Yes tight 3 day rolling pivot, Monday pivot tracker value of 13, Tuesday, plenty of macro head winds calls for a VOLATILE day. Does anyone has any reading material on Tony Carbels method? I have not been able to find except for some basic stuff.
here's a link to the book (I'll remove the file by next week, so pls. download soon) http://dl.dropbox.com/u/11853547/Toby Crabel - Day Trading With Short Term Price Patterns.pdf
I meant to respond to this the other day. No matter what single equity you are trading you have to pay attention to spy or es. Sp500 is by definition the beta of the market, so if the spy sells off 1.00 in the first 10 minutes you want to be short biased period. Hard to escape this conversely you can use this to your advantage , if the equity you are gonna trade has a dip then you see spy rally it may be time to enter with a tight stop. I also watch aapl very closely, it is probably the momentum stock and is a minor leading indicator for me. For example aapl is up while the spy is down, so I may be more inclined to take a scalp long on spy knowing aapl is holding up.
When you get up in the morning you should say " I am the world's greatest trader" 100 times. Do this for a week and let me know if your p & l improves.....
Actually it's ironic, the "hey stupid" seems to be working. I think my subconscious thinks it knows better, when in fact I need to keep the "I know nothing, so trade ACD" mentality in the forefront of my mind. Don't worry, I'm not TOO harsh on myself!
I know nothing is very much correct, (see Taleb) I say that all the time let your stops be your guide.
look at ten minute on spy it has held the lows 3 times and then made a slightly higher high what does that tell you?