ONe nice short on YM. I think the key to using this method on YM is not to expect more than a couple of good trades a day. Trying to catch every little cross will burn you out pretty quick but almost everyday there are a couple of nice ones. Patience, patience and more patience.
I took one very small short this morning. My trouble trying to day trade is people at work interrupting me, I could have closed with a 1pt+ gain. We all can't trade in the wee hours of the morning like T28, I bet it would improve my profitability though! I know, woulda, coulda, shoulda. I'll stop my whining and get back to trading .
I know myself that there are a few "perfect trades" everyday on the ER2 and if you asked me to quantify them I would struggle to explain what sets them apart from the other signals, they just feel right
I pulled all the other stuff off my screens again. I am now convinced that the more stuff you look at the harder it is to make a decision.
CNBC was interviewing an oldtimer who was still on the floor for I think 34 years they said. They asked him how he did it and he said "second mouse usuallly gets the cheese." I think he's saying don't take the first signal but use it as a wake up and take the second. Like a trend break, it almost always pulls back.
Hi Shewey, Makosgu gave you the correct answer. However, from vague memories of my minute chart/indicator days, a lot of index futures traders generally quit the morning session at around 11:45 EST and don't resume in the afternoon till 2:00 EST. You may find you these times need adjusting to one side or the other depending on the results of Mak's volume exercise. HM
Hi Shewey, Makosgu gave you the correct answer. However, from vague memories of my minute chart/indicator days, a lot of index futures traders generally quit the morning session at around 11:45 EST and don't resume in the afternoon till 2:00 EST. You may find you these times need adjusting to one side or the other depending on the results of Mak's volume exercise. HM -------------------------------------------------------------------------------- Quote from shewey: Hi Everyone, Earlier in this thread it mentions to avoid trading during the lunchtime period. Can someone please let me know as to exactly what time of the day this is? Regards, Shewey. -------------------------------------------------------------------------------- For any index and using a five minute chart, the starting point is to consider midday as bars 25 to 40. Seasons affect this as does the market context going from the general to the more specific. MAK has it down. If you want to get it straight by doing the work yourself, you can set up some tables and charts to inform yourself. There are about six broad market operating levels defined in terms of the rate at which the market gives you money. Points or ticks per unit of time. I use ticks per minute. The midday is a zero rate place for most people based on their knowledge, skills and experience. You can also use this stuff for determining whether you should allow yourself to be in the market. The operating point of the market is defined at all time and it segways from one point to another. It is VERY important to use it a a risk map. For example, it is common to hear or read posts by people who both make and lose money during the day. Lots of them, it turns out lose more than they make. These are examples of people who cannot discern when they should be in the market and when they require themselves to stay on the sidelines. the most typical example is making money in very low risk settings and more than giving it all back when they hold as the market segways into a higher risk ooperating point. Market pace and market sentiment are very important aspects of market operating points. not knowing these two inherent conditions separately and in combination can be disasterous as the market moves from point to point. Color coding and compositing these operating points is a good idea because then you know how much you are going to be taking out at any given time of any day and what the risk is and what specific data sets you should be taking at the time. Someone may have the video on this and the illustrations that were handed out when it was made. Check with some of the PhD's. I'm not offering it to you and I'm not allowed (nor is it possible) to post these things in ET directly. The conventional orthodox trading paradigm is like newtonian physics; the paradigm for making money requires that you step out of the conventional and go to the quantuum physics type orientation. It is like recognizing that there is a huge giant pool of capital and there are concurrent things to consider. At some times you look at some things at other times they are not important but other things control the rlease of capital to you. The task is to always be extracting the potential offered to you.
Which of course solves the conundrum of Schrodingers trade... has it risen or fallen before you open the box and observe it??? The answer of course is that it exists in both states of winner and loser before you collapse the wave function through observation
what the hay, you talking guys talking about? smoking hemp midday? hey beerbelly you get that move from 12168? tyt28