A simple price action approach
- Thread starter metal
- Start date
These lines simply act as a framework. The amount of time it takes for price to approach either line in a given time frame is also a factor, because as more time progresses the price level indicated by the line grows nearer (pullbacks to trend lines) or farther (excursions to channel lines), meaning that key S/R levels in longer time frames will eventually come into play.
In "orderly" markets, these lines tend to hold on the initial approach; in fast markets (surrounding news events and key breakouts) these lines are meaningless in small intraday time frames.
My main concern is how price reacts to either line. There are particular patterns I watch for when price touches these lines that can trigger a new trade or trigger the close of an existing one for me.
I will trade with-trend or counter-trend depending on the contextual price environment. In a strong trend I only trade with-trend.
Agree of course. Some weeks ago I mentioned my daytrading sabbatical to another trader, and he said "if you're profitable swing trading, simply day trade in the direction of your swing trades".
A good idea for sure, and taking this into account and applying it to old trades in my records did give an improved result. But I think there's more to it. There were still losing periods in the results where nothing worked very well.
And this must be it. I was expecting too much precision out of them.
Alas it would be too easy a game if all there was to it was draw a trendline on your chart and trade reactions off of it.
you want have the week or two underwater day trading but on the big moves,you may lose half of it in the overnight session,if one could day trade profitably,one might not positrion trade as muchQuote from dv4632:
Agree of course. Some weeks ago I mentioned my daytrading sabbatical to another trader, and he said "if you're profitable swing trading, simply day trade in the direction of your swing trades".
A good idea for sure, and taking this into account and applying it to old trades in my records did give an improved result. But I think there's more to it. There were still losing periods in the results where nothing worked very well.
And this must be it. I was expecting too much precision out of them.
Alas it would be too easy a game if all there was to it was draw a trendline on your chart and trade reactions off of it.
Yeah, daytrading has it's advantages. If you're good at it, you can use a lot of leverage, much more than you could for swing trading.
Maybe my stops are too tight, or my entry triggers stink, not sure why daytrading hasn't worked for me. In any case I needed a break from it...
Ammo, are you a daytrader? I had the impression that you held overnight for bigger swings. But I don't follow ES Journal much so never really followed your calls that closely.
Maybe my stops are too tight, or my entry triggers stink, not sure why daytrading hasn't worked for me. In any case I needed a break from it...
Ammo, are you a daytrader? I had the impression that you held overnight for bigger swings. But I don't follow ES Journal much so never really followed your calls that closely.
