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They had a way of reading momentum waves and would scalp in and out of large positions many times a day....not for the faint of heart, but they made millions.

I would be lost in the Pit but you can get a good idea by reading Marty's book...Pit Bull, good stuff.

Entirely different league and game but 800 pound gorillas like Marty Schwartz and Lew Borsellino used to trade hundreds of the big contract in the S&P pit. Now THAT'S size.

:thumbsup:

Yes until slippage becomes material but the ES is liquid enough to handle size.....to a point.

Yep, when I say "singles" I am not referring to one contract but to modest gainers.

Yes, there will come a point when slippage becomes a material issue but there are worse problems :D

No I trade all in and all out. I look at different optimization scenarios from time to time but I haven't found anything worth complicating trade management.

SML, I have a practice habit I've done for years. Each week I track every signal, noting L or S, entry price, time of entry, type of trade (all are variations of 930 trend pullback), MFE, MAE and finally W or L and ticks gained or lost. This keeps me in touch with excursion rates but yes...

930s this morning

De nada....good trade.

:thumbsup:

Day Trading is difficult. Yep, so is qualifying for astronaut training, removing an appendix, arguing a case in front of an appellate court, negotiating a merger between two public companies, earning a living as a professional athlete. Of course there are significant barriers to entry for those...

I like a chart that adapts itself to the pace of the market. It's just a personal preference, some like the regularity of minute charts.

It is the nature of price discovery to continually test support and resistance points....been going on a lot longer than algo development.

Trades from this morning

I keep things simple, I use targets based on average maximum favorable excursion. My targets, break even and stops are triggered in an ATM (automatic trade management) module on my execution platform. I will move a stop toward my target if it prints a higher low-lower high between my MA's...

:thumbsup: Don't be discouraged, it takes a lot of trial and effort before the smoke clears. It's not simply a matter of developing a viable trade plan but one which is comfortable to your own personality...all the best.

There is a big difference between the daily and the 5 minute. You might look at compressing your tf's. For example 5 minute, 15 minute and 45 minute charts. The 5 minute can go long and short many times before a daily changes direction.

I can tell you what I use. I don't pay attention to any other time frames other than the ones I use to trade. On the ES it's either the 3000-9000-27000 tick or half those values depending on current volatility and range. My trades are a variation of trend pullback concept, they can be taken on...