Some feedback needed about switching biases

Discussion in 'Trading' started by Kovacs, Nov 4, 2009.

  1. Kovacs


    I've become pretty proficient at reading intraday S&R levels on the 5-min chart.

    I can capture the 2-point space in between them pretty reliably. And when there's a surge in the tape, I can hold on for slightly larger winners.

    What I'm wondering is: is there any merit to the idea of going only long if the ES is above the 9:30 open, and only shorting when the ES is below the open?

    I'm playing around with this right now and it seems to be okay, because what looks like a downtrend on the five minute is just a pullback on the 30-min, and V-shaped reversals are rare. Even if the market is range-bound, I play the range in one direction only.

    I find that I'm not good at counter-trend trading because all my CTT trades are slow grinders that tease me mercilessly before coming back and forcing me to cover at even.