What are some good ways to predict targets. One thing that hurts my trading is that even if I get into a good trade (maybe I buy a prior resistance level expecttig it to be support) I always get out at a bad time. Either cutting my winner early and then watching it rally like a bat out of hell, or trying to 'let it run' and then watching it take back what would have been a nice profit as it retraces to my entry price/stop Some people seem to really have a great idea of where price is going and make such bold predictions that I have no idea how they do it. Like yesterday near the highs (ES emini) a trader said there was a very high liklihood we'd go all the way down to the market open some 60 points down so he shorted. Even though it didn't QUITE make it that far, it was an amazing call in my eyes. Especially since it looked like a super strong up day at the time. I shorted at a good level too but snatched 6 ES points as price came back into a prior high volume node on the 5min The same person also shorted the market at the open a few days prior on the 10th of May and had an outrageous downside target that filled! I have no idea what sort of TA these people use One idea that gives 'targets' is elliott wave although i've never been able to get it to work for me personally There's also classic chart patterns that give targets I guess (so you spot a h+s pattern and when it breaks you tarket a certain level) And some people claim to use 'calculations' to tell them where the price is going to go at any given time. Not entirely sure what exact method this is. Maybe something like gann?
Sounds like the guy you are speaking about has a feel for the market which probably took him years to tune into. You don't get that kind of insight purely from pa.
Go Google for trading God or trading Diety. Only they can help you. Alternatively, design your trade plan based on the fact that we cannot predict how far the price will go (if it moves in your favor).
Tick bars and Keltner Channel frame price action. Trend travels in small bars, reversals in larger bars.
Not all traders use TA tools, some of us don't use any. The title of your thread is called daytrading price targets. You can study price action that will give you an idea where price might be headed. Imagine if you took 30 days and just studied price in 1 market. Sit on your hands and trade nothing. Write down your observations and give names for repeated patterns. Would it be easier to overcome fear and gain confidence based on another indicator, or based on your repeated study of price action?
laughs at the guys who never heard of stochastic models and the limits of predictability . drift and diffusion? Hawkes process? Cox-Ingersoll-Ross? *shakes head*
Imagine taking no less than $2000 every day out of the market and never using any of those formulas? Absolutely none of that is essential to make money in the markets. In most cases it just confuses people.