daytrading price targets

Discussion in 'Technical Analysis' started by sidbunch, May 14, 2022.

  1. mikeriley

    mikeriley

    Hello SimpleLikeMe,

    No idea why you're asking this question, since
    I've already given you a trading strategy that
    works every day on NQ. If I'm not mistaken
    I believe I've posted at least 3 strategies,
    all of which work very well.
     
    #31     May 14, 2022
    Rams Fan likes this.
  2. mikeriley

    mikeriley

    Hi there Rams Fan,
    A very good friend of mine who is now diseased
    was a futures trader who earned millions. It was
    he who gave me this sage advice. I owe a debt
    of honor to Doug, he was truly an ole school trader.
     
    #32     May 14, 2022
    Rams Fan likes this.
  3. candles

    candles

    watch the market for a week and then you'll know where it's going and will understand the market. You'll notice is sometimes stops at prior support levels to become resistance and sometime it just blasts through the area. Sometimes moves fast at the open and drops or sometimes chops about. Some days trends in one direction and some days it doesn't etc
     
    #33     May 15, 2022
  4. SunTrader

    SunTrader

    Wow if only the 90% who fail at this only did that. Maybe then only 89.9% would fail.
     
    #34     May 15, 2022
    comagnum likes this.
  5. Handle123

    Handle123

    44 years of trading, like 100k plus hours of screen time, scalping/day trading S&P/ES and currencies, developing patterns of relationships of price and indicators, there is nothing I have not seen at least twice. Once I get into a trade, know exactly uniform targets, have no emotions, this is a business for me. Backtesting shows what is makeable consistently, home runs seldom occur. One minute systems produce on average 55 trades, 5 minute systems ave 5 trades, timeframes dictate for me risk/reward.

    For me it never been about getting the most per trade, it been keeping losses near 4% since risk has always been greater than rewards. Once trade is up so many ticks/so much time, lock in one tick. If after so much time in the hole, new target is one tick.

    Scalping/day trading for me has greatest exposed risk, whereas least risk is very long term commodities going against major trends, spending ten years refining hedging knowledge. This type of trading produces home run profits as system will eventually take 5-150 plus trades seeking near extremes. System is short all Indexes near highs. When expected rallies show up, system hedges open profits, trading same concept 30 years but have always improved. System having incredible year already.
    1. Gap Fills and retests.
    2. Round numbers
    3. Daily MAs
    4. Risk to Reward ratios
    5. Pure Price action
    Years of charting am good with direction and where price will end up before the close. My last student is in awe of my abilities, but you watch anything long enough, you get to expert levels.
     
    #35     May 15, 2022
    KCalhoun likes this.
  6. SunTrader

    SunTrader

    LOL true experts let others labeled them as such.

    + + +

    Michael Jordan Refused To Be Called The GOAT: "When They Start Comparing Who's The Best Of All Time, I Never Can Accept That."
     
    #36     May 15, 2022
  7. KCalhoun

    KCalhoun Sponsor

    You make a lot of excellent points in that post ... well said.

    I use
    - prior day's range and ohlc for s/r and targets/price projection
    - heavy use of round numbers, eg buy over/sell under, eg buy 22.1 sell 22.9
    - trade in a sequence of 2-4 trades with oto orders, eg. buy 22.1 22.3 22.6 sell all 22.9
    - gap continuations and fill pivots
    - all price action and tape reading, no squiggly lines
    - heavy focus on clean, wide range charts
     
    #37     May 15, 2022
  8. Hello sidbunch,

    For profit targets I like to be fixed on all trades.

    I choose between 6 and 10 ticks
     
    #38     May 15, 2022

  9. I'm pretty darn good at predicting where price will end up before close of the day for SPY, DJI, AAPL. That is a significant piece that helps me predict what the rest of the day will probably be. But I really would love to be more sure. Any tips?
     
    #39     May 15, 2022
  10. easymon1

    easymon1

    By what time of day do you have this conclusion drawn?
     
    #40     May 15, 2022