I just use the ADX/Directional Movement Index.
If ADX is above 30, the market is trending strongly.
If it's below 20, it's trendless and between 21-29, it's trending, but weak.
Can anyone recommend a good book for short-term (or day trading) futures? The books that I have read are mainly for long-term position trading.
Thanks.
Okay, let me preface this by saying that I'm a newbie. I've been doing my analysis from a technical perspective and wanted to put in a buy stop of december wheat this morning at 9252. My brokerage sends out fundamental news daily and I just wanted to see what they were saying about cbot wheat...
Okay, so coffee's a wild market? Maybe I'll stick to the calmer markets, if they exist.
I'm just fortunate that I was on the right side of that move yesterday.
September Coffee was one of my first trades yesterday (I'm a newbie). I had a buy stop at 14535 early in the morning. I didn't think it would get filled yesterday and right as I was about to get lunch, it filled and shortly after skyrocketed to 148. It freaked me out so much that I sold it...
Do any of you know of a good book about risk acceptance? Although I'm a pretty good technical analyst, it seems that I'm more risk-averse than I'd like to be. I'm reading "Trading in the Zone", but I can't seem to find any exercises or direction on how to overcome my risk-aversion.