One suggestion, on gap ups> 100 points on DOW try to play early and quit the day after you see the price is not retracing. Just a thought, try shifting to stocks where you can limit your risk and play with some room (price).
Generally I don't trade the first hour or so on thursdays as wed is a late night for me. When i did make it to the office the action seemed slow, but I did buy a break out. I think this is a decent trade that just didn't work. I'm aware to be careful on HOD/LOD b/o's but as noted on chart this looked like a good set up. Maybe the slow action should have been a tip off just to stay out.
Jas, When you see the averages flat and cris crossing, also look at the range of Bars. A plus point of using tick charts is that you can see them getting flatter and shorter.
jp, not sure i understand what you mean but i'll keep looking. I haven't noticed much of diff between volume and tick charts. thanks.
WIth Averages I mean IF you put 5, 15 MA's on any chart and you see 5ma is crossing back and forth over 15ma and it is almost horizontal rather than sloopy. which means there is no direction the market.
Seems like there's time to post. This is becoming one of my favorite set ups . exit for b/e . The way the week has been going i didn't want to watch this turn into another loser. Normally i would have given it a bit more time. So does that mean i'm not following my plan ? Maybe. But trying to preserve a little mental capital is part of my plan too at this point. JP, You'll notice the ema. I'm giving it a try. Also was watching a 250 tick chart today and kinda like how the S/R shows up.
Today is a good day to scalp, keep your target small and stops normal. there won't be a runner trade. May be at close. I am still keeping bias UP (LT) given the momentum.
I'm calling it a day. Got a few things that need to get done. Taking some charts home to review. Anybody have any problems with the NT7 upgrade ? I haven't done it yet. Expect to do it next week unless somebody has a horror story.