Chop today was bad but I have had some success trading Jack Hersheys 14,1,3 stochastic but I added a 14 period CCI on a 1 min chart. I have been playing Jacks rocket trades a bit and have been cheating now and then with the fast (blue line) and I have found that using a zero line cross on the 14 CCI gets me in the trade early. Just like cheating but with more confirmation. I then try to hold the trade hoping it gets above or below the 80 / 20 line and entwines. This gave me several good trades today on the NQ. I admit that I have messed with Jacks system a bit but I wanted a little price improvement on my entries. I would like to thank Jack Hershey for showing me one of the most important things I have learned in my three years of trading. (what the stochastic is telling me about the price action when the fast and slow is above or below the 80/20 line.) How many times have I tried to predict a reversal only to have the thing "rezoom" as Jack says and I get killed. No more of that for me. I am now trying to get a bit of a head start but only when a move is already under way. I am now onboard when the rezooming begins and I'm smiling. I think we are all really lucky to have someone like Jack Hershey who is willing to share some of the huge knowledge that he has. I have to admit that some of the simplest things take the longest to finally sink in. Jack... keep the posts coming, they are not going to waste. Nas
Jack and others, You are obviously all very bright smart traders, just curious why do you day trade? Why not get off the Ferris wheel and swing trade? Thanks [Gerbils on a Ferris Wheel is just an image that pops up when I think of day trading, please don't take it personally, not calling anyone names]
is this a choppy day or what?!!! i should have taken my small profits rather than wait for a bigger trend. So I got in, small profit. Didn't take it. Stopped out. Got back in , small profit. Didn't take it. Stopped out. Over and over again. I guess on days like this small profits are OK. about to pull my hair. But I think I'll just stop for the day rather than get chopped to death. trader99
This is what happens when you fail to count your harmonics... The first 90 minutes were more choppy than yesterday. The system I papertrade first hit the lowest tick when shorting then the highest tick when going long, very bad luck indeed. The system I trade first lost 0.5 pt then made 1 pt (being ahead 5 pts) and now is short @863.0, let's hope we are going lower now. Pretty choppy for me.