You should have know me before the lobotomy It's hard to say...I've been stopped out maybe twice in a day down 8-10 points and ended up catching a big move at the end for a small profit...but that is rare as well. It all depends on the mood of the market. If it feels like it has some energy...a definite struggle between bears/bulls I may keep trading...but if it just meandering...much like today, then I will usually quit. Mike
nah, It's just the oldtimers were using 50%, and then everybody was using 50%, so they just moved it down to the fibbonacci number. Don't get me started on fib. man, people take it very seriously, but it is a lot of fun. If your chrts have the fib option, you just set up 0% or 100% at the top or bottom, and then you can see everything at the fib numbers. My brain doesn't really work, so I can trade off anything. They are a lot of fun if you don't think about it too much. 50% has been a very good retracement number for me however. But then anything works if you are trading with the main trend.
Here's a link to an article today from Schaeffer's Research on keeping your analysis simple. To me this is one of THE MOST important things someone can do to improve their trading. Most ALL of us overcomplicate things and this gets in the way of the actual trade and actually making money. Last time I checked that was one the objectives of trading. We make things so much harder than they are. http://www.schaeffersresearch.com/sentiment/observations.asp?ID=6536
what frequency are you all using on your intraday charts? (1 min, 3 min, 5 min)? i know this may vary depending on the strategy: scalping, short term, or swing. just wanted some opinions.
That varies from person to person. Throughout this thread you will find various timeframes talked about and their use. Different people, different time frames. We're also starting to play around with the non-standard ones too... Natalie
Interesting comments by Girlpower and Sophomore Jinx a few pages ago.... one didn't like the looks of the day, the other thought it looked interesting... even profitable. And both are looking to trade essentially the same method. Simplicity is wonderful... isn't it?
I was just thinking the same thing. How much I like the market because you can find a place or carve out a niche that is just custom tailor made for you and the way you think and the way you see things. I already said know thyself, didn't I? You can quote me on that one until I hear back from the copyright office.
Not exactly. "Girlpower" has been trading her system for quite some time. "Sophomore" has just recently shown an interest. Therefore, it's not unusual that two such people would view the same day differently. --Db
DB's got it about right in terms of my perspective. I'm just watching, poking my head in to ask some questions, and trying to get into the discretionary thought processes being employed by the folks actually trading these approaches (and generously sharing them). Personally, I have a mixed perception about today's activity - like Natalie, I think the trading (in real life) was pretty sluggish and not enticing, and had I been trading it for real, I would've probably walked away and ate a box of Pop Tarts; as an outsider looking at a chart, trying to coldly analyze a method of trading, I could also see how one might've made some points going short below the low of the first 30 minutes @883.75. Anyway, thanks again for a great thread - I'll continue to watch with much interest.