Wavetrader, When you refer to bloomberg I take it you mean only the TV or internet channel, not the (exepnsive) terminal? I occasionally listen but find it has a high noise to useful news ratio- how do you filter it?
Here in Australia I get the cable version through the USA trading hours. Each day there are economic reports released usually at 8:30 and 10:00am ET and at other times like Wednesday when the FOMC reported at 2:15pm Bloomberg I find is the best but if that is not available to you CNBC or CNN might help. But Bloomberg cable has interviews each day with traders etc., from the SP pit and it all helps as you can see where their focus is. The floor usually knows the support and resistance zones if you can't work them out for yourself. Hope this helps. BBG
I am going to give you another free piece of advice as it is not my intention to spend very much more time answering questions. Trading futures especially day trading the ES is a professionals sport. You could compare it to opening day of the duck season. All the woodies just take off with their moving average or stochastic systems at the beginning of the day with no due regard to levels that the pro's use. Once the day begins in earnest new support and resistance levels are created as they have been laid in sand from the previous day or two or three days back. The mood is important as to how the pro's will react at known supports or resistances (to them) and they will make decisions as the market moves along. To WIN you need to be able to read the levels to use tight stops and it becomes a probability game. It is work with a difference - it is not poker - the pro's are reliable in their habits and if you understand what is going on it is not a matter of I will use 5 point stops or 2 point stops it is a matter of reading what they are likely to do next. This of course requires a full preparation for each new day and a constant monitoring of new information entering the arena. If you think any different you will become one of the bunnies donating your money to the pro's. But thank God we have the bunnies and the suedo experts with their silly systems. BBG
Yes, thats why I use Bloomberg, to find out where support and resistance are Thank you WaveTrader, I will try your suggestion and "study" the market next time it "trends"
I am glad you see the point because if you do that your winning trades will become more consistent. You appear to be an intelligent guy from your posts so it is not a real problem for you to adapt to the changes as they take place each day. The wackers haven't got a chance as this business contains the smartest brains walking on this planet and if anyone even thinks for a second they are going to beat them with a system I have some bad news for them. It is impossible. BBG
So now I can place my comments on the evaluation pages. And I will probably get banned or hung on a cross for doing so but I don't care I will have made my point. The world is full of imbeciles who do not realise what is on the otherside of their trade and in doing so they just make a mess of it most of the time. Such is life without a wife 10 times worse with one. Hey you guys keep on doing what you are doing if you are doing the right thing. If you arn't then you have to make some changes and that might be difficult for you if you have a IQ like Robert Prechter who says he is a MENSA MAN. The truth is in the market every day if you review what happened. I will leave you with this thought as when the market opens Monday I have no more time to tell you anything. I just got in here to make something clear on another thread and because it was the weekend got carried away for awile. All the best to you guys. BBG
Certain setups can work with very tight stops; I know someone who uses a 2 tick stop on EUR because for that particular setup, the best trades go his way immediately and never look back. This greatly reduces the number of overall winners but allows him to be very aggressive when his stop holds. Not my cup of tea, but seems to work well for him.