Es - 10/29/03
- Thread starter acrary
- Start date
3 AM - 2 PM EST I believe. Although, I don't trade the open (way too early)
-Fast
Yea...having a Mentor would be cool
-Fast
-Fast
Quote from jmis:
times like this i wish i had a mentor, or just get to sit next to acracy, or funky, or dbphoenixand see how they make the trade.
No, you don't. Trading somebody else's system isn't going to do you much, if any, good. Instead, read funky's posts on pivot levels. There's also a recent thread devoted to it (acrary, of course, is in a different class, at least from me).
"Pivot" levels, however, need not be just those levels determined by a pivot calculator. They can also be important S/R (you'll find out rather quickly whether or not the S/R is important or not). But once you have tentative levels, then watch what price does as it approaches those levels. I like to look for divergences using an oscillator, and you may have a favorite that will do the job for you. But even if there are no divergences in the oscillator, the pivot level or the S/R holds the trump until proven otherwise. Look for weakness (if going short), then act.
It's also important not to be greedy. Once you've reached your target, get out. Or at least make your stop very tight. Then wait for the next opportunity. If the price just bobs up and down between the limits of your range, do nothing. Like now
Think of the price bar as a stick that traders are using to find out if the buyers - or sellers - are alive or dead. If traders are able to push price to a level where buyers ought to jump in, and the buyers don't jump in, then you just learned something. Ditto for the opposite end of the range.