rknapp0205

Hi Sillykiddo Yes, happy to explain as best I can. I use the 1 minute chart with volume, and the MACD histogram. I wait till at least 10AM (or till the markets settle), then start watching the action of the chart. Let's say the markets start down (dow, nasdaq, S&P). I look to go short. I am then looking for relative resistance. As the chart (I use OHLC bars) ascends, and the MACD histogram climbs (like scaling a mountain), I wait for it to top out (2-3 bars going to highest pt, 3rd a little lower). I look at the chart of ES - it has, at the same time, reached a high. Usually it has bounced a couple times off a top and opened the next bar slightly lower. I look to place a limit order at or just below the top of that 3rd bar. Set a target of 1/2 point (25), and a stop just above the top of the first two bars. If it picks up the order, it will usually hit a 1/2 pt quickly before it retraces to take out your stop. Remember, it's all in the percentage winners vs losers. I am now paying (with my current broker) $21 per round trip - this strategy won't work to give you any meaningful income. Hope that was clear - if you have any ideas or suggestions of your own, please share. THanks Bob

GCGecko, I appreciate your commentary. An associate of mine pointed me to felton trading, but he has very deep pockets. I, like you, do not. I have taken many courses in trading (stocks, options, not futures). My results have been horrible in the past, but I haven't given up. I believe you have to discover your weakness, then work on it, always have a plan. Money mgmt is key. I have gone from being a consistent loser to making minimal gains. Painful lessons, but we all go through it. I have tried a new technique. Only works with low commissions (under $5 per round trip). Just look for relative tops (off 1 min) and bottoms and try to grab just 1/2 pt (e-mini just $25). You should hit almost 100%, but risk reward has to be at least 1:1, maybe 1:2. Do it enough times per day and you can make a pretty good living. My theory that it will almost always move a 1/2 pt in your direction when it reaches a consolidation point. I use the MACD histogram with the charts, and keep in simple.