Thanks for the comment K-Rock. The more confirming information you can get about the market before you pull the trigger the easier on the mind it is. Jimmy
I just exited at 1267 with one point but will look to re enter at 1270.25 if we get good news from Redbook. Will just go for 1.25 points to cover commissions
... well let's see, yesterday they came out of the gate like gangbusters, so today will probably be slow as molasses. Is there an FOMC meeting today or something? (I wouldn't know, because I don't factor the news or anything else besides the mechanics of my trading system into my trading decisions.) Jimmy
I thought the news was coming out at 8:55 ET. That is why I exited early. I would have had the two points without ever being in trouble though. Coulda, shoulda, woulda...Anyway I can always re enter and if 1270.25 comes up I will. That channel has about 3 points of movement in it.
he he he, thanks sandy, looks like i'm not the only one around here who doesn't pay attention to that stuff ... i really "should", go get some coffee, do wash, etc., the ting is i just "hate" that feeling you have when you come back to your screen and you see that the market hit your setup perfectly ... 10 minutes ago hahahahahaha! makes me wish i knew visual basic or c## inside and out. jimmy
However, that's a hindsight wish. I exited because price couldn't break past 82.5 and because the TICKQ was falling rapidly, all of which took place within the first five minutes. Given the weakness at the time, you could just as easily have been SO.
There's a book about playing poker "zen and the art of poker" or something, it's a traders masterpiece, I highly recommend it for anyone who does any type of "gaming" type of activity. And Dr. Alexander Elder actually is the first time i was exposed to using 3 separate time frames, and the logic behind it. From what i've read he only uses it for stocks (if at all) and doesn't really believe you can make a consistent profit intra-day trading (and for the record, most traders don't) AND he makes his living by giving seminars and writing books, not by trading, which while I'm a little skeptical of the concept (here, give me US$1,500 and I'll teach all 50 of you people how to trade = a quick $75,000 - suckers!:eek: ... oh wait, that's the TI business model) a lot of people do respect what he has to say, so who knows? OK, Coffee and Wash Time Jimmy
I don't watch the news (no CNBC or Bloomberg, etc.), because I don't want to be distracted and I don't care what the news is (for trading). But I do like to know WHEN the news will be released so I can anticipate when moves may occur and watch the action in the markets at that time. Here's a website to know when all the news releases will occur: http://www.deltat1.com/economic-events.htm Sandy