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patrader

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Posts posted by patrader

  6. Posted

    For forex or currency futures like 6E or 6B i have found the Toyko open ok but London and U.S. better.Usually after london closes(11:30 am est) i stop trading the currencies.For the ES usually the first couple of rth hours of trading and last hour are best.Sometimes when the range expands than the middle of the rth day can be good.When there are important reports before rth open at 8:30 am est than a good trade may setup soon after the release.Trading the

    ES any other time in globex usually has more slippage.If trading CL than i stick to the pit hours.Check out this website for world market hours: World Financial Markets -- Current Open/Closed Status, Opening and Closing Times, and Holiday Schedule, Expressed in Terms of Your Local Time Zone

  8. Posted

    No problem, you aren't derailing anything at all.

     

    The one addendum I have always added to the TVGR, going back as long as I have incorporated an awarenss ofthe TVGR, which is years upon years (and jands, who has known me for years, can attest to that fact) is that I include the further requirement that price immediately trend in the direction of the gap. In other words, TVGR becomes very useful if the market gaps and trends in the direction of the gap, and itis not nearly so useful if the market gaps and stalls, goes sideways, or, obviously closes the gap. I'm wondering if that 30% where the gap does not fill also are days in which the low of the day (for gaps higher) or high of the day (in the case of gaps lower) was printed, say, within the first 15 minutes of the open (and quite possible within the first 15 seconds). I would bet that is the case, because your 30% figure sounds right as far as a gap being indicative of a trend day in the direction of the gap.

     

    Best Wishes,

     

    Thales

    Excellent observations Thales.Trends from the open are rare but usually occur when the market gaps big and never looks back closing at or near its high of the day.This type of day traps countertrend traders repeated all day who don't recognize the type of day early on and just fuels the trend.Days that close the gap early are usually either trading range or trending trading range days where trading both sides of the market can be successful depending the size of the range.

    When the market waits to close the gap till later in the day you usually get a spike and channel followed later by a retrace of the channel and then a closing of the gap.HTH

  9. Posted · Edited by patrader

    If you are serious about daytrading for a living then you must first have enough savings to live comfortably for at least 3 years while you learn this business.Then quit your current job and become a full time in training trader. Learn to trade the futures which don't have the $25,000 pattern day trading requirements.Realize that it will take much longer than you think to become consistently profitable.Give yourself plenty of time to properly learn this business.You must fully commit yourself to this business or you will be eaten alive by those that have put the time and effort in.Every year you will improve and strengthen your trading skills.The learning curve is steep but if you dedicate your life 100% to trading for at least the first couple of years you will see results.If you want to shorten the learning curve skip all the indicator learning and go straight to learning everything you can about pure price action trading.Don't trade real money till you have observed a market full time for at least 6 months, better yet a year or longer.Learn this market's behavior in all different market conditions.Be able to know what kind of market the day is developing within the first few bars of the day and have a plan on how to trade it profitably.Have the skill to recognize quickly after entering, that the market is telling you, that you are on the wrong side of the market and must either reverse or exit immediately.Develop the ability to think clearly when real money is involved.Start with 1 contract and trade it until you are consistently profitable.Don't average down.Then increase your contract size not the number of trades.Take your time and learn to trade correctly.You can't rush it.HTH

  12. Posted

    Massive down day that really felt like capitulation. If looking at a daily chart it is clear that we have been in a down trend for a couple months and now, without any breakout, we put in a huge range bar. When I was watching it real-time the 15m bar into the low put in a range of about 200 pips. Should that a true capitulation, we won't test that low for at least a few days at the earliest and all the downside testing will happen at higher prices. So I will keep that in mind going forward and use new information to measure if this was a true capitulation or not. Despite the my trend measures all pointing firmly down, I need to shift my focus to the long side for at least the next few days. The only real area I can have to get long from is in the rather large 1.4880 - 1.4950 area with a higher focus being paid to the 1.4930/50 area.

     

    Pay attention in the 1.4930/50 area for signs of support. 1.4880 really is the last stop for much support to hold above the lows. Stay off longs if we break that until breaking below PDL. Ideal targets for longs are back up in the 1.5100 - 1.5180 area, but I will be scaling out at least 1/3 before a print of 1.5020.

     

    I do feel excessive risk on the short side at the moment but should the market have broken below 1.4980 when I am trading tonight, and then it comes back up to test that area from below before having hit 1.4950, then I would consider a short and scaling out quite aggressively in the 1.4930-50 area with at least 3/4ths gone should it make it down to 1.4880 area.

     

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