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Any chance you can post a chart with a mean line? I've been trying to come up with hard rules for drawing channels so I don't find myself curve fitting and creating trades in the middle of nowhere.

Here is my chart. I went short initially because I saw a lower high form right up against over night resistance and what looked like a series of higher lows (a wedge?). When price took out the latest lower high at 3210 I reversed my position. I exited the long when price took out a minor...

Out at 3221.

I reversed when price took out 3210.25 at 10:06 for a small loss on the first trade. Still holding long.

Orders in after getting a nice series of equal highs and higher lows. Long at 3213 short at 3210. Chart in a minute.

Nice trade. Your charts speak for themselves. So you've plot the tickQ against the NQ and the divergence is the tick making lower lows and the NQ making higher lows?

dbp, A little off topic maybe but do you use point and figure charts in your own trading? I'm guessing not since you never post about it but is there a reason for this? Do you feel they have value for intraday traders? Thanks

I find it awesome that fortydraws is doing well trading but is new enough to not know the details of rollover. This should give all newbies hope.

Is anyone watching 80 for a reversal trade?

DB, Do you play poker? I was a professional player for 6 years before the DoJ cocked things up.

Hoot - one of the biggest mistakes a new trader can make is to not stick with an approach. Any approach - whether its using stochastics, tea leaves or darvas boxes - takes time to gel. Most new traders (myself included) spend too much time changing settings on their indicators, or their tick...

Can you expand on this? Does this mean limit market watching to two hours?

I took a look at SLV. I don't see enough to go long here. Price is moving into a congestion area. Price spent nearly a year in this 4 point range before igniting a big up move back in 09-10. However I don't see the lengthening of the buying waves or the retraction of the selling waves...

I always thought it was part of Wyckoff's original material. Thanks for clarifying.

I don't understand your point?

Well its exited but its not exactly moving as much as 2.5 hours of "cause" would suggest. Lets see if it can attract aggressive selling.

Hinge forming from this mornings high. Lower lows and higher highs. Possible change in behavior as the buying waves seem to be getting shorter in duration (time) while the down waves are getting longer.

Sitting on the 50% retrace level and forming a potential hinge. We'll see. This is also the old top from 7/17.

I guess I will have to be much more exact with my wording. I do have a trading plan that helps me enter, exit and manage my trades. I am working on making it more robust. When Redneck questioned whether I was in sync with the intraday trend I was trying to clarify what his concern was. I...

I feel like there were several good long and short trades today. A long around the open, a short anytime between 75 and 70 (1), and long between 58 and 61 (2) and a short again around 70. I don't see a reason to go long going into the close but maybe someone else does. I guess I'm asking...