I'm not a big index trader, but I have been trading the XAU lately. At first I was just taking a position, but the morning runs up and down have turned my positions into overnight trades 3 times in the last week. Lots of action in the first hour and the last hour. Fairly good inverse relationship to the nasdaq. Maybe you could look at the XAU and give an opinion on whether your system would work for it ( although I'm just not the double down type )
Sleepless Nights
- Thread starter lundy
- Start date
Lundy,
I trade overnight gaps exclusively, at a large proprietary firm. I would like to talk on a more individual basis so we can discuss strategies. Let me know if you're are interested...
I trade overnight gaps exclusively, at a large proprietary firm. I would like to talk on a more individual basis so we can discuss strategies. Let me know if you're are interested...
. I may look to short again soon as the overall bias is still down.I think it was Mr. Soros who said that bottoms and tops are generally accompanied by more volatility intraday than during the biggest move of the trend.
Also, if anyone is interested. We have entered a longer term buying zone. I think I said on another thread that I would begin to average down via a pyramid once we took out the september lows (longer term accts, not daytrading. Well, I was asleep, but I will catch it when we take out the lows later this week.
My forecasted bottom numbers are 991 and 978. However, I like to use more than one model to time the market, and one of those is a custom ewave formula.
And this is the second half of the 5th wave, once this wave is completed, we should get a rally similar to the one we saw after sept 11th.
But the 5th wave is also the longest wave, thats why i'll average slowly. I'm in no rush unless we dip below 1000 here.
Also, if anyone is interested. We have entered a longer term buying zone. I think I said on another thread that I would begin to average down via a pyramid once we took out the september lows (longer term accts, not daytrading. Well, I was asleep, but I will catch it when we take out the lows later this week.
My forecasted bottom numbers are 991 and 978. However, I like to use more than one model to time the market, and one of those is a custom ewave formula.
And this is the second half of the 5th wave, once this wave is completed, we should get a rally similar to the one we saw after sept 11th.
But the 5th wave is also the longest wave, thats why i'll average slowly. I'm in no rush unless we dip below 1000 here.
That's interesting but is your criterion for a bottom strictly price and E Wave analysis?
E Wave practictioners are justly famous for re-adjusting their wave counts after the fact.
Will you utilize other indicators besides price and time, such as hi/lows, advance/decline, advancing/declining volume.
If you remember the bottoming in 1998, August through mid Oct. had a dozen days with 3-6% swings on the Dow and S&P, and the current environment is tepid compared to that.
E Wave practictioners are justly famous for re-adjusting their wave counts after the fact.
Will you utilize other indicators besides price and time, such as hi/lows, advance/decline, advancing/declining volume.
If you remember the bottoming in 1998, August through mid Oct. had a dozen days with 3-6% swings on the Dow and S&P, and the current environment is tepid compared to that.
i would never use volatility as a primary factor in bottom. Soros is just a lucky guy who found some cool statistics.
I'm not your typical ewaver, if I explained how I modified ewave to an ewaver, they'd crucify me. Mr elliot would probably pat me on the back tho.
I use lots of custom patterns and systems to determin a bottom. but for long term, nothing beats the simplicity of my custom ewave theory.... I even posted it on a website once for thousands of daytraders to look at. It was at lundy.evilfrogs.com
but i think evilfrogs went out of business. anyhow, it didn't spark much interest and I decided not to repost it after they went down.
to everyone,
just for clarification.... my ewave theory has already initiated a buy signal on the NDX via averaging down. If you don't like that thought, you obviously don't trade long term, or if you do, you don't need to.
I'm not your typical ewaver, if I explained how I modified ewave to an ewaver, they'd crucify me. Mr elliot would probably pat me on the back tho.
I use lots of custom patterns and systems to determin a bottom. but for long term, nothing beats the simplicity of my custom ewave theory.... I even posted it on a website once for thousands of daytraders to look at. It was at lundy.evilfrogs.com
but i think evilfrogs went out of business. anyhow, it didn't spark much interest and I decided not to repost it after they went down.
to everyone,
just for clarification.... my ewave theory has already initiated a buy signal on the NDX via averaging down. If you don't like that thought, you obviously don't trade long term, or if you do, you don't need to.