Wish I could say the same. I've been sitting on my hands the past two weeks getting my patience exercises. I have specific levels at which I enter breakdowns, but with the overall market above it's short term MA, and such little volatility, there's not much action. Appears that things are about to change.
I guess we each need a method that fits our personality - I just can't wait days to get into a trade, or to see my profit. I am really thankful that after years of involvement with MA, volume, retracements, support. resistance, and the like; I was fortunate enough to find a simple short term (5 min) technique that trades very profitably based solely on price action. I no longer need to involve myself with all the "study" and application of the aforementioned. Just await a buy or sell signal based on my technique, set my stop and exit, then adjust stops as trade progress. I have never understood exactly "why" the technique is so profitable, but frankly, I don't care. It may be that operating in this minute time frame, I catch those moves within the "bigger picture" that most other's aren't looking at. My typical trade is only 15 to 30 minutes and there are several per day. So, I guess what I'm trying to say is that the original question "What Really Drives Prices?" may be totally irrelevant depending upon your trading style and criterion.
Depending on time of day, market range for day, and length of prior 2 bars I look initially look for 2.50 to 5.00 Emini points.
That's a fine point of view if you are standing aside for awhile. Taking up a position is like fooling around with firearms...if you are unfamiliar with either, you can get hurt.
Whenever price action heads into strong resistance or anticipatory breakout ranges, the volume dies down and ranges narrow. What has truly helped me during periods like this is focusing on stocks that can trade at least 80% of their 30 DAV. That's what I've been looking for in daytrading ideas. Swing trades have been much easier to find than daytrades. I've been able to catch many daytrading opportunitpies from swings that haev either worked or completely failed.
You're daytrading techniques and holding periods are very simimlar to mine. My average daytrade is 15-30 mins, and I use the 5min and 5min vs NDX. For example today, I had a few trades today in CEPH and KLAC. The emotions on the 15min over the last few days are very vivid and have provided some great entries and exits, I did very well with them, and then gave back some when the market went on a tear. I lived in the 1min timeframes exclusively from '95-'01. I find swing and intra-day position (15-30 min) much more relaxing. The BD doesent like it because the tickets are very low. You in NYC, ETRDR?
Ramouter, When you first came to these boards, I thought you were a snake-oiling scumbag... But over time, you have proved to be a truly excellent contributor... I have enjoyed reading your posts and have derived some food for thought from them... Thank you for sharing, Candle
I appreciate your feedback, Candle. Unfortunately, I suppose many ET newcomers make self-serving contributions, and can fit your aptly put description. Sharing my experiences may help some traders here on ET, and perhaps give them food for thought. I'm glad that you enjoy. We're all here to help one another.