9:35 est had no confirmation in any indicator. Nothing there. 10:10est was more interesting . 8period CCI already completed divergence by 10:00 and at 10:12 price was above 10 and 21MA. So technically it should be a long trade with stop at closest low . In today's environment I would not probably take it and wrap it up for a week. Some of you bravehearts took couple of points on this one. Yesterday I have received an email which suggested that I use high or lows of EXACT bar of a Trading Time for entries, when 1 min bar is complete, one should enter low for a long trade and high for a short trade. It would have worked today, but I will have to look at it deeper. I am done for this week so quick summary follows : 9 good trading times ( profitable ) 4 trading time with incomplete trigger ( indicators confirmation)= no trade should be taken . For last two weeks, we had 18 good trading times and 6 trading times with no confirmation. People asking me what kind of profit should be expected. It really depends, if you stick with all the rules and take just 1-2 point per trade with some future losses, one should have about $ 300.00 per week/contract. It just depends on how good is your personal method. Trading times can improve any method as long as it is a reasonably good method. No wrong call so far. Next week I will do S&P500 and I doubt that I come back to NASDAQ unless asked . It is much harder then Dow. Thanks to all for constructive participation, HAPPY LABOR DAY!! Walter PS: Look for my post on Monday
Hi Walter, The friday before a holiday weekend is usually a bit of a non-day anyway, and the environment today was no different. They usually look to me like an excellent opportunity to take 4 days off and come back refreshed on tuesday... Natalie
Walther-- You're persistent and that counts for much in trading. I weaned off the Nasdaq quite some time ago and have rarely looked back. It's a very emotional index, so to speak. I haven't much considered the DJ, but the SPX has more than enough sturm und drang. I'll be gone much of next week so no heckling and calling of duds from me lol-- just good natured silliness. I do want your method to improve and succeed. Have a good weekend, Ana Maria
I agree 100% with this. While trading at specific times will instill some discipline to ones trading, I do not believe that Walters times have any significance whatsoever. You could pick any random time of the day during market hours and get a 'significant' move of 1.5 es pts or more starting within a 10-20minute envelope of that time. It is easy to then come back 2 hours later and say this is what you should have done during that time period. IMHO, this is no different than the chatroom vendors who call a trade entry then at the end of the day look to see what the best outcome of that trade would have been and post that as their trade.
This was my time projection for today's top at model time unit 6 = 14H30 for physical time if it is in clockwise trend and 10-6=4=12H30 if it is in counterclockwise trend. When we consolidated market has followed the blue trend line (consolidation line per se) and then goes backward (so counterclock) to retest yesterday's top so it should normally be counterclock time at 12H30. What is strange is that the time of the top potential although he failed to do the price (since he didn't even pass the first resistance) seems to stay valid. <IMG SRC=http://harrytrader.membres.jexiste.org/market/images/scale1_time_200503_for_210503.gif>
Have you looked into the statistics for your times? It looks that they are pretty much what I use even if probably for different reasons. My times are 10:30, 11:30, 12:45, 14:15. These are times that often appear among those prdeicted by you. 12:45 and 11:30 are my most favorite times.
I am sort of inclined to believe in that, except that for symmetry reasons some times may be better than others. For instance 12:45 is the the middle of the session and at that time it is usually easy to figure out whether the marekt is more likely to keep its current momentum or whether it is more likely to reverse. Same with 11:30, for another reason related to time symmetry. Now, this may cause clustering around some times such as 11:30 or 12:45, which seems to be the case here.
then could you say starting from 9:30 trade every hour with 30 m window, 15m before and after each trading time.
More or less so, of course that depends on whether you have a trading setup or not, but usually one per hour does happen.