This certainly makes sense, and it jives well with what QTrader was saying about waiting for the right volume to come in before a big move can happen. But he of course is keeping his lips sealed about any specifics... LOL Edit.... I should add though that in my opinion, volume doesn't seem to matter. This entire move higher after the Fed meeting was during the overnight session, so the volume was tiny. But I think what Qtrader was getting at was having some way to maybe forecast when the large move is going to come and not necessarily high volume trading.
All good points. I would add that, on top of what the market is doing that day (range-bound, trending, big-news day, etc.), you have to account for your own circumstances. Maybe some day is great for trading, but it's not great for you (too much work, personal problems, just before or after a holiday, etc.). Or viceversa, maybe some days seem to be range-bound with meh-action, but if you're aware of this and in your zone, you make a bunch of money scalping a small range over and over.
Richard Dennis one of the best trader ever (as per track record, +100% p.a for several yrs) Edit: Go tell what is suboptimal in advance But yeah strong moves have usually little to no backfire (less than 10pts on ES?) You got a strong push off the extreme, Price might consolidate within that push, Then price breaks out, small consolidation, repeat.
I don't wanna jinx this marvelous rally (seriously), but I think we're done for the day. We will either chop until the close or return at least 1/3 of the day's gain. All in my head, of course.
GM All: 6 trades 2 win 2 loss 2 BE: net -38 ticks. LOL new code running on the GAP day, so big gains-loss today. Letting it run.... Make that 7 trades and another win now at -4 ticks for the day
I'm new here from June and I was posting trades from a prop sim account for most of the first two months. We're all in our own spot and we're all in the same stew together. I'd say "post away!" And good luck!
If we give back 1/3 from the top, I reckon we'll be at around 5762-ish, which is at the bottom of the channel. Nice. If you're a bull, don't worry. We'll very likely get another rally tomorrow.