I always assumed you were a time+sales type trader, Ghost. I guess not, based on the timescales you speak of.
The Foresight Thread
- Thread starter dbphoenix
- Start date
The vast majority of my trading is in the shorter timescales e.g. 5-20 ticks with market exposure of a few minutes at a time, rarely tens of minutes.
However there are locations where it is clear a larger move is likely to take place. When this move is underway, it is likely to continue as people positioned opposite are forced to close and the degree of movement encourages new participants in the same direction. So one still uses the same precise entry as for short term target trading but benefits from a larger move when the market makes it available.
(these are also the places where one can trade sizes far larger than what is possible with short term target trading for a few ticks profit - so necessary knowledge for traders who want to grow. And where momentum ignition strategies are likely to work well. nokomisjeff has written here and elsewhere on the importance of accurately estimating how much of a particular commodity will be for sale at a given time... But I'll leave DB to explain the rest....)
There was an interesting poster here who goes by PitchBlack who talked about capturing these sorts of moves rather than just taking small scalps...points in the market where you could build a position and then sit with it for a few hours. More detail given than I've seen anywhere else in public. Might be of interest to some here.
In fact, as an alternative to the DB route I've found the following posters here to be good resources on what actually works:
PitchBlack
garachen
rallymode
sellindexvol666
nokomisjeff
I'll add Rearden Metal although he doesn't go into details about his strategy he has made several decent calls and has written enough about what not to do to be helpful to an aspiring trader.
I do appreciate that successful market participants are magnanimous enough to share their hard earned knowledge and expertise as there is far too much drivel written here.
Good luck!
Last edited:
Incidentally, if you plan to go through the charts, I suggest you read this first. It's been around a lot longer than the trolls have, and given that practically everything that has been written about price action since is derived from it, it's worth the time.
Of course, if you want to trade by "feel" or via indicators, you'll have to look elsewhere.
LOL. I used to think that day trading was gambling until I learned the SLA approach, now I'm going to a mostly day trading system. Before, I my method was multi-day swing trading but the Wyckoff method enables show to make a killing intraday if they know how to read price. This method is so efficient that it took me out of the market with a sizable profit before a key report was released which would've erased my gains.
I'm sure that this has been noticed in some thread or other, but if not, these lower highs in the Dow and S&P matter. The Naz appears to be doing fine, but the NDX may be acting as a canary as it has formed the same LH as its companions.
It doesn't take unusual perceptiveness to see the regular progression of swing highs. This is, after all, what creates a trend and trend channel. But even without any lines at all, these lower highs are visible to every market participant all over the world.
Price of course will do what it's going to do, and all these averages may well rally hundreds of points to make new highs. On the other hand, they may not. Forewarned is forearmed, and complacency should be avoided.
It doesn't take unusual perceptiveness to see the regular progression of swing highs. This is, after all, what creates a trend and trend channel. But even without any lines at all, these lower highs are visible to every market participant all over the world.
Price of course will do what it's going to do, and all these averages may well rally hundreds of points to make new highs. On the other hand, they may not. Forewarned is forearmed, and complacency should be avoided.
It doesn't take unusual perceptiveness to see that the same thing happened in late 2014/early 2015 either.
And I'm sure you can see what happened next...some TA guys call it a bull flag.
So what you're saying is that if a drop comes you will be a guru who predicted it? BUT, if price rallies hundreds of points, you predicted that as well?
Come on...this is nonsense.
You're entitled to your opinion.I bet you're quite gullible.
Yes, but you being gullible is more likely a fact than my opinion.
Your guru has called for the great short now. On the other hand he says the market may very well rally hundreds of points from here.
Which of his signals are you going to take?
