Daily Control Over intra-trading

Discussion in 'Trading' started by Rashid_G., Jan 29, 2010.

  1. I seriously need some input from SUCCESSFUL (or non-losing) traders... How do you stay on the right side of the market mentally? The NDX daily chart attached has a 7 day ma that seems for now to be useful.. I am thinking either a moving average such as this or a high/low relationship such as Short until new n day high is made .. etc.. Seems whichever method is used in order to trade one way only you will HAVE to give up some decent intraday moves but it would be nice to minimize these time when you stay out and wait for a resumption of your "trend".

    The trading style I am working on is 1 or 2 trades that are kept for the bulk of the day since The indices are more wickless than not (Would be useful to get stats on this..) and low losses on reversal days a fair price to pay to get the other days...

    Of course as soon as there is a range a smaller time frame will be needed..

    Something such as "trading above or below open after 10am" in my mind will remove the having to figure range or trend (in adition to reading daily patterns for confirmation). The overall idea is to swing trade ES or NQ without carrying overnight..