DayTrade Signals with Harris Tech

Status
Not open for further replies.
I've noticed most of your entries involve S/R levels, which makes perfect sense. How do you decide whether to play a bounce or a break or do you play the break if S/R doesn't hold? Also, When you you talk about entry on pullbacks, do you have some mechanical means of gauging it, or are you "eyeballing"? Thanks.
 
Quote from TWMPMM:

I've noticed most of your entries involve S/R levels, which makes perfect sense. How do you decide whether to play a bounce or a break or do you play the break if S/R doesn't hold? Also, When you you talk about entry on pullbacks, do you have some mechanical means of gauging it, or are you "eyeballing"? Thanks.
More...

I only tade Russell using Fibs + divergances and a little bit of diferent stuff, mostly a combination of loads of things. The remainder of my trading comes using the method which was my original method which i convereted to make it work on Russell using FIbs and all. Russell is my ideal market and I trade its most actively. Rest of the markets traded are equally important too but I am not using any fib and that sorta work on those beause I want to keep things simple for myself keeping in view I can only do limited things at a time.

Talking purly on what you asked, fibs become my S/R's, I take in acount the divergance , when I see a divergance on counter trend trades that becomes my 2R trades, rest are all for 8 ticks with 8 tick stops. Other then that for trend trading, I ride the waves and exit based on my trading plan when i see weakness on my charts.

For a bounce, I would like to see prices hiting the areas of zones or almost coming near them by atleast 6-8 ticks. Then i let it roll down confirming the bounce and then I enter on the first pullback which is very mechanical with fixed limit orders, if i miss I dont chase, if i lose i accept my losses, and if i win i remain a happy camper. Thats really the basics of it, now the selection of the areas first, then a bounce enough to be termed as the valid bounce and then a pullback and how much pullback that would be is dependant on my indicators and my trading plan.

For a break, I take in account the BOB/COB from the areas, and when that happens, my resistances would become my supports and vice versa, and I will ride it as a trend trades, always entering on a pullback.


All my entries are based on entering from a pullback and thats most important for me or anyone who is following my system because entering from the right area is half battle won.


I am not a feel trader so i dont beleive in eyeballing, trading so many markets at the same time, consistant money is only possible with an objective nature of trading.

Hope that helped.
 
Okay guys time to sleep here.


Hope many of you enjoyed the journal so far and find it meaningful and helpful. I have been up relativly as well. 8.2 points alone in Russell.

cheers---

A word of advice--------

"Boundaries and limitations are only self imposed perceptions of what you think other people expect, people as yourself, who shouldn't arrogantly set benchmarks.....Always remain unjudgemental, unconditional, non situational...Limited, benchmark setting people will never grow, only die without many or varied experiences!"
 
Quote from harris_tech:

Okay am short Russell 640.00 I gotta go now, i will be back in an hour or so to answer any question if any of you have.

cheers
More...



I posted this last day towards the close, live call. I exited it a lil earlier and grabbed my 5 points on it. $500. Making money is not all that hard as long as you have a good trading plan and then you follow it.

Hope ppl made money outa this one too. Easy peesy
 
Note that the short from 37.50 was a TREND trade, and such sort of trades which have the fibs supporting and with the trend as well are very very high%age winners
 
Status
Not open for further replies.
Back
Top