chart for signals, sometimes my 1 minute chart is helpful for entries. I use the 10 & 30 minute chart to gauge market direction. For instance, I'm constantly glancing at my 10 minute chart trying to assess if the market is trending, ranging or doing a combination of both. Also, I glance at my 30 minute chart to gauge overall price movement, support/resistance and to even filter some trade signals. I've found this chart very helpful at gauging the overall big picture of the market. By that I mean, if the market is trading higher, I'm always making sure I take trades per current direction. As of now, I don't use moving averages for entry signals because I'm able to enter the market off certain patterns with the aide of my two indicators and analysis of price action. The most important thing I've learned from using higher time frame charts is to ensure I place my trades with the direction price is moving. Before, I would open short positions when price was trading higher and just get killed in the trade (see any chart in Sept & Oct '03). At that time, my goal was to catch every reversal but I was truly missing the big picture, fading every rally. Now I have a completely different strategy for trading reversal-divergence setups. And, that's where the trendline comes into play. Will elaborate if you want me to in another post!
ma indicators is lagging indicators ,always behind ,stochastic cross up at 75 is good for fast scalps.
Trade#1 â (LIVE) Took trade on impulse and I was hoping price would correct but it was obvious the bears were winning. No real signal and I didnât even look at my market breadth indices. All the internals weâre negative and in the red but I wanted to get long for some reason. *Long 1133.00 - 15:24 EST Stop: 1129.00 Target: undetermined *Stop 1129.00 - 15:32 EST [ P/L: - 4 ]
It happens man; don't worry about it too much. I had a -4 pt day last week. As long as you learned from it, it should be seen as a good thing. Better to make mistakes now playing 1-2 lots, than down the road when you're doing 50s. -Fast