What 1 or 2 things do you look at...to set-up for next day trading?

Discussion in 'Trading' started by increasenow, Oct 11, 2007.

  1. What 1 or 2 things do you look at to review the days action (review) and prep yourself for the next days trading?...lets consider the ES, mini SP500...or fill in the blank for your contract you trade (YM, NQ etc.)...etc.
    *Close in relation to previous close
    *last Trin reading
    *last Tick reading
    *SPX and 200 or 50 MA
    *20 and 2 Bollinger Band
    *Volume of 4:00PM or 4:05PM EST ES trading
    *where the ES is at at 6AM EST playing off of world markets
    *5 day MACD
    *ES compared to 5 day moving average
    *closing RSI 5 day reading
    *closing CCI 5 day reading
    *advance/decline numbers
    ...what is the key 1 or 2 things you look at to determine overall market picture as it relates to ES or any other (YM, NQ etc.)...what do you or would you look at in a 5 minute overview...thanks...many will benfit from the replies...
  2. I don't look at anything. IMHO, I do not want to have a bias at all. Since I'm only looking for a couple point swings a day, I'm really not concerned with a lot of that stuff.

    Just my .02
  3. I am with you T273.

    Only looking for momentum on ES pure and uncluttered.
    I hate bias it makes me biased.

    Just my .01
  4. so you guys do not care or even look if the market is coming off of a huge day up or down?...you only play pure market internals from that moment?...I.E...it's 10:07AM EST and the volume, bar range on the ES is etc....wow...interesting...please reply...
  5. I use volume charts so I dont technically look at volume, its built into the bars. But yes, I'll have an idea of what yesterday was like but it has no bearings on what my trades are.
  6. That is pretty much it except I dont care what time it is.

    The ES is making new levels or it is not and how much momentum is behind each thrust is of vital concern.
    I am not bright enough to monitor every thing else.
    I tried that once and I will leave it to others.
  7. ...so volume charts are different than saying looking at a 5 minute ES chart and have the volume bars going...can you explain difference?...or attach a picture?
  8. I believe too much information is just as bad, if not worse, than having too little information. I tried to monitor all the mini's, gold, oil, etc and it was damn near impossible ( at least for me ) I just watch one market and just trade what I see on that one market.
  9. Yes I use capped volume bars, but I really have no idea what happened yesterday.

    I have gradually reduced my trading to as little input as possible.
  10. Volume charts need volume to print ( duh:p ) So if there is no volume, or very little there will be less bars. Likewise if there is a lot of volume then more bars will be printed.

    Compare that to a 5 minute chart. Every 5 minutes a bar prints no matter the volume. So w/o any concern for volume one would get a new bar. This leads to either bars printing off when there is little or no volume ( which could trigger a trade) or a wide ranging bar if there is a lot of volume and by the time the bar is done printing one could miss a lot of the move.
    #10     Oct 11, 2007