just based on a combination of a few good patterns, rules proven over the years.........risk reward is now down to about 1 risk 2 reward.........not critical but important....to not go below 1 to 1..........that requires high percentage system........to stay out of hole ot dig out of
=============== Interesting technology is available to watch soccer & basketball @ the same time,/same screen, that does sound distracting.[Not necessarily so for stocks] But on index derivatives, comparing to sports; actually like to watch/measure several safari companies before the trip, not that you would have to ,if you had done it a while. Moving averages are still helpful to some, not so much on entry ; but with occasional glances they can keep you you on right direction. [price action does that also]
Predicting price movement with certitude? Impossible. Predicting recuring patterns of intraday movement? With a lot of experience, perhaps. It's all about watching order flow. Again, if you don't use Open Book or Level 2, no chance in hell you'll make serious money daytrading. If you wanna get a feel for how prices move, plot the Opening Range (the top and bottom of the first 15-minutes of trading) and then use tick reply on esignal. You'll notice how price movement starts out slowly in one direction, then accelerates in that direction, goes farther than otherwise would be expected by most, and then reverses to do the same thing in the opposite direction.
************************************ Porgie& bro; Dont be SAYING GOOD BYE, its spelled good buy Even if they do sell/ take out 5day YM lows. Long term, medium trend is still up. ES contract is making higher lows on intraday.weekly chart;but lower highs for bears. Repeat that pattern about you not buying first half hour; made money in first half hour, but you have to enter so early, to be out @ reversal, dont do it much. Dont think I have ever entered a derivative day trade last half hour [2;30-3;00 Chicago time] Closed many out last half hour. Mainly because 30 minutes may not be enough time fro a ''mini'' trend to develop; or a big trend, & there are so many more opportune times. A scalper may find that amusing.
today was anothe rbeautiful day ..........fomc had no effect for negative trading until announcement tiem .......huge bar over.........trading resumed for happy plate.................we are our worst enemies.....not the market.......not other traders........today was seriously just another day YM intraday........go with the flow with patience and confidence in system......if your system stayed with today's market as normal andyesteday's same .....keep watching/perfecting/'trading it........you should possess a robust system........over various markets/time frames/etc......if it keeps working well you have something to build your business on..........you can find a "chart for the day" every day.........stop chart hopping ..........develop a system that trades all equally well and as good as any time frame a t any time.............too many charts is too much information........play s mind games......."5 is great on this run".......but, 10 is great on that move.....uh uh uh /////////i knew i should have taken that buy ........if i would have been looking just at the 30min chart....next move something different and so on ad infinitum.......ad nauseum......after porgie did that stuff a few thousand times he wised up.........1 chart.......1 system all day every day...........always looking for improvement of skills and system but not doing well with accepting that the system is a genius and i am not...........i throw the 95 percent one at brother and he say no.......i will do it my way.......smart is not the key.........dumb is better......porgie is gets better.as she goes...............
there were buys and sells today as usual even though the 5 day charts showd the unmistakable descending triangle in a certainno brainer down position......up and down even when big down........not counter trend....just up and down.......buys and sells.......same old stuff........only anomaly was big announcement bar that i knew should happen wit the fakeout and then the breakout.........see it a mile away.......didn't trade the big bar.....others were zzccxx.... :eek:
============== Hey porgie does your ''system'' let you eat lunch; some of the biggest traders take off for big lunch Like to eat lunch /trade @same time; lite lunch like strawberry -grape juice or V8-tomato juice & green tea
Just wanted to mention that the last few days have been extremely difficult to "predict" INTRADAY price action in YM, at least for me. These narrow range "flags" if you will, comprised of like 20pts from hi to lo, that are taking multi-hours to complete have had me sitting flat a good portion. While I've fared well catching the ultimate intraday breakouts/breakdowns, these extremely narrow range, time consuming actions are foretelling something. I'm not sure what, but that's my take. Good trading to all Osorico