Hard to believe, but we've already retraced down to the midrange. Let's see if we can go up from here.
Who Thinks Swing Trading is Dangerous?
- Thread starter schizo
- Start date
The reverse on fail works too for sure. Right just different tactics!
For me too old is 3rd test on a slightly downward slant. BUT if you are doing it here, then it would be, IMO on the second tests after some confirmation. So yeah, seems reasonable. Sorry I did not look too close and assumed you would go on another test, AFTER a top test, and that would be days from now. Gotta get my mind into realtime!
I guess that 4000 range might be a stop run location too.
Hello schizo,
That is 30 minute bars, it will take a very long time to make money with these bars and you have to do alot of thinking and waiting. Lots of work on the mental brain.
Are you not interested in scalping for a few ticks, and knowing if you right or wrong, quickly?
I certainly understand what you mean but as you can see, I'm already up (although I don't plan to liquidate my position any time soon). As long as you time your entry and exit pretty well, it really shouldn't take long to make money, regardless of what timeframe you use.
Anyway, I've day traded for a long time, probably longer than most people here. It's time to move on. Plus, I know for a fact that big money can only be made from capturing large moves, not from scalping.
Hope that helps.
You're heading to the dark side. I wish you well. I'll be here for support, friend.
P.S. Yer 1K in profit on a holiday week when the FOMC meeting minutes are going to drop. Heed my advice...NAB THAT FRUIT. Don't dally or those profits may evaporate. Think about what you could do with 1K, and think about what you cannot pay for if you lose 1K. At the very least, get a trailing stop under that profit line!
Euro and US PMIs dropping Tuesday morning. Keep that in mind, man. You've got a grand in your hand. Whoop! Decisions, decisions!
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But FOMC minutes don't comes out until Wednesday. Have you already forgotten what I've always said? Buy into FOMC and sell afterwards.
But FOMC minutes don't comes out until Wednesday. Have you already forgotten what I've always said? Buy into FOMC and sell afterwards.
Yes, but you said you are swing trading now. I assume that means you are planning to hold trades for days at a time. The FOMC can F you at the drive through. So with your grand in hand, you can ring the bell and be comfortable until AFTER the PMIs and the FOMC.
I am speaking to you from experience of holding for long time frames.
Look at it this way. If you close this trade at 1K profit, and do that once per week, yer at 48K per year. Not bad for a few clicks. Swing-trading will show you who you really are as a trader. Greedy, or conservative. The tortoise will always win the race. Always.
In either case, ES usually goes up during the holiday shortened sessions and we also don't have any major economic news slated for Tuesday, so my thinking is we'll be heading higher until they spook the market with FOMC minutes on Wednesday. BTW I don't think PMI carries much weight to move the market, at least not as much as FOMC, NFP or CPI.