Use your same strategy on 1m charts, there's real action and opportunity on those. Go sub 1m for FX. This is a game of fractals. The only difference between the 1m charts and say the monthly is speed.
Nice advice, I have traded the Bund before and usually like the clean charts it presents most of the time. I will add it again. I was thinking about adding options to the mix and that was one of my main ideas to keep trades flowing. I have not considered commodity spreads yet, maybe that is something I can start looking into. I do not have experience with trading those types of spreads but have read about it a time or two. Any advice is appreciated on that subject or on option filter/screening stock strategy advice as well. I agree and I strive to keep the rules simple and to a minimum number so I do not filter myself out of trading anything. My strategy is really simple right now so I was surprised at the lack of trades, I aim for 2-3 trades a week each one lasting 1-3 days ( between all the markets added up together...right now I look at around 7 futures markets, seems realistic) but I am missing that goal. I do know some of my markets can and will run the same direction together such as the yen, gold, treasuries so I look for the cleanest chart with best r/s areas out of those and keep that one my first choice. So in a way it is not always 7 distinct markets. I was simply wondering what others were doing for their swing high/low entries and thinking there was something reliable to help tweak my current trading. I treat the r/s as zones and do the best I can to enter as far off the zone as possible without destroying my reward to risk ratio. I appreciate the comments.
Many times I see gold, yen and the treasuries futures run together in the same direction when money starts to poor into the safe havens. It looks like there was quite a bit of indecision today over the fed statement in those markets today
Yeah I agree close counts and r/s will change rapidly. I try to monitor this and the psychology of round even numbers close in and around the r/s zones. It is hard not to get wrapped up into the perfect price point due to the allure of a perfect entry that maximizes profits or creating small risk that you "cannot not" take the trade. But the answer may be just widening it out a little (even though I thought I was doing fairly well on that) and adding even more markets (horses). thanks
I will just have to pay closer attention to the action when we start to get close the r/s levels to try and catch an earlier than expected reversal...
Whoops. I wuz gonna disagree, but I was reading too fast. (It's the middle of the day, ferchrisakes!) trader2713 said: ...the allure of a perfect entry that maximizes profits... and beerntrading said: ...I take the OK entry that minimizes risk. As the saying goes, beerntrading done nailed it.
[QUOTE="trader2713, post I agree and I strive to keep the rules simple and to a minimum number so I do not filter myself out of trading anything. My strategy is really simple right now so I was surprised at the lack of trades, I aim for 2-3 trades a week .....So in a way it is not always 7 distinct markets. I was simply wondering what others were doing for their swing high/low entries and thinking there was something reliable to help tweak my current trading. I treat the r/s as zones and do the best I can to enter as far off the zone as possible without destroying my reward to risk ratio. I appreciate the comments.[/QUOTE] %% PUT it simple, we can enter/exit early or late. I like late exit$, if they are paying dividends. BUT I will fire[exit] a slop=chop sideways trend + enjoy doing that. Some like a slop=chop trend[barbed wire range[ - I dont......
Yeah I agree with beerntrading, what I was trying to say is that it is hard to "not" get wrapped up in trying to attain the perfect entry when using r/s as swing entries...some price levels can appear extremely attractive and too good to be true...then it is hard to resist not waiting until a hit on the level is made...