Yep... Need to be more patient and disciplined.
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My Daytrading Method
- Thread starter eminitrader007
- Start date
Yep... Need to be more patient and disciplined.
Quote from eminitrader007:
This is from 3/26. The reason I quoted this is because my system and analysis works. Now it is up to me to be disciplined and patient and execute the system. The high for the day was 1315.50. It should test that one more time and fail, then we'll see a more severe downtrend.
Your analysis is really very good emini. The problem is that analysis only gives you the STRATEGY part of trading (i.e., GAME PLAN).
Now you need to incorporate a TACTICAL element to your trading. Use it to actually execute your trades. It doesn't really matter what it is (MACD, RSI, DMI, CCI, blah, blah, just to name a few of the popular ones). It just doesn't matter, experiment and find what works for you.
So have your STRATEGY in place, and then once you get a SIGNAL from your indicator, EXECUTE your trade TACTICS. If you do not get a SIGNAL which is congruent with your STRATEGY, do not EXECUTE your trade.
Just do it. This process will put you in the good trades which are congruent with your analysis and keep you out of the bad trades which aren't. That's at least half the game right there.
Then record your trades for the next 3 Mos and see how your profit margins improve ...
Best Regards,
Jimmy
Quote from eminitrader007:
Value-Range for tomorrow(3/29)
ES: 1302.5-1303.5
One of the questions that people have asked in the past is how is my value-range different from MP. If you look at today's example, my VR was 1302.5 - 1303.5.
MP numbers were
VAL 1305.75 and POC 1309.75.
MP would have made us short at 1305.75 and maybe 1309.75. My VR flashed a long signal which would have been the ideal thing to do. I think I'll just stick with my VR and use MP to determine stops.
Going back and looking at my previous signals, I have dicovered few things.
I'll explain in the next post.
I think if you look at where the high volume numbers where coming into Wednesdays trade and the close of Tuesday you will also find some good numbers....MP numbers are nice but they are not the "be all end all" to trading....so the more numbers we have in a zone then the more likely a reaction will happen from that zone...
Value range for 3/30
1311-1312
1311-1312