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Old 02-20-2008, 01:53 PM
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Re: Trading with PA "No Indicators"
Quote:
drsushi
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Brownsfan,

I agree with everything you said. My thought is to use floor pivots (daily, weely, monthy, yearly) and MP value areas and POC's as support and resistance levels and see how pirce action behaves around those areas. Also, my assumption is that if I stay with the trend on a higher time frame that will reduce risk. I hope that is an accurate statement. Also, my intension would be to use specifc targets for profit such as 4 tics, 6 tics and then moving my stop to B/E or B/E +1tic and letting my other 1/3 of the position run, but manage the trade and take profit at s/r. The last 1/3 should be a free trade at that point based on profit of the first 2/3 and moving the stop. This would be on the ES. I'm not looking to make a fortune in a day. If I can do what I just described on a consistent basis I would be very satisfied. Am I out of my mind or is it reasonable?

David
Can it be done? Of course!

Will it be easy? Of course NOT.

The premise sounds good now it's a matter of testing in real-time and see how it goes. Feel free to start a new thread or continue in this one about what/how you are using your ideas.

Good luck!

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