Please tell me if this is stupid

[speculatus]

Quote from FXTraderWill:

I never enter based on charts alone. BUT...

ignoring charts is dumb. Paying attention to them at least to see key levels and primarily THE TREND is necessary. I find my support/resistance intraday from the tape, before it shows up on the chart, but if a level held many times, you want to see what was holding it at that level and use your tape reading to figure out if you think it will break or not.

Ignoring futures is also dumb. You can be scalping a thin stock and have a great read on it, but if suddenly the buyer losers all his aggression because the futures just tanked 5 handles... well...

most buyers and sellers out there who are controlling the price of a stock by working their order (e.g. working a 300,000 share buy order in a stock with an average daily volume of 500,000) are watching the futures, so you should to...

but yes, I think there is more of an edge in pure price action than in charts alone.

You just said that. You don't need futures, their change will be reflected in the price/volume action of your stock, and the tape will show it. Let institutional guys care about FA/TA/futures/etc..., and we'll just follow the suite. There are strong stocks when spoos are tanking, and vise versa.

Charts are for gamblers, or for guys who cannot remember what happened an hour ago (during market hours)...

 

[cgtrader]

Quote from speculatus:

There are strong stocks when spoos are tanking, and vise versa.

Charts are for gamblers, or for guys who cannot remember what happened an hour ago (during market hours)... [/B]

That's exactly one of the problems I've been having!

When the futures are tanking and my stock is "supposed" to follow, it does not, or there is some ass playing the stock who will flush out weak hands like me before letting the stock follow the direction of the futures.

I find that I start to believe that my stock must follow the futures, then I doesn't and goes and hands my ass to me real quick, and it could go off and do it's own thing the whole rest of the day!! The stock will then process to totally ignore the futures...

 

[econdude]

if your stock follows the futures, try and follow a market maker...but if your stock is supposed to follow the futures, why the hell would you not want to have a chart of it??

 

[2manywhiners]

Is this your trading Plan of Action?

You "specialize" in less than ten stocks, 90% of your trades come from these stocks, and usually from only one or two of them.
You only have one time frame for trading (ie 5min-30min).
You'd rather miss a trade because you couldn't get your limit order in fast enough, rather than pay an extra $0.01 or two on a market order.
You spend more on commissions in a week than you make in a month.
You trade from the long side on at least 9 out of 10 trades.
Your trading account has less than $30,000.
In overly bearish market conditions you trade less, yet remain long.
You know the name of Jim Cramer's book.
You paid over $1,000 for WizeTrade.

If so, then you are in a box. Congratulations.