Also another Super book to Read is Trading and Exchanges, by: Larry Harris. Trading and Exchanges: Market Microstructure for Practitioners Heres the Link: http://www.amazon.com/exec/obidos/tg/detail/-/0195144708/103-0104620-0751868?v=glance
JMOWERY, Your stock trading is worthless for YM trading....for the most part...... If u r not pulling our legs, that is good...let's assume u r for real...........if u r, here are some ideas ....let your mentor critique. ....NOT ADVICE...ONLY EXPERIENCES TALKING TO ME AND MINE........ Forget ALL other markets as they are totally irrelevant to YM. been there and done all that FOR A FEW YEARS but u will be controlled by ego and must learn costly way....go for it, just please protect ur capital...it is your life blood as a trader..... Do not discretionary(GAMBLE) trade. look very closely at 15 min chart..OVER AND OVER UNTIL YOU SEE THE LIGHTS...THERE ARE SEVERAL OF THEM.......15 IS MY CHOICE...SMOOTHER....PROMISES AND DELIVERS ON THE PROMISES....NOT MUCH APPEARANCE AND DISAPPEARANCE AS SHORTER CHARTS WILL PRESENT....... No external information, only what is on your YM screen... Don't anticipate, if u do u r gambling... DON'T WATCH SQUAWKBOX AND BIAS YOUR MIND OR U WILL TRADE WHAT IS IN YOUR MIND AND NOT WHAT IS ON YOUR YM SCREEN. develop system that works in all markets, trend, range, whipsaw... establish concrete rules and don't break them. breakeven is good...if u miss big trade so what....u didn't join the 95% club...there should be another opportunity right around the corner for u to do better........ don't use over 10 pt stop at first and study stop losses over and over until u conquer that.....risk/reward depends on that... buy low and sell high in the channels....if u don't recognize the channels change direction what are you lookin At.....?????IF U SEE 20 PT RUN U HAVE SEEN A CHANNEL.... THE ABOVE IS ONLY INTENDED FOR YOUR BENEFIT IF MENTOR OKAYS ANY OF IT IF NOT FORGET ABOUT IT ....JUST SOME IDEAS....REMEMBER YOUR EGO CAN BECOME UR BIGGEST OBSTACLE TO SUCCESS.....................BEST WISHES FOREVER........
Everything is so explosive... Short 5 @ 549 a while back. No stop... no profit target... goal is to see what happens.
Scary thing is, looks like we got a lot more room to go to the upside. At any case, I cannot see market going below 530 the way crude has been selling off. I'll be surprised if it does that.