Hello: So you are "just curious" Okay, fair enough...What I do for each market is to "find" a target. This "target" is the minimum profit that I am holding for. Typically I put on multiple contracts and I take my partial profit at the "target". Depending on what I see, I may close out the position, or leave a piece in just in case I get a favorable continuation move. Just for you, I have attached a chart using 15 min candles. You can see the way that price moves overnight, gapping up to test the last hour of RTH, then taking out that area. Notice how price moves from the daily pivot to test R1. You can see that around 4:30 am PST, that price tries to take out R1, but cannot, so what does it do? It moves to correct down. I can't tell you how many times I have seen this (got to be thousands of times now). So knowing that we are correcting down, what would you be doing. would you be watching, and waiting for the markets to open, or would you have the guts (assuming you did your homework) to act and establish a short position? One of the problems I encounter when I post, is comments from traders who insist that I offer some logic that is static, and never changes. This makes them psychologically comfortable, because if you never have to think, but just go by the rules, then there is no chance of being called a screwup. Unfortunately, the markets could care less. The US markets are part of a larger dynamic process that changes from one exchange to the next as traders accross the globe make their decisions. For me this is obvious. To the extent that you do some homework and think about it, I will bet it becomes obvious to you. This was one of the easiest days to read in months. Steve
Porgie. The thread isn't dead. Just some people's minds. There are important things to learn, but you (not just you but anyone interested) have to learn to observe, and to believe what you see. This is what I call "doing your homeowork". I suggest gently that math is one way to approach this homework, but actually a good observer could go most of the way there by simply watching and taking good notes. Unfortunately most folks do not want to do either. They want instead to have a good time talking to their friend about their trading fantasies. For me, I prefer to make a positive trading reality by punching through the artificial crap. Good luck tomorrow Steve Edit: I realize that I have posted an ER chart here again. So use your imagination or just look at the YM and get a clue folks. Its the same basic action.....
Today was a good day. Got a large piece of the trend early morning and now Scaled out ave. 10880 on the last 1/2 of my short position initiated EOD. + 20 This will still pullback to the 10845 area, however I have no inclination to fight the MRC and their overnite B.S.
great post steve..............thanks........I have to agree with everything said.........mechanical/discretionary all require much time and effort...........most won't work for the reward......want it handed to them by someone who has earned it the hard way and we know what that is.........I told you PM what I think about yours posts and i meant it....not the style I use as an intraday trader but I know when someone is blowing smoke or not ....you are not..........looked at too many charts too long........ES NQ YM chart makes no difference if one understands or has a system that works properly or both........Happy Trading
Steve, good sir, could you do me a favor and print one of those CQG charts. I'd like to see what $600 charts look like again. Thank you sir.
If you read my post again, I wasn't just, just "curious". Thanks for the detailed response and charts. My last question is this: Where do you want me to send the obligatory $5???