IOW, your plan is to stand in front of trains and hope they flinch. Why don't you wait for a move and join it? Much safer.
Maybe this is why you arent profitable yet. If you are buying the tops or selling the bottoms thats one problem. And, of course, there are the guys who constantly try and sell tops or buy bottoms. Either way, you are most likely to consistently lose in either of these scenarios.
If you do A to B = C to D, you got ABOUT: AB = 50 to 57 -> 7 points BC = 57 to 53 CD = 53 + 7 points -> projected to 60 If you do a measured move 53-57 consolidation range gives 4 points. Added to the top of the range 57 -> projected to 61. There MIGHT be a pullback due to profit taking. But all the risk will be on you taking the other side because the bigger move is always in the direction of the trend. Maybe catching the bottom of the pullback is more worthy of risk?
Well, you better learn to get comfortable then, Nathan. Sitting there and watching a stock move down 2 pts intraday all the while looking for that bottom is just plain retarded. When I first started trading at my firm, I was put next to a guy who only looked to buy bottoms. This guy would watch a stock move down .50 cents at a clip and he'd be looking for that .05 bounce. It was asinine! Needless to say he no longer trades. The point is, you want to be profitable right? Then take the advice that proftable traders are offering you and apply it to your own trading. There is only one absolute top and one absolute bottom each day in each stock but there are plenty of gyrations in between to profit from. See my point...
1st off, I dont care about some .05 bounce, i'm not a scalper. "Take the advice that profitable traders are offering...". How do I know these people are profitable? (no offense) Its easy to post something that sounds intelligent...
Listen To STEVE T little boy Nathan he knows what he is talking about. I work with him at the same firm and although I have only been trading for 5 months now with his group I am already consistently making a couple of hundred dollars a day. He makes 10 times that. You can check all our P&L's on the P&L thread. Dude trading for you shouold be a hobby, from what I gather from 1 of your many posts is that you have plenty of time during market hours to post several threads, you are under capitalized, you trade with Scottrade and dont even trade 100 share lots. Common guy and your user name ends in 69 what are you 15? P.S I agree with the retarded part Steve just like we discussed earlier at work.
Well, I'm not sure what your purpose is here. Do you want to learn how to be profitable or do you want someone to come along and tell you that what you are doing is RIGHT and that you dont need to change anything? Nysekiller is an extremely profitable trader and I myself am very profitable and we are both telling you that picking tops and bottoms is a fools game. Everyone wants to get the high print short and have the stock absolutely crumble right afterwards so we dont have to take any risk at all. The problem is, this so rarely happens. I'm just trying to help you get profitable. You have started maybe 10 threads recently reaching out for help, I'd figure you'd be willing and open to suggestions. Am I incorrect?