4:00pm Yup, play it again Sam. You just have to love those mornings after strong closing trends, and such was the case again today as both the overnight and day sessions provided high-probability oscillations which got the day off to a decent start at this end. That, combined with the 3pm mini-bear trap extension (5 min bull cup and handle) to the north and a good rhythmic pace to the day, provided a decent +$13K chip gain on the day.About my only criticisms of the day were (1) my aggressiveness at times, especially on the 6:40am short sequence, and (2) adding to my initial position once a Tick or two confirmed the immediate likely move, especially as I felt I was pretty well aligned with the market's rhythm throughout much of the day.
So a good ebb and flow today for those of us who don't prefer slow extended grinds which we've seen much of over the last week or so, as the market proves yet again that it's an equal opportunity employer.
And perhaps it's appropriate that St. Patrick's Day ends with a green scorecard.
Still need to work on more dark greens though.
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5 comments:
Looks like you are right back on track! This is from years past, but do you still look at 3min and 13min charts, with the 5 and 15 moving averages? With ADX, it still seems like a good setup for ETF's during the day.
Hi Steve -
I've switched back and forth over the years, and think overall there's little difference between the 3min & 5min and the 13min & 15min, aside from the obvious of just stretching the timeframes out ever so slightly to get larger timeframe views.
I still like the concept of the 3min 15MA approximating the 1min 50MA and the 13min 15MA approximating the 1min 100MA, and sometimes switch the 5min back to 3min, yet think overall the idea is to just get approximate indications, and both "batting stances" tell similar stories.
Don
Don,
How many contracts do you trade at anyone time?
Good day ! Like you, I love fading opening gaps as a high percentage win trade. On days like today, when there isn't a gap, how do you approach the first trade?
suchen - It varies, but usually between 15 and 60.
EK - I'll usually wait until the market makes its first move, preferably toward prior late-day trend support, and then consider a wholesale entry, depending on other conditions.
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