Today was choppy. however towards late afternoon, there was some opportunity to make money. I don't trade futures, just equities. Another thing, when the indices are choppy, stocks maybe trending and present an opportunity. I have a list that I look at during choppy sessions and try to find one with HH&HL's or LL and LH's. Do you guys think futures are more disciplined to S/R or stocks? Another thing is manipulation of stocks. These are some along with others why I might switch to futures. Any thoughts?
I think the danger with stocks is if you hold over night, but just day trading i dont see an issue. I once sold a stock that I had been long on a swing trade, 2 days later I saw it gap open to the down side by almost 18 pts or about 40%. It was incredible. Freaked me out a bit even though i no longer held it. (one of IBD top stocks by the way)
I second that request. I ended today almost exactly at BE, and only then because I started taking profits after 4-8 ticks.
As you described, I got chopped to death as well. I actually made a little money in the afternoon, only to give it back at the close. I knew better than to take a last minute trade, but I was hoping the market would give me a little more. It was just not a good day for me. I need to be more disciplined and will continue to work on it. On days like this, I usually try to scalp 4 ticks, then go to BE. Normally this works well for me, but for some reason, I could not get the feel for this market today. While studying my chart after the close, if I would have just bought or sold the S/R lines, using my scalp method, I would have made money almost every time, even trading counter trend. I need to get to the party sooner, as my problem today was getting in too late. Every one of the arrows on this chart indicate an entry point off of a S/R line in which I could have made a point or two at a minimum each time. I was already scalping, so there was no reason I should not have made money trading today. I must continue to work on trusting the S/R lines, particularly when they are proven from a previous touch.
mccullek, what do you use moving averages for (a no-no on this thread, so don't answer the question)? Also there are spots where resistance shows and the price ran through it. It seems that, with all due respect, your arrows were placed with the benefit of hindsight which always makes for a perfect trading day.
TraderBilly, I use NT with Mirus Futures & Zen Fire. I've been pleased with them over the last 2-1/2 years or so that I've been with them. Regards, Tex
You must be trading some serious size. Best deal I have ever received was 3.60 from Infinity. If I could get 3.00/RT from Mirus I would, considering they got Zenfire technology and 60 cents cheap, darn, I want! Could you please clarify this ? Thank you Susana