Yes Coolweb..as mentioned in another reply we can expect a trend 30 % of the time or less so I beleive that the way to go is to trade as if the other 70% of the time ( non-trend, back and fill process) will take place......
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My Daytrading Method
- Thread starter eminitrader007
- Start date
Quote from eminitrader007:
I'm starting to think if I should have 4 pt. profit target and 4 pt. loss instead of closing at eod.
The last 3 trades all started in the direction that I had anticipated but they all reversed towards the end of the day and I ended up losing money on those.
So far 3 trades and total of 7 pt. loss.
I might move my stop to break-even after I get 4 pt. profit. I'll sleep on it and decide tomorrow morning.
Any of you who is actually following my journal might have noticed that 1267-1269 would provide major support whereas 1289-1291 will be major resistance.
Anyway, the value-range for tomorrow is 1279.25-1280.25.
Sold at 81.25 for 1 pt. profit. The price is close to the Value-range for the last 2.5 hours and I needed a win too.
Quote from pitbulltrader:
Yes Coolweb..as mentioned in another reply we can expect a trend 30 % of the time or less so I beleive that the way to go is to trade as if the other 70% of the time ( non-trend, back and fill process) will take place......
Thanks guys for the suggestations. Actually today I had moved my stop to breakeven after the first hour.
Will need to do some work during the weekend and see what other exit methods that I can come up with.
I think the high for the day is in place.
Sold 1280.25 Stop 1284.25
I would also suggest switching to the higher volume month as Today is Rollover and you should really be trading the June contract....How does that affect the way the numbers are derived on a LONG TERM basis..? I'm curious as to how longer term high and low volume areas are "transfered" once we rollover to a new contract month...
Quote from pitbulltrader:
I would also suggest switching to the higher volume month as Today is Rollover and you should really be trading the June contract....How does that affect the way the numbers are derived on a LONG TERM basis..? I'm curious as to how longer term high and low volume areas are "transfered" once we rollover to a new contract month...
Long term has to be followed by a continuous contract or by following the index.
Quote from pitbulltrader:
I would also suggest switching to the higher volume month as Today is Rollover and you should really be trading the June contract....How does that affect the way the numbers are derived on a LONG TERM basis..? I'm curious as to how longer term high and low volume areas are "transfered" once we rollover to a new contract month...
I realised that I should have shorted June contract after i made the trade.
Regarding volume, I'll respond later. Thanks.
nice trade....