ok, i considered the market indices of today to be pretty ugly... there wasnt much riding out trades and big profit taking. lots of back and fourth up and down business. how many different types of market days are there considering this one and how to identify them early to trade them properly? today didnt consist of many big trends where as yesterday did have big long trends what else is there and when should i know to let my profits ride
Come trade oil mate!! Been the easiest week ever so far, and today was actually seriously just free money, as it was just a straightline up in the morning when i had my lie in, and then an even longer straight line down from afternoon.
Actually I like days like today rather than last week. Today's price is kind of within range and manageable where as last week it was wild. I guess it depends upon you trading system.
dont trade ...or only trade your stock when you see an intraday extreme overbot/oversold move, then go long or short
You can easily identify chop from the Breadth. When you have chop combined with huge volatility (as today) -- you will see very big moves and repeated reverses. You had better know what you are doing, or else prune your roses.
right, well this is what im talkin about. im at a point in my strategy where im trying to figure out if i should just always go in and out 5-minute trades which would play good in a market like today or when can i know to hold on to a trend for those big moves? should i just stick to short and quick or wha? na mean like today, my worse trades were profitable before they got ugly, but i held on to them hoping for a bigger profit they reversed... and the market kicked me bum
There is a trade-off. Either you focus on trends and patiently stay in for the bigger buck or you scalp the day in and out for the quick profit. I can imagine that you are not the latter individual, so perhaps figure a way to develop some protective measures such as taking partial profits along the way or move your stop to breakeven if the market has run a good distance in your favor.
i think im going to stick with the in and out approach as it usually produces more favorable trades in days like today and if it happens that there's days with longer trends then i will try to ride those but only after prior confirmation and not during the morning session
if you know how to draw a channel then you can see today is just them same as any other day channel wise. As always trend is your friend until it bends.