Traders Laboratory - View Single Post - Are you interesting in next day direction forecast?
View Single Post
  #7 (permalink)  
Old 11-19-2007, 08:25 AM
Bannor's Avatar
Bannor Bannor is offline
Bannor has no status.

Trader Specs
 
Join Date: Nov 2007
Location: Austin, Texas
Posts: 14
Thanks: 0
Thanked 1 Time in 1 Post
Send a message via Yahoo to Bannor
Re: Are you interesting in next day direction forecast?

I think it is more helpful to track the market in realtime, and predict the short term (think 15-minute bars) general market direction, then to know what will happen tomorrow.

After all, either I am holding swing trades, which means I must have the intestinal fortitude to hold through my prediction to the target or get out at my exit - or I am looking to daytrade a setup. Knowing how tomorrow is gonna be ahead of time might not be so useful.

However, I have found a method of predicting current day short term direction. Its not my idea, its the idea of a web-talk-show guy named the Shadow Trader, using the breadth concept. Basically, tracking upvolume (volume on buying behaviour) versus downvolume (volume on selling behaviour), comparing these two line to each other in realtime, monitoring the direction and/or gap. Combining this with TRIN and TICK works very well for me in gauging the markets shortterm (intra day) direction.

Reply With Quote