01/06: Today didn't seem like the most dynamic of days to trade. With 3 hrs of sleep and an 8 mile run, concentration was lacking. Additionally, the market seemed choppy and so I kept the trades to a minimum and will instead make this a backtesting day. Pic. 1: Trade 1: SHORT: Entry 1: $30.19 Entry 2: $30.12 Exit: $30.19 -$0.07 Trade 2: SHORT: Entry: $30.10 Exit: $30.16 -$0.06 <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=3053620.png"> Total (+/-): -$147.50; [-$130.00-$17.50(commission)] 2011 Net (+/-):+$2301.72
To be honest, trading off 1min charts probably wont do you any good. I cant say much in this area, but I can say that I havn't seen any traders successfully trade the 1min consistantly. If you really really want to trade such small tf's, then look at tick charts. Tick charts only show price action movement, not noise.
Hi Kon, I completely agree with you. I do not use the 1-min charts to trade except for the first 15-30 min after the open or when executing a trade. Generally, my decisions are made of a 5-min chart. Also, I show the 1-min chart for illustrative purposes. I have already had my stint on the 1-min and know where you coming from. The good all days of working hard and dumb
Be careful tomorrow with the jobs report. It has been very wierd the last few months. Bad news has made the market go sideways or up and good news has made it go down. Just be careful. Quote from one of the infamous Turtles: "You can not focus on the short term, you have to look at the big picture. A single day is just a blip."
Copy that 4re. Sometimes I feel that Wall St just makes excuses for which way the market goes. That's just one reason why I like day trading. Btw, I like your quote. An attempt to get me into swinging?
Sorry...I couldn't help myself But, news does not hurt when the days are just blips. I am going back to even longer term trading now. Instead of going several days I am trading for weeks or even months playing the long term trends. That is why I quoted the Turtle Trader. Good trading to all.
I may be wrong but the turtles made millions using nothing more than a few MA's on their charts and holding for who knows how long.
hey Sam - if your bad days are two losers for a tennie each, you are doing well. Keep up the good work.
Close but they don't even use MA's just price action. MA's are a viable option for exits with their system and I do like to use the 15 SMA for my exit. They really use price action with very strict money management rules.