I have two basic systems to trade--- trend and countertrend. I lose if I'm loaded up and trend trading when I should be countertrend trading and vice versa. That has been the key for me. Reading the music, finding the tempo and executing according to conditions or NOT. Also knowing when to take profits or stops based on volatility. When to add to work a trade, etc. Steve nice thread and very generous on your part.
Nice Thread... Summary to date... hope i did not miss anything major in the summary... cj... ________________ HAVE STOP - WILL TRADE If You Have The Vision We Have The Code
steve46 Thanks for reply. Actually my asking "what else could a daytrader ask for" was more a statement than a question... Surely there are many things to be considered but with solid real time trading experience i believe most traders as time goes on ues LESS and LESS inputs to get maximum output (read other peoples money) from their trading. Tests, p points, a couple lines for openings, supp/resist, mov avg crossover and a putting oneself inside of the chartists mind/pit traders mind should get the job done. Keep up the good work. Lets bring home some bacon today.
OKay, here is a screen capture showing a setup that will allow you folks to see how volume actually works. If you use Esignal you can see the volume ramp up on the bottom of the screen at the right side. I have an LRC in place and you can see how price bounces off the lower channel line, as buyers come in to support the price. This is how "support" gets built, even if just for a moment or two Check it out. Chart on the right is one min candles, on the left 5 min Sorry I can't say more about it, but I am kind of busy here. Steve
Here is another chart showing the one min volume. I think this is self explanatory. Hope someone else here got into this move It was a 4 point pop. As Elvis would say "Thank you vera much" Steve
Here is the reversal move back down Sorry I just did not have time to document the volume on the way back down I was kind of busy
Steve, Great thread, can you expand on how you visualize the day before trading begins. Bolters MP journal contained some excellent calls based on his ideas for the coming day and it seemed to make a significant difference. Thanks in advance. Yellar