Its all about "tests"

Quote from Mike805:

Steve, you are correct. Unfortunately, a toothpick can get me out a position at times ~ this is a flaw in my trading and unless I have 100% conviction, I will not HOLD A WINNER until its total fruition. I was able to execute an all day hold today, however, yesterday was a big mistake on my part. I was "biased" short yesterday and my reading of the volume signals you described was just as you outlined - I saw that move coming, knew it was going to happen (primarily because of past experience). Yet, my discretionary exit technique/price level bias got in the way. This is a great example of knowing when to override a plan AND more importantly, acting on it. The execution is where I often make a mistake ~ not the thought process.

This is the primary habit/practice that I work towards achieving on a daily basis (this is something I also believe all traders question/develop at one point), and it lies in your ability to execute a discretionary plan flawlessly and without bias. Much easier said than done, and as steve pointed out, a clear reading of information (volume) is critical, as is proper and unbiased execution.
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I have two basic systems to trade--- trend and countertrend. I lose if I'm loaded up and trend trading when I should be countertrend trading and vice versa. That has been the key for me. Reading the music, finding the tempo and executing according to conditions or NOT. Also knowing when to take profits or stops based on volatility. When to add to work a trade, etc.

Steve nice thread and very generous on your part.
 
Nice Thread...

Summary to date... hope i did not miss anything major in the summary...

cj...

:)

________________
HAVE STOP - WILL TRADE

If You Have The Vision We Have The Code
 

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Quote from EdgeHunter:

Nice Thread...

Summary to date... hope i did not miss anything major in the summary...

cj...

:)

________________
HAVE STOP - WILL TRADE

If You Have The Vision We Have The Code
More...

Thanks for providing a summary Edge - much appreciated.:)
 
steve46

Thanks for reply. Actually my asking "what else could a daytrader ask for" was more a statement than a question...:D

Surely there are many things to be considered but with solid real time trading experience i believe most traders as time goes on ues LESS and LESS inputs to get maximum output (read other peoples money) from their trading.

Tests, p points, a couple lines for openings, supp/resist, mov avg crossover and a putting oneself inside of the chartists mind/pit traders mind should get the job done.

Keep up the good work. Lets bring home some bacon today.
 
OKay, here is a screen capture showing a setup that will allow you folks to see how volume actually works.

If you use Esignal you can see the volume ramp up on the bottom of the screen at the right side.

I have an LRC in place and you can see how price bounces off the lower channel line, as buyers come in to support the price.

This is how "support" gets built, even if just for a moment or two

Check it out.

Chart on the right is one min candles, on the left 5 min


Sorry I can't say more about it, but I am kind of busy here.

Steve
 

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Here is another chart showing the one min volume.

I think this is self explanatory.

Hope someone else here got into this move

It was a 4 point pop.

As Elvis would say "Thank you vera much"

Steve
 

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Quote from steve46:

by the way, when I say that some technique is a "skill that can be learned" what I mean to say is that I can help you with it if you are interested. Learning how to visualize the markets is not difficult. Simply post here to indicate your interest. Or not. [/B]
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Steve,

Great thread, can you expand on how you visualize the day before trading begins. Bolters MP journal contained some excellent calls based on his ideas for the coming day and it seemed to make a significant difference.

Thanks in advance.

Yellar
 
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