YM Daily Trading Journal

Discussion in 'Journals' started by Yme, Mar 9, 2011.

  1. You should focus in on a single ticker and become very good at that. It doesn't make any sense to trade across multiple tickers unless size requires it.

    I'm not sure what your methodology is, but I would toss 1/2 the indicators you use out the window. Learn to interpret charts in order to correctly place a s/r trendline. Once that line is in place CORRECTLY, pull a parallel from it and correctly create a channel. These will be your bread and butter.

    Also on your chart place any obvious horizontal s/r lines. Only the ones that will obviously have many traders gathered there, not just some arbitrary "even 100 point increment" stuff.

    Pay attention to pivots. As a standalone indicator they have no ability to predict price action, but enough traders follow them that they have become self fulfilling. Trade these pivots when they are coincident with your trend lines.

    Besides that, you should have level II data. You'll need depth of market and learn how to read the tape. This is critical in correctly placing your s/r lines.
     
    #11     Mar 22, 2011
  2. Yme

    Yme Guest

    Thank you. I am making modifications now.

    When you say level II data.... for futures does that mean volume on the DOM?
     
    #12     Mar 22, 2011
  3. No prob. If you took my advice on the channels, you should've made a killing today. A monkey could've gotten the channel right today.
     
    #13     Mar 23, 2011
  4. i cannotr see my replies
     
    #14     Sep 3, 2011