How do you Avoid Chop without missing the break (intraday)?

mikeriley said:
Read & Study everything and attain a better
understanding of market dynamics.
More...
no need
do simple things

second entries DB/DT make money at worst scalp out
i wasted 30 years and 200000 usd in trying to understand market. and have read all the listed authors and about 100 more.
hell i even traded Elloit wave for 5 years daily charts
 
no need
do simple things

second entries DB/DT make money at worst scalp out
i wasted 30 years and 200000 usd in trying to understand market. and have read all the listed authors and about 100 more.
hell i even traded Elloit wave for 5 years daily charts
More...

You assume they are teaching something difficult. They are not.
All of what they teach is grade school simple.

I'll just say this,
I realise some have a negative attitude towards
trading education. I bet none of them ever use
the COT report, bond yields or the dollar index.
All of which are helpful in determing trend
strenght/continuation and market reversals
Commericals (smart money) sentiment /open interest
at the end of the month, quarterly and before every new
contract rollover is an indicator. ( which is in the COT)

Just because we as retail traders are considered
"dumb money", does not mean we have to stay dumb!
 
zghorner said:
When this occurs during liquid hours it tends to beat me up pretty bad. Best I can come up with so far is staying out when average volume drops and look to position on the first pop but would appreciate some tips from more seasoned traders. Setting channel lines with alerts? Any of you simply tighten profit targets and fade the wicks while looking to reverse if she breaks against you?
More...
What symbol (CL?), timeframe and day?

Basic to include when posting a chart pic while asking for comments.
 
zghorner said:
Yea I get it. Grateful even for minite hints.

Like...are traders typically looking to anticipate the break and be positioned prior to the move? Example: selling @ prior highs if they have a downward bias...or...are they willing to give up a good portion of the move for confirmation?

The issue I have with the latter is i would end up in the following...price breaks down below previous channel lows -> sell expecting continuation -> drops a few ticks then up as it moves against you on its way to form another doji (or worse) -> now where is the SL in this situation? No way i could hold till the The top of the channel... Lol...a trade being steady against you right off the bat and staying that way while you pray the price doesn't break upper channel highs lol. The worst.

It's tough, on one hand you are fading low momentum but will usually end up either with some green cushion or stopped out pretty quick...not holding a bum for 15 minutes at least lol.
More...

Yeah, waiting for confirmation is expensive. Think about it, if market always moved AND provided liquidity at the same time then everybody would be a millionaire by just following the move. So, the market offsets this by ranging every now and then.

Schizo gave some good hints, though.
 
You must log in or register to reply here.
Back
Top