Quote from romik:
FTSE top left, DAX top right, ES bottom left, NQ bottom right
I've seen similar setups for days on end. Not these exact indices (I track the NQ/ES/YM).
But close enough.
The trick is to figure-out the leader/laggard relationship and
focus on it while you are trading. It doesn't always win
(nothing does) but it wins often enough to be a viable trading methodology.
I was first introduced to the concept of using multiple indicie to interpret price action by reading:
"The Trading Edge: How To Trade Like A Winner "
by Rickey Cheung's book
(not an endorsement, he's not giving away much more than a small piece of his pie, but if you google'em you can find a lot of stuff he's written).
***
One more thing, when using the Euro financial indices, our morning session is always a continuation of their morning/midday session, so you are also correct in viewing our Opening as just a continuation of their morning/mid-session.
I use
"Overnight until Session's Open" on QT, so my morning trade was made based what looked like a good setup, but when the morning bell rung I saw that I was in trouble.
But that didn't matter because I'm using tight stops
(6 ticks, ES as my base) and I knew that if I was patient, another setup would be coming soon enough because ...
... by keeping my focus on my accounting in terms of
weekly performance I am also able to take the correct mindset and keep my discipline.
School's almost out.
Good trading,
Jimmy Jam
