|
Quote: |
|
 |
|
|
Thank you for the supportive responses.
I've been trading index ETF's like QID, DXD. I've been looking for patterns on the ticks but my timing is wrong. It's like a guessing game and I keep guessing wrong.
By the way, forgive my ignorance but what is ES, NQ and YM?
cmc |
|
|
|
|
Since these are very dependent on broad markets, you might want to correlate with another indicator such as an index futures (ES is index futures of S&P 500, YM is index futures of Dow, or NQ is index futures of NASDAQ) or $TICK (gauges the entire NYSE stocks that are ticking up vs ticking down). These are essential if you plan on scalping because market sentiment change by the second. But I think the most important is learning to read and understand market price action, that is, higher highs/lows and lower highs/lows. These should give you an indicator of the overall market sentiments. Support and Resistance you should be aware of as well as they can turn the ETF on a dime and you don't know why. These can be opening price, high or low of the day, yesterday's close, and yesterday high and low. Keep that in mind. Good luck.