BTW, I initially developed this system while trading XOM-Exxon Mobil. Look at XOM did today. 10:46 Long +.33 11:14 Short +.46 11:54 Long +.09 12:32 Long +.08 12:52 Short +.22 13:40 Long +.24 Edit: 14:32 5 cent risk, stopped out 15:08 Long +.24 Max risk on any of these trades was 6 cents, all worked but one and that trade went 3 cents too far. I like tight stops. It is NOT uncommon for ALL my trades to be Winners or at least Break even. Once my stock is up 10 cents I will not let it go against me. It's the 7-9 centers that cost me. I switched to Gold because of bigger trading ranges and I am GREEDY like Gordon Gekko. Scalpers would Loooooooooooove ths system. 90%+ winning trades of 12-15 cents with Gold stocks. I'm seriously thinking about scalping and trading much higher volume.
A lot fewer "headfakes" (I think you call them) on XOM today. Just curious, why not 14:32 on XOM - too big a range?
My 15:18 bar matches your 15:20. Are you using 2 min charts? My 15:20 bar covers 15:20 and 15:21, the next bar is 15:22. Also, what exchanges are you following. I use PD not PD.N (which only covers New York) they have Pacific, etc... Do you know which exchage you are following? Please get at least 2 monitors, you cannot make money otherwise. Don't listen to the Pikers on this board. I have (7) and I can honestly tell you I need more. I am adding 2 more because my system will only handle 9 monitors. That PD trade at 15:20 could have bought your monitor. One lousy trade. I covered PD at 80.66 off the 1 min bar chart @ 15:45 for +.25. I almost got Stopped Out the second I entered the trade, missed my stop by 1 penny. When I enter a trade I go to 1 min charts to Exit but only after the stock is up 10 cents or more.
This is why I switched to GOLD, less Headfakes. It seems like Gold moves in 1 direction for a nice move, then another, etc... We had a trading range today for a while but not long. Go back 30 days and you will see on 2 mn charts that Gold does not consolidate much. When it does I step aside. I also use other Trade signals that I have not told you. It is what I base ALL my entries off. Sorry, but I am not yet willing to divulge.
Yes, I am using a 2min chart. I use Trade Station's charts and trade PD not PD.N. I believe I am trading the NYSE, at least that is what my chart says. I am not sure why our minutes do not match up. I never paid attention to the exact times until I starting comparing my trades with yours. I am still working on an exit strategy. Sometimes I am exiting on a 10 ema cross over, other times I am exiting at a point of previous resistance, sometimes if the low is lower than the two previous bars, sometimes I am just panicking. Usually it is some combination of the above. You are right about the need for additional monitors. Until recently I was just swing trading off dailey charts and there was no real reason to have more than one monitor. Since I started trading two minute charts I have realized I do not have time to open and close windows all day long.
Damn. I just turned on my computer. Had to take daughter somewhere this morning and son to lacrosse, just walked in. PD Long off my 9:42 was good for .82 (I have to check these friggin times. My 9:42 2 min bar shows High 80.58 and Low 80.47) What are you showing? PD again Short off the 10:28 for .22 PD Short again off the 11:34 for a .20 gain so far. FCX Long off the 11:12 bar for a gain of .37 FCX Short off the 11:56 bar for a .5 cent loss. FCX Long off the 12:06 bar, currently up .20 NEM Long off the 11:10 bar for a gain of almost $1.00 so far, a 20/1 risk/reward. Now I'm pissed. Friggin missed everything, these metals seem to make big moves from 9:45-11:30.
NEM Short off 12:44 @ 55.78 Looks like my PD stopped out trade is doing well. Covered NEM +.7 Maybe going much higher.