Trading Daily & 4 Hour Charts Using Extremely Simplified Money Management Technique

Quote from JSSPMK:

I am waiting upon daily chart's histogram to either rise towards centreline or decline towards it creating a pattern that normally provides either conviction of strength or weakness, here is an example of bearish indication, turn it upside down & below centreline & you will have a bullish indication. So when I see that about to form I will go over to 240m chart & < to seek a point of entry.

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1954199>
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Looks like a possible setup long occuring by the end of the week...which would be the first trade. almost as bad as watching paint dry. Hopefully the profits will be much better
 
Quote from jagmot:

Looks like a possible setup long occuring by the end of the week...which would be the first trade. almost as bad as watching paint dry. Hopefully the profits will be much better
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ImPO we have a decline next, no idea on what sort of volatility, we'll see anyway, at the moment we just have to wait, obey the rules :)
 
Quote from JSSPMK:

ImPO we have a decline next, no idea on what sort of volatility, we'll see anyway, at the moment we just have to wait, obey the rules :)
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I still think there is a shot we move higher and crossover on the Daily. In my last post I thought it looked like 60-70%. Now with the last two days action it looks like 20-30%. We shall continue to watch from the sidelines for this strategy.
 
Quote from jagmot:

I still think there is a shot we move higher and crossover on the Daily. In my last post I thought it looked like 60-70%. Now with the last two days action it looks like 20-30%. We shall continue to watch from the sidelines for this strategy.
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Monthly histo - bearish
Daily histo - bearish
Weekly histo - declining towards centreline=watch out!
 
Daily histo on INDU is pretty much at centreline rising from below with current support zone 10,970, tomorow I will be looking for a buy off 15m chart's intraday support. ImPO INDU is ripe for a shot of at least 800 point retracement towards 38.2% fibs. Today's news may be welcomed by markets, I certainly expect news to support chart patterns, we'll see. Anyway, very small risk in light of potentially much larger reward, so conditions are good ImPO.

Jag, get your guns ready LOL

http://ap.google.com/article/ALeqM5j057jBReERcsF-FcZRSWe0h1gaXQD91TT1A00

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1994366>
 

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Long 10950. 10 point stops will be used on this level. I will not be posting every time position gets stopped out, but will post EOD update. Anyhow, 10 point stops.

If 10930 support fails, then I would be looking for another support to buy.
 
Today new reaction low is 10881, so will be looking to open next Long position close to that level

There's quite a bit of primary data coming out shortly & Bernanke is on this morning, so entry might be rapid one & volatility is to be expected to increase
 
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