IN THIS THREAD: IronFist learns (the elusive) PRICE ACTION

Quote from jonbig04:

+1 the ability to create and follow rules is more important than any edge you well ever gain.
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This is true PROVIDING of course that you have a reliable and accurate methodology. However I prefer 'signals' over the description 'rules', namely you buy or sell on a specific signal (or specific signals) in your system subject to any conditions you require. You hold 'long' or 'short' on a continuing signal/s.

Add to this your purpose. If it is to try and hit off some profits each day and limit losses then that is different from a serious plan to increase stake size up to that permitted by your markets liquidity and pace while utilizing the days gyrations sequentially, open to close. If you are only seconds in a gyration top or bottom (as often demonstrated in recent markets) it may limit your stake size at prices in very quickly visited top zones and bottom zones of intraday gyrations (or cycles). Some turns can be very fast; some are slower or even slow.

I am refering to intraday trading in generally liquid futures markets (ES, YM, CL). And by 'serious plan' I do not mean 'trading for a living', I mean accumulating gains into substantial weath.
:)
 
Quote from Cheese:

This is true PROVIDING of course that you have a reliable and accurate methodology. However I prefer 'signals' over the description 'rules', namely you buy or sell on a specific signal (or specific signals) in your system subject to any conditions you require. You hold 'long' or 'short' on a continuing signal/s.

Add to this your purpose. If it is to try and hit off some profits each day and limit losses then that is different from a serious plan to increase stake size up to that permitted by your markets liquidity and pace. If you are only seconds in a gyration top or bottom (as often demonstrated in recent markets) it may limit your stake size at prices in very quickly visited top zones and bottom zones of intraday gyrations (or cycles). Some turns can be very fast; some are slower or even slow.

I am refering to intraday trading in generally liquid futures markets (ES, YM, CL). And by 'serious plan' I do not mean 'trading for a living', I mean accumulating gains into substantial weath.
:)
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All true, of course you will never know if you have a " reliable and accurate methodology" if you do not follow the rules or signals that one requires. Discipline is the key!
 
Quote from jonbig04:

All true, of course you will never know if you have a " reliable and accurate methodology" if you do not follow the rules or signals that one requires. Discipline is the key!
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jonbig,

Discipline is to achievement as oxygen is to life.
If it needs to be mentioned then obviously it is missing.

The devotees of trendlines need to do a little homework to move this thread ahead.

Pick an instrument, ES,YM etc and study the price waves carefully.

You are looking for a bar frame that will best illustrate the waves most of the time ie 2min V2,000 etc etc

... then you need to decide how far a pivot needs to move in order to qualify as one end of a trend line ie 2 std deviations, 'n' tics from the mean etc etc

... having down all that and coded a highlight that pops up every time these qualifications are meet, our Devotee needs to decide how many touches are required to form a trendline.

... then our Devotee needs to go back over the charts to see how many times all these qualifications are meet in each wave and most importantly look to see what happens next.

If our Devotee finds that after all qualifications are meet and a trendline is drawn and there is a roughly 50/50 chance that price will fade or breakout our Devotee has a problem.
Will he/she lower the qualifications, pray for luck, or think of something else.

The devil is always in the details in this game.

goodluck and regards
f9
 
i know your trying to watch pa alone,i like my weakness or strength confirmed,i use the uvol/dvol comparison chart ,its simple to watch it can only do a few things ,one or the other,uvol,or dvol,can go straight up while the other sit (trend day),they can criss cross several times,consolidation day,its an easy indicator to let you know whether or not to stay in a trade and how strong the buying or selling is.
 
Quote from ammo:

...............................its an easy indicator to let you know whether or not to stay in a trade and how strong the buying or selling is.
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WAS, the word is WAS...
"how strong the buying or selling WAS"

Uvol/dvol is just another piece of gathered information.
One more thing to process.

The question in day trading is what am I going to do if such and such occurs.

It is essential to think forward, not backwards.

By thinking forwards you can skew the odds into your favour.
Either price walks into the trap you have carefully prepared, or it eludes you until the next time that you chose to meet.

regards
f9
 
today is a crappy day for me so far. down 2.5 points. had a couple of straight losers in the morning. made some back.

good news is:

1. still 4 hours left.
2. these days dont happen to often, and whne they do, losses r not that big anyway
 
There is another component of PA that I haven't seen discussed on this thread. The velocity of PA. This is subjective and will take thousands of hours to master. I have been watching the indexes today too. Where is the velocity? There is none IMO. Just a drift back and forth. Now sure you can make money, but it's a lot easier done when you can a reversal on a lot of velocity, volume, and then PA makes HH, HL on good velocity. I just don't see that today so far. My 2 cents.
 
I feel that today is a great trading day. You just cant be greedy in this market and take the money when you see it. You gains will add up just as fast.
 
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