5% - 10% profit per day trading

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The Labor Department will report on December's nonfarm payroll report on Friday at 8:30 a.m. Eastern, with economists surveyed by MarketWatch expecting payrolls to fall 500,000 after the 533,000 loss in November.

http://www.marketwatch.com/news/sto...x?guid={DD43EA12-0A2A-4524-8598-C3BF0F059C84}


Market expectations may be for an even grimmer reading given the estimate by ADP of nearly 700,000 jobs lost.

"Recent anecdotal data have jacked up the usual nervousness around the monthly U.S. labor market report a further notch, as speculation of a multi-decade drop in nonfarm payrolls has intensified," noted Kenneth Broux, economist at Lloyds TSB Corporate Markets in London.

"Investors are reluctant to do anything until they see what number comes out of the U.S. The number is expected to be bad by everybody, it's just a question of how bad," added Andrew Sullivan, a trader with Main First Securities in Hong Kong.

The dollar slipped 0.6% vs. the Japanese yen, and yields on 10-year Treasury bonds slipped 4 basis points to 2.41%. Yields move in the opposite direction to prices.
 
Quote from spanish89:

And so thats when you go in hard and fast and attack it!! :D :cool:

(you can allow it to go into a loss for abit even, since providing you got in at enough of an over stretched level, all the market is is just a giant rubber band. So the further it then goes against you is simply making it weaker and causing more power builup for when it snaps back).



Thats why all the mid range movement is so soo dull n slow.

But when it over stretches why it snaps back so fast and hard... :)

(30ticks t 80ticks in under 45seconds).



The main things to remeber are-

*You can only attack the market from the outside in.
(So if you are in from the middle floating around you are simply at the mercy of the market).

But while you are on the outside looking in waiting to attack you are holding all the power and control. :)


*If you want to be able to know when its very likely that a move has overdone and over stretched itself heres a checklist you can use.
(This applies to ever move apart from news reactions)

-The origin of the move has to be over $2s away from where you are looking to enter for its pullback.
(Sometimes i wait $3s - $5s moves, but as a safety rule dont go in unless its over $2s).

-The normal sign that the move is over is a head and shoulders formation.
(Once you gain more experience you can tell just by looking and S&Rs where to get your sell in)
Butto start you wait till it makes a low dip, the rises.
That rise will be steep and fast, and so you may think you missed the move, but NEVER chase that spike.
That spike will then pullback, but it wont go as low as the previous one did.

I dont tell anyone what size stoploss to use, but if you wnat to be safe you would then buy in as low down this spike as you can once you see it hasnt gone as low as the previous one, but you coud put your stoploss just below where the previous one went to.

That way you are risking very very few ticks, and the upside potential is not only huge but very very realistic too.


-If you want to be safe to make and keep profit cash that trade in at the top of the 2nd spike up.
(What will happen after you buy on the dip from that 1st pullback is it will then spike up maybe 25 t 30ticks, but then pullback about 10 maybe, but then very likely it will rise about 20 t 45 more from there in the next spike.

So now you have got about 50 to 60ticks profit, and so you cash in there as near to the top of the spike as possible. (Use S&R levels as guidance)


However if it spikes more than 50ticks in the 1st move itd be good to cash in there, and then buy back about 25 t 30ticks lower.
More...



To demonstrate and show how you can see when the time is right to attack ive attached screenshot to show when the market made a head n shoulders.

i numbered the dips, and if you were following the stratergy and didnt get impatient like me you would watch for those 1st 2 dip, an dthen bought in on 3rd one. :)
 

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really??
Maybe they're playing games with me, getting annoyed at me taking all this money off them! None of my instuments have moved on the chart since late last night. I ve logged out and in several times
 

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Good morning everyone. Nice double bottom on the hourly chart

Just went long @ 41.10
target around 42.50
using tight stop @ 40.75 cuz this baby could drop fast
 
this is a classical point to go long but I would advise everyone against it. This because of the data that is coming in 25 mins. That can move the market anywhere so be cautious
 
I don't think the market would get spooked this time.

Last month, markets were expecting the best possible numbers, which were projected to be around 355K and market got spooked when numbers came in at whooping 533K. So I think this time around, everyone is using the worst possible number which is projected to be around 520K this month.

So unless we blow way above 520K, the market would be fine.
 
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