CL Redux
- Thread starter schizo
- Start date
Payroll gains at 3-year high
The U.S. economy creates 162,000 jobs in March, the largest seasonally adjusted increase in nonfarm payrolls in three years, the Labor Department reports. Jobless rate remains 9.7%.
Talk about massaging the data
http://www.marketwatch.com/story/payrolls-rise-162000-best-gain-in-three-years-2010-04-02-83000
The U.S. economy creates 162,000 jobs in March, the largest seasonally adjusted increase in nonfarm payrolls in three years, the Labor Department reports. Jobless rate remains 9.7%.
Talk about massaging the data
http://www.marketwatch.com/story/payrolls-rise-162000-best-gain-in-three-years-2010-04-02-83000
You're right. Trading 1 lot makes it difficult and my trading time yesterday was extremely limited, so with no time to keep on trading if stopped out back at b/e, I wanted SOMETHING out of the trade. I was ready to take profits at 15 ticks, and with 2 lots I would've taken that 15 ticks on half, and left the rest at b/e (and in this particular trade been stopped out b/e on the 2nd half). Since the setup and price action indicated a decent possibility for a further push down, I trailed the 10-tick stop, looking to take profit on the trade at 25 ticks, which I figured was max for that move because by then price was pretty rangy. So all in all I had a plan, but I think I'll be trading 2 lots from now on, and working on letting the 2nd half run to the opposite end of the channel range.
In sim trading, I would say that well over half the time I set a final profit target zone on my 2nd half, then exit early because it looks like it's reversing, price ends up hitting my target. Why so hard to let winners run???
Over this weekend I'm trying to learn more about scalping since I want to try it more intensely this week. I have had ok success in the past scalping but wanted to pick your brains. From what I gather most of you seem to use price action based methods, TLs, pivots etc... I was wondering if any of you high rollers even look at any technical indicators or oscillators or do things like ma's only hold significance in larger time frames. My guess is that on days that trend indicators work and on days that look like sharks' teeth they don't. In the past I always used the ATR+1 time frame to decide if a move was real or not and it kept me from getting stopped out by whip sawing many times. Anyhow, I'm just bored and have nobody to talk to so I figured I could get ya'll to give me something to read.
I'm all price action, volume, TLs, pivots etc
If you're bored you can read these
http://www.elitetrader.com/vb/showthread.php?s=&threadid=132170&perpage=40&pagenumber=1
http://www.elitetrader.com/vb/showthread.php?s=&threadid=134042&perpage=40&pagenumber=1
Price action - Volume - 21ema
Thats all I use, the moving average being the least important. I dont know what TLs means lol
I also dont draw many lines on my charts, most of the lines I do draw are just horizontal lines.
Ive yet to find an oscillator that tells me something the candles havent already told me. Not to mention the terms "Overbought" and "Oversold" really irk me, wtf does that even mean? Its stupid, no slow stochastic indicator in the world is going to convince aggressive buyers not to buy an overbought market.
Interesting, and thanks for the links eon! I can't believe I have never come across these.
You might have already noticed, but I created a thread called The Art of Scalping last night. Yeah, scalping has kinda got a new face lift over the years, especially with the emergence of HFT. This is a brand new opportunity that we small fries can tap into to our benefit. But it requires special set of skills. Hopefully we can get deeper into the subject matter. Anyway, go check it out.
Higher highs and lower lows for me. If the market is positive all day just play the long side. If a lower low is put in on a 30min then use that as your next level of support. (Once the selling stops). Same thing for the short side. I use TL's for daily and weekly support. Also pickup a book on candlesticking and apply towards a 5, 30 and daily chart.