End of the day rally? Will next week be up?
- Thread starter bbraunstein
- Start date
I'm glad that I am a daytrader. I never need to try to figure out what the market is going to next week.(what a relief !!!)
All I have to care about is figuring out through watching several indicators(very few) is what the market is more likely to do in the next several minutes. Place an entry, place a stop, consider a likely target and see what happens.(eminies)
If I get stopped, then that's that. If my positon turns several points green , I will move my stop (depending upon conditions) to breakeven or plus 1, for a risk free trade. Then wait and see because anything can happen.
That's the extent of my predicting. Sound lame? Oh well. I never claimed to be anything more than plumlazy.
All I have to care about is figuring out through watching several indicators(very few) is what the market is more likely to do in the next several minutes. Place an entry, place a stop, consider a likely target and see what happens.(eminies)
If I get stopped, then that's that. If my positon turns several points green , I will move my stop (depending upon conditions) to breakeven or plus 1, for a risk free trade. Then wait and see because anything can happen.
That's the extent of my predicting. Sound lame? Oh well. I never claimed to be anything more than plumlazy.
Originally posted by plumlazy
Place an entry, place a stop, consider a likely target and see what happens.(eminies)
If I get stopped, then that's that. If my positon turns several points green , I will move my stop (depending upon conditions) to breakeven or plus 1, for a risk free trade. Then wait and see because anything can happen.
Can't get any easier to understand than that. This is daytrading made simple.
Kev
Originally posted by plumlazy
I'm glad that I am a daytrader. I never need to try to figure out what the market is going to next week.(what a relief !!!)
All I have to care about is figuring out through watching several indicators(very few) is what the market is more likely to do in the next several minutes. Place an entry, place a stop, consider a likely target and see what happens.(eminies)
If I get stopped, then that's that. If my positon turns several points green , I will move my stop (depending upon conditions) to breakeven or plus 1, for a risk free trade. Then wait and see because anything can happen.
That's the extent of my predicting. Sound lame? Oh well. I never claimed to be anything more than plumlazy.
There is absolutely nothing wrong with this approach, and I live in the realm of ticks myself. However, although I try not to predict what will happen (I do it for fun anyway) I do belive that it makes me a "better" trader to understand the macro.
nitro
Easyrider,
I rarely trade choppiness, flat, oscillating or tight-trading range markets. Thus, I don't enter positions during such intraday patterns.
Therefore, I don't have the need to "switch" oscillators because I have no intention of trading such oscillations.
I trade trending markets.
The Eminis (NQ and ES) produce at least 3 good intraday trends each trading day...sometimes more.
Simply...I wait for a strong parabolic uptrend or downtrend to occur...then I start looking for Reversal or Exhaustion patterns...
via the indicators I use (Japanese Candlesticks, Bollinger Bands, Price Exponential Moving Averages, Stochasitics and Volume).
Now...as for trying to define or figure out what type of market your in...
Lets say the ES moves upwards in a nice parabolic trend for 12 points in a 17min time duration...with lots of wide range candlesticks...with lots of volume spikes or increased volume...easy to tell this is a trend.
Many trends...up or down have brief pauses...your trade setups will decide when to enter this trend to capture a few of those points or to look for a reversal sign to capture a few of those points.
Thus, in many ways...your trade setups and how you apply them is the definition of a trend or oscillations.
Simply, decide which trader you are based on your trade setups...are your trade setups designed for exploiting trends or exploiting oscillation (flat choppy or tight-trading ranges) intraday cycles.
Then when you decide what type of trader you are...you'll know what type of markets to stay away from nor worry about.
Too many traders...trade those oscillations, flat, tight-trading ranges or choppiness patterns in hopes of catching a trend from the beginning.
In my opinion...that's a losers trading plan.
Thus, if a trade setup got me in nicely in part of a trend or towards the end of a trend (shorting if its an uptrend or long if its a downtrend)...
then the pattern changed after I enter...changing to oscillations, flat, tight-trading range or choppiness...
if I'm at a profit...I exit the position instead of worrying about which oscillators should I be using or need to use.
P.S. Recently, I've been testing a few trade setups for tight-trading ranges...so far...poor results and I'm back to exploiting my strength (trending markets) instead of worrying about my weakness (tight-trading ranges).
NihabaAshi