There are articles written on it on TASC as well as others, and there is a whole book written on it. nitro [BTW, just because I know what it is doesn't mean I endorse it or not endorse it.]
today was a whippy, choppy, tight range (most of day 10pts), crap day to trade.. the only real money to be made was trading the chop for scalps imo.. aside from trading the opening break which was risky because of the numbers release at 10am.. tomorrow will be better.. -qwik
qwik, Is trading chop, or a ranging market basically about finding the prevailing s/r, buying the support, and selling the resistance? Now of course, how you figure out what the s/r is, is another question. H
Aphie, You're just too much. BTW, I don't think there is ever an easy 2 points. It amazes me that someone who hasn't even traded real-time gives out advice so easily. You are a danger to any and all newbies that might read your posts... Whamo
well.. there are alot of different approaches i suppose.. one way that i like is using bollinger bands.. a guy in a chatroom showed me how he was using them and so far its been working well for me.. one thing about BB's i dont think you can just look at one 5 min or 2 min chart every single day and use BB's effectively.. since they measure volotility, you sort of have to look at different times until you see that the bands are measuring properly.. the idea is that you want to play ping pong inside the bands as the price touches them.. dont buy when the lower band is sloping down.. you want it flat or moving up to meet the price.. also, dont short when the bands are sloping up, you want them flat or coming down to meet the price.. even better is when you have the bands touching in two or more time frames.. another thing is using divergences to identify entries.. ill attach a chart showing what i mean.. its a pretty simple concept but seems to work well.. i was up 10pts or so in the morning and gave some back in the afternoon (why do i fight the trend ).. ended the day +6 es and +3.5 nq.. not exactly the best day but on a chop day like today ill take it.. the main thing is practice practice practice.. good luck buddy.. -qwik
Whamo, WTF are you talking about -- I've been trading QQQ, ETFS and other stocks for a long time. This is my first venture into futures. Get your facts straight. aphie
Correct me if my facts are wrong, but the chart you posted of your hero (Pacman) eating up the points was that of the S&P Emini. Put your money were your mouth is and quit posting garbage advice. Whamo
I thought the PacMan thing was alot better than the channeling stocks thing with the ketchup and mustard.