Anyone use my method?
- Thread starter no_pm_please
- Start date
For you doubting Tomasii, no_pm's setup is all over the place: different indexes, different time intervals. I admit its tricky and you have to be smart about its use.
Yesterday, was a trend day.
However, on a day like today..after the great trend day...look around.
For instance, Russell 5 min 10:30EST
Yesterday, was a trend day.
However, on a day like today..after the great trend day...look around.
For instance, Russell 5 min 10:30EST
I take it you're a newbie. Any trader worth his salt knows you're trading on probabilities, not certainties. Yes you can determine the days trend with a fair degree of certainty based on the first hour of trading activity. The first hour and the last hour of the day are statistically significant timesframes because that's when most of the price discovery takes place. There are numerous methodologies out there that take advantage of this knowledge, versions of Toby Crabel ORB being one of the more popular ones ( Mark Fischer has a wonderful seminar on the subject floating around on the net) . Here's a useful hint. Look at your chart book, the opening first hour range will be within 10% of the HOD, LOD or the days 50% area.
As far as making millions, I long gave up the days when I used to get major hard-ons and bet the farm on each trade, so to speak. The market beat me to a pulp till I wised up enough to never risk more than 2% of my account on any one trade. I suspect I will never make a million tomorrow playing so tight, but then I want to live to fight another day.
As far as NPP's system goes, there has'nt been a decent trade setup since the 16th. As I mentioned in an earlier post, the logic behind his system will work with any momentum oscillator. It's a great system if used consistently like he does, because in the long run you will make money using it. NPP has a simple and consistent method for identifying trend days, he stops trading after the first loss. All he wants to do is take advantage of the fact that 70% of the time price moves inside of a trading range. This type of system made bank in 2004 and 2005. I suspect we'll have a fairly trendy 2006, so next year might be a difficult one for those using it.
Hey,
Can you explain this a little clearer please. Heard something similar to this before but need a little clarification with maybe the percentage of how often this occurs.
Cheers
Below posted by: mhashe
Here's a useful hint. Look at your chart book, the opening first hour range will be within 10% of the HOD, LOD or the days 50% area.
Can you explain this a little clearer please. Heard something similar to this before but need a little clarification with maybe the percentage of how often this occurs.
Cheers
Below posted by: mhashe
Here's a useful hint. Look at your chart book, the opening first hour range will be within 10% of the HOD, LOD or the days 50% area.
Doesn't that sound an awful lot like "the market will go up, down, or stay were it is"? I'm not criticizing the statement, just my first reaction to reading it.
Are you suggesting that there is a clean way to decide which choice to choose shortly after the first hour is over? Or do you just play it continuously throughout the day with that in mind?Quote from mhashe:
Here's a useful hint. Look at your chart book, the opening first hour range will be within 10% of the HOD, LOD or the days 50% area.
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I think this statement is based very much on the lines of market profile where the first half ( initial balance ) is regarded as setting the tone for rest of the day.
Here's a useful hint. Look at your chart book, the opening first hour range will be within 10% of the HOD, LOD or the days 50% area.
________________________________________________
I think this statement is based very much on the lines of market profile where the first half ( initial balance ) is regarded as setting the tone for rest of the day.