The treacherous path to $200k a year

If there are things moving, then there are opportunities. Not every trade needs to be the homerun, remember that. These days lots of singles and doubles can be very lucrative.
Maybe I could teach you how to trade most days since only 15% of days are definitive trend days. Most days (historically) are chop sessions.

Quote from coolweb:

Did a few trades today

mostly all breakeven trades.
one -1 tick trade

market had no follow up,

but I will filter these days out in the future.

Steve,

I don't trade like you, Not every big up or down day is something I look for.
More...
 
Hello Steve,

Yes you are correct,
although I can pick out the days which is trending and which isn't

I did think about that today:

[14:32] <coolweb> I think I should make up a seperate strategy just for scalping 5-10 points
[14:32] <coolweb> probably make good money in between
[14:34] <coolweb> hmm I should automate that



I wouldn't want to scalp manually..
But an automated solution would be very interesting if it made 3-5 ticks per trade after commissions/spread.

running concurrently with my semi-manual swing trades.

Adds up...

Will code the strategy out this weekend and see if its viable.
Good confirmation Steve.
 
EPHIPHANY!

after scanning charts for a few hours :)


The battle is won by the mind before the battle has even commenced..


IDea for the people making me think:

50 ma, very important to watch.

insanely important but not in the conventional way.

Putting puzzles together piece by piece.
The puzzle will be solved soon
And someone somewhere, maybe you, maybe me,
will be insanely wealthy one day.
 
Well, no one knows whether we will have a trend day or not at 9:30 but usually after an hour of trading, you can start to see the bigger picture developing. I dont use any filters per say for identifying trending days but I can just tell by looking at the S&P futures 5 min chart in conjunction with watching my stocks trade to get a feel for how the day will most likely play out. Once I see how the futures are trading and have indentified that we have a strong up trending day (like Thurs), I really tighten up my short plays criteria because I know that on this kind of day, sellers are much more quickly taken out than normal. I also become more lenient with my long plays because I know they are more likely to follow through than normal. Nothing too earth shattering but these little adjustments make all the difference in the world (of course, if things change, I am very flexible and will vary strategies as the market conditions warrant).


Quote from BARLI:

Steve, what are your filters to know if it is going to be a trend day or not?
More...
 
Quote from coolweb:

jackbyrd,

You looking to have me come into Elitetrader Chat to school you again?


Simmer down chap.
More...

And what exactly did you prove in Elitetrader Chat? that you can talk smack in that broken English dialect of yours? OR that you can tell other traders what trades will work and wont work according to this superhuman intuition of yours?

The joke is up son. Your need to take the cash advances off the credit cards tells us everything. Good day.
 
Quote from Steve Tvardek:

Well, no one knows whether we will have a trend day or not at 9:30 but usually after an hour of trading, you can start to see the bigger picture developing. I don't use any filters per say for identifying trending days but I can just tell by looking at the S&P futures 5 min chart in conjunction with watching my stocks trade to get a feel for how the day will most likely play out. Once I see how the futures are trading and have identified that we have a strong up trending day (like Thurs), I really tighten up my short plays criteria because I know that on this kind of day, sellers are much more quickly taken out than normal. I also become more lenient with my long plays because I know they are more likely to follow through than normal. Nothing too earth shattering but these little adjustments make all the difference in the world (of course, if things change, I am very flexible and will vary strategies as the market conditions warrant).
More...

Steve,

I use market profile from the previous days range distribution and the first 1/2 hour of the current day's range distribution. I find it to be about 80% accurate regarding index behavior. The method works very well for sector indexes. Once you determine buy side and sell side value areas, the time spent in a certain price zone will usually forecast price movement. If the price enters the value, it will spread over the value area. If the price stays over or below the value area, it will continue in that direction.

Food for thought.

Regards,
Mike
 
Quote from Mike805:

Steve,

I use market profile from the previous days range distribution and the first 1/2 hour of the current day's range distribution. I find it to be about 80% accurate regarding index behavior. The method works very well for sector indexes. Once you determine buy side and sell side value areas, the time spent in a certain price zone will usually forecast price movement. If the price enters the value, it will spread over the value area. If the price stays over or below the value area, it will continue in that direction.

Food for thought.

Regards,
Mike
More...

Excellent, compendious explanation. Thanks Mike.
 
Quote from Mike805:

Steve,

I use market profile from the previous days range distribution and the first 1/2 hour of the current day's range distribution. I find it to be about 80% accurate regarding index behavior. The method works very well for sector indexes. Once you determine buy side and sell side value areas, the time spent in a certain price zone will usually forecast price movement. If the price enters the value, it will spread over the value area. If the price stays over or below the value area, it will continue in that direction.

Food for thought.

Regards,
Mike
More...




Mike, lots of wisdom in your thought. can you please share some more relationship between price and time. I find it most important whne day trading. One thing i know: if i am long and the market just sits at one spot i am gonna quit (from my experience it reverses back often)
 
Very interesting stuff Mike, thanks for the info. I will investigate further.


Quote from Mike805:

Steve,

I use market profile from the previous days range distribution and the first 1/2 hour of the current day's range distribution. I find it to be about 80% accurate regarding index behavior. The method works very well for sector indexes. Once you determine buy side and sell side value areas, the time spent in a certain price zone will usually forecast price movement. If the price enters the value, it will spread over the value area. If the price stays over or below the value area, it will continue in that direction.

Food for thought.

Regards,
Mike
More...
 
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