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"My first trade of the day was a long based on the gap. Statics say we had a very good chance of it filling. I went long at the open (982.5). Got stopped out at 977.5 (8:33)." I have a question: If you felt the gap was going to close why did you decide to enter on the open instead of waiting...

"I'd also hate to quit TS just when the big upgrade FINALLY comes out." Do you have any idea when this is going to be released (TradeStation7 I believe)? Also what are the big changes in it? Thanks

My basic plan is very simple. Buy intraday breakouts with a trailing stop. I am curious as to how you plan on entering your trades. Is it with a limit order on a pullback, a stop limit order or a straight stop order above/below the breakout level? Have you backtested all three to see which...

Thanks for the insight, Allen. Makes sense.

"Missed entry 2 - Near 15:10 I was looking for a short that would allow my to use the 20ma on the daily as a stop as well as the 860-865 resistance zone. My plan was to short 1/2 way between the high ( 855 ) and the bottom of the resistance zone ( 860 ). Placed order to short at 857.50. It never...

Thanks Kicking.

"There's also a program you can download to install on your computer to keep the correct time" Can you provide the url for this? Thanks.

Per your earlier comment: "I know this may sound like painfully stupid advice, but the thing that turned me around as a trader was simply looking at charts. Not charts with stupid indicators all over them, just bar charts. I'd look at support and resistance points. How they broke, how they...

Runningbear were you able to quantify these patterns by backtesting them through something like Tradestation or did you just trust your intuition?

I trialed her chatroom a few months ago. Just didn't seem to do a whole lot of trading in the S&P's. Maybe one or two scalp trades a day back when there was a whole lot more volatility. She must be good though since she had quite a few people in her room. Has anyone else had any experience...

I think the main reason why most people fail using technical analysis is because they are watching the same patterns everyone is (Head and Shoulders, Bull/Bear flags, Triangles, etc). I believe the key is to identify your own patterns (the few the better) on one market in particular (the NQ for...

NQ or ES Which of these two is offers more consistent patterns for daytrading?

Anyone have an opinion as to when the volume is coming back? Right after Labor Day?

In the old days before I had quotes and charts directly to my computer I used to watch the ticker on FNN and enter trades in the INDU to my Lotus Symphony spreadsheet and then chart it. It was very time consuming but it sure kept me alert to the market.

For all NQ/ES daytraders out there, how do you stay alert for potential setups on slow days such as today? It seems easy to let your attention wander then look back and a trade setup has come and gone. Is there some method that you use or is it just a matter of discipline?

"all the shortages are based on old data projected forward" I live here and I can attest to the fact that there are shortages not on old data but today. Walk into any model development and all you will see are the red sold signs with waiting lists for future phases.

Did anyone else see the Saturday article in the LA Times which detailed the shortage of new home inventory in so cal? Showed a graph of new home inventory by quarter from 1990 to today. In 1990 there were about 4,000 new unsold homes available. Today about 100.

To me the worst thing about trading is staying focused and motivated during the doldrums. Once you lose your concentration due to this an opportunity will arise and will be missed. How does everyone else work through this?

Would you mind posting an example of each?

"The best patterns are the ones you know. I think that a trader is best served to learn a few patterns very well, like picking a major in college." When I trialed your chat room this was the one thing you stressed over and over: become an expert at identifying one pattern, trade it...