Who is day trading tomorrow? (It's Yom Kippur)

Discussion in 'Trading' started by swinger, Oct 5, 2003.

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  1. If you don't mind saying, why do you believe this? What criteria do you use? I'm still new at this and don't see how one would know where the market is going "today".

    #21     Oct 6, 2003
  2. funky



    you don't have to know where the market is going. all you need to know is where to put a position on. its just from experience and being observant. put your work in, watch the markets, and you will understand what happened today so far.

    my criteria is simple. i find a floor pivot that holds the first move of the session (usually at 9:45, but can be literally at any time around that). i enter and will reverse if this does not hold. at 10:30 i will often reverse , but today the 10:30 floor pivot WAS the 9:45 floor pivot. so i just remained in my trade.

    stops are moved up once a pivot has been tested and price thrusts back away from it. i trade the 5 min chart.

    there was no liquidity on the other side of the 9:45 pivot this morning. so that usually means its going the other way, unless we get a 10:30 reversal. no reversal, this is what you normally get. i will be surprised to see it go far today, being the holiday it is.
    #22     Oct 6, 2003
  3. Since all the good traders will be back tomorrow, I hope you all made some money while you had the chance.
    #23     Oct 6, 2003
  4. Very interesting Funky.
    I apprecaite you taking the time to explain your methods. You've given me loads of stuff to study and look at.

    Thanks dude,
    #24     Oct 6, 2003
  5. funky


    no problem...it was a boring day today for my strategy. notice how 7 cents from pivot on SPY is a great place to put stops. the stop at 103.58 (7 cents from 103.65) held perfectly.
    #25     Oct 6, 2003
  6. funky


    adjusted to 103.58 (7 cents from floor pivot that held first pullback)
    #26     Oct 6, 2003
  7. funky


    i'm still working on how to close my position out at the end of the day....sometimes the day is like this, where the 9:45 pivot holds and then trends all the way to the close.

    since i usually wait for a stop to trigger, the only thing i've been doing is just closing at 3:59pm. any suggestions how this could be improved? things to look for at the very close?

    #27     Oct 6, 2003
  8. funky


    closed 103.72....

    see ya all tomorrow ;)
    #28     Oct 6, 2003
  9. IN2WIN


    What % of traders are Jewish?
    #29     Oct 6, 2003
  10. IN2WIN


    Right about that!!
    #30     Oct 6, 2003
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