I would love to hear more, but I can't PM you and I don't like to highjack the thread...
Hijack it mate.
What are your thoughts?
Turning point chart.
- Thread starter semperfrosty
- Start date
Hijack it mate.
What are your thoughts?
I wish I could be more of a help here...
I used to trade similar quick bounces (scalps off S/R) back in 2008-2009 in FX when the daily ATR was large, it was free money back then then, however these days things are different, and the problem with taking quick bounces against the trend (especially in equity markets) is that it might instil in a beginner some really bad habits (if one is initially rewarded with success) and the bad habits then might be hard to shake off.
It’s much better not to pee against the wind, and rather to trade with the direction of the market, it’s higher probability and better R/R.
Also, if you look at SPX, it seems that ASX200 is very correlated to SPX (especially after hours), so I think one might be better off trading the SPX instead, because SPX seems to pattern better than ASX, and I think that ASX200 won’t go anywhere without the SPX. However, I don’t trade ASX, so I could be mistaken and wrong.
You can start looking at things like this when building a “price story” and see if that works for you. Obviously, it’s much easier to mark-up charts in hindsight, but the fact is that S/Rs, SD zones, geometrical levels and few other tools can be marked up on charts in advance, which helps with objectivity.
It’s much better not to pee against the wind, and rather to trade with the direction of the market, it’s higher probability and better R/R.
Also, if you look at SPX, it seems that ASX200 is very correlated to SPX (especially after hours), so I think one might be better off trading the SPX instead, because SPX seems to pattern better than ASX, and I think that ASX200 won’t go anywhere without the SPX. However, I don’t trade ASX, so I could be mistaken and wrong.
You can start looking at things like this when building a “price story” and see if that works for you. Obviously, it’s much easier to mark-up charts in hindsight, but the fact is that S/Rs, SD zones, geometrical levels and few other tools can be marked up on charts in advance, which helps with objectivity.
yeah, that's exactly what i mean. good luck for you !
BTW, thank for you tech me how to describe these accurately.
