Overall I'm going to take the stance that the closer the nasdaq get to double bottom (1700) the better the chance of a reversal. With no compelling reason for buyers or sellers to enter, and the dow positive today, will look for nq to reverse sometime today and close strong. Have a tough time looking for a trigger though. Would like nasdaq to hold 1760 level its testing right now 1 eastern. Maybe i'm just fighting a downtrend. Looking for clues, but dont see anything. just threw this out because i'm bored. Any comments.
ok, if i am fighting the trend 1370 would be good place to sell, fade. Or if a reversal occurs 1370 would be a good bo level for very short time frame. I'm leaning towards the sell (fade style) right now.
You might want to continue paper trading a bit until you can pull the trigger without hesitation. Just a thought...
Yes, knowing when to wait for a clearer read and when to act without hesitation is what i need to fine tune, but I need to have real money at risk for real emotions. Its more about fear and greed. Which i have found magnified by the leverage of minis. I really had no feel for the market tues, making me afraid to enter most of the day. Did want to sell a weak open, but expected a little more strength. Miss a big move and start to feel frustration and greed. I do look for certain setups to trade, but my system is not mechanical at all. It depends on how I percieve the indicators intraday and the overall conditions. I may try to develop a simple mechanical system to use, atleast under specific market conditions. Also considering using market orders or stop limits for entry. Anybody use them? I usually use dome feature of jtrader. If i may ask, how many round trip trades do you make in a day? Not that its relevent, just curious. I began by being very selective and using large stops. More often i'm trading smaller ranges using smaller stops. Never made more than 6 r.t. trades in a day though. Many more than that and commissions would become too much.
I average about 6 per day. The reason I mentioned paper trading is that you are currently not "trading" at all and getting down on yourself. This keeps you out of the market "zone", without at least paper trading to get SOME kind of feel for it and keep yourself in the zone to some extent. -Good Luck