Welcome to the thread and to you as well TradinMadMan:. When I used to have tc2000 they didn't have pnf. It is why I let my subscription lax. I always loved the way it allowed you to group stocks together from both a fundamental and technical point of view.
Be aware of vol and avg volume throughout the day. Thats the ONLY thing I have from keeping me from getting chopped up on days like today.
This is hard to articulate. I have just written 4 paragraphs then scrapped them because I was rambling. I am a keep it simple guy so I will tell you what I was thinking about.. Wide range on the dailys.....large up move on the 5 minute going back two days. That digesting itself in the form of sideways since early this morning. Normal price action analysis...etc But I think what the "tell" for me was that price action failed to penetrate yesterdays high(X) and created a lower high. Then after they attempted the morning crap out that failed(found support) at the HOD three days ago(X). I guess if I had to pinpoint the time it would be 9:35. Then said to myself these are the levels now. Until they are breached we are range bound. And of course this translates to the spinning top/doji on the daily. Hope that makes sense. ---------------------------------------------------------------
Yes, actually it does make sense inda. I guess you will still have to watch the sucker all day, or at least set an alarm for some kind of breakout. Thank you so much for your input.
The morning should give good volume all the way to 9:30-10:00. On days that are going to chop, the morning volume usually dries up around 9. Then I usually take an early lunch and come back around lunch time and do the same type of analysis. If the volume comes back after lunch (it didnt today for sure) then I start trading again. CST again.
I am very picky with the trades I take. There were a couple of those trades that I looked at but the price action live at the time has horrible. Every time the price broke resistance or support there was a long stall in the movement or an almost immediate reversal. On most of the triples today if you trusted your stops you would have done ok. I however like to have good movement to take a trade. I like to at least have an expectation that my first target will get hit before a retracement and that wasn't really happening today after ten am. There was a set-up at just after 12:00 that I want to say a little about. First I rarely trade after 11:30 AM because the market doesn't move much during lunch. I do watch and will jump in if a particular move has some momentum but I rarely trade lunch. Second the entry on this trade would have been 1351.50, the stop would have been 1346.00. Please no-one get carried away and take a trade like that. Risk vs reward is the best way to hold on to your account when you have slow or bad trading days. I didn't take several trades today because the set-up put the stop too far away from the entries. The better trades today were in gold and I got two entries there for a few hundred to round out the day. I hope my talking about the bad day didn't make anyone feel badly for me. The first short right at the open did give me a ten point gain. P.S. The 9.48 short was the ten pointer.
I think volume may have kept you safe today. I wasn't trading p&f live, but everyone who likes trends and breakouts was hurting today. We were in a nice channel until the end of day (the SCT guys must have loved today). If you had a magic indicator that would keep you out of chop markets, hell, any MA cross system would be gold.
Yeah those early 10 point gains definitely take the edge off the rest of the day. I unfortunately started with a setup I normally don't trade as my first trade of the day. Hmmm. Great discipline huh?
Remember ups is still a buy at 74. No new trades tonight. I'm busy trying to learn the ins and outs of investor/rt