Trading the SLA/AMT Intraday

[Schaefer 10]

Good Morning, everyone! I was unable to get online, last Thursday, and Friday, due to more construction work at my office building. It appears, the majority of the work is done, so I'm back in business, for now.

 

This week, I'm going to kick it up a notch, and sim trade on Daily, and 60 minute price bars.

 

Long Term Analysis: The Weekly chart has indicated a reversal from the upper trend channel line. Last week ended with a pronounced Bear trend bar with good volume. The week before was a small doji bar with good volume, which went no where, indicating pause in momentum. The Daily concurs with the Weekly, and in the pullback phase. Whether this pullback will turn into a reversal? We will have to wait and see. Daily Chart.

 

 

Short Term Analysis: Overnight session was bearish, however found some buyers around 96 and 98 area, and on it's way to retest the pre market high. It is important to note, that it was unable to test, let alone breach the previous RTH (regular trading hours) low. Hourly chart.

 

 

Plan of Action for the day:

 

- Observe opening range. Look to short around mean of last Friday. Look to go long above Friday's mean, if it holds.

 

- Short below Friday's low, but will take profit between 76 and 65. I will not be taking reversal long off Friday's low, as we're out of the range

 

10:03am: Price broke through pre market mean, retested, and failed. It bounced off the pre market low, retesting the mean for the second time. 5 minute chart.

 

 

 

10:30am: Hinge on 5 minute chart.

 

 

 

12:00pm: We have now established a pronounced range with exact extremes. Plan of action still stands. Looking for shorts only. Longs will be considered above Friday's mean. 60 minute chart.

 

 

 

12:29pm: Short at 98, target 76, stop 02. ...stopped 01.75. Looking for better location.

 

02:00pm: As per plan of action, shorted at the mean. Entry 24, stop 25.50, target 13.75

 

 

 

02:11pm: Target hit, flat. Re-assessing. 15 minute chart.

 

 

 

03:15pm: The dilemma of a one lot trader. Price proceeded to the bottom of the range, after it had hit my target. If I was trading multiple lots, I would have let some as runners. Now hitting resistance at pre market high. 15 minute chart.

 

 

04:05pm: As usual, with the closing of the last 15 minute chart, the trading day is over. Today was another day of testament to the AMT. Price respected the range, and tested the highs, and lows multiple times. Hourly chart.

 

 

Summary: It would have been an extremely profitable day for a range trader, as price traversed high and low repeatedly. Unfortunately, I've always been a lousy range trader, as evidenced by the lousy first trade, so I mostly sat on my hands today.

 

Followed the plan of action well, today, except for the first trade short at 98.25, which was clearly the bottom of the range, and even a newbie knows not to short the bottom of the range. The only explanation I have, is I was inadvertently watching the 5 minute chart, instead of my usual 15 minute chart, and that clouded my field of vision. That's one reason, I stay away from short time frame charts. It just doesn't work for me.

 

The short from Friday's mean was excellent, however, with such a strong break out, I did not anticipate the price to traverse all the way to the bottom of the range, so placed the profit target at a safe place, which was retracement to the break out level. Now, if one was trading with multiple lots, one could have taken profit at that level, and let the rest run with a trailing stop. 15 minute chart.

 

 

Schaefer

Edited March 9, 2015 by Schaefer

[timokrates 10]

Hello everybody,

 

apart from my perception of the current range I have attached a 60M chart which shows how price is interacting in between the ranges (+midpoints). I just found it interesting - and encouraging.

 

So eventhough the way up seems limited with the 50% of fridays decline at 25 a breakout above 14 would be a valid trade.

 

To the downside the 90 area with fridays low and the top of from february 16th/17th looks interesting.

 

Edit: Looks like it gets tested very soon..

 

+++

General excercise for today: Focus more on the 5M and wait for price approaching the extremes patiently..

+++

 

9:55: Kind of a "violent" reentry into the range - and a nice PM long...

 

10:50: Price at the apex (4402) of the hinge within the TR - absolutely nothing to do...patience..patience...

 

10:58: Potential false break down...

 

11:04: Took the short after the bounce of the apex...already at BE after the break of the lower limit of the range...stopped out...

 

11:08: Eventhough it smells like longs it might be wise to wait...

 

+++

Lessons learned so far today: Sit on your hands if there is absolutely nothing to do. Maybe if one has a hinge within a range, "conservative patience" is needed - if this makes sense.

 

Even when I took one trade (which got stopped out at BE) I was very rigid here and managed it in an obvious way, that I moved the stop to BE after it was approaching the lower range limit and then failed to break it...

+++

 

13:50: This bounce from the 50% at 25 might have been a tell...

Edited March 9, 2015 by timokrates

[DbPhoenix 42]

Today re-emphasizes the importance of using larger bar intervals for those who can't daytrade. It also re-emphasizes the importance of trading at least part of your funds in larger bar intervals. Unless one wants to stay up all nite. At the moment, Europe is taking care of that range below yesterday's trades, and unless one happened to be up at 0530, all he can do is review what has already happened, what he was no part of.

 

The levels shown on yesterday's 5hr chart remain. But do we get a nice trend day? Or do we end up trading in yet another range?

 

For those who are up, price appears to be testing 90 from the underside.

 

0700: The mkt appears to consider 74 to be the LL of that little range.

 

0726: Breaking thru median.

 

0733: Stalling at 78. If the btm of the range is 65, then 77 wld be the median.

 

0817: And here we are at 74 (too bad I'm by myself here).

 

0947: And here we are at 65. And if kp ever reads this, JUST SHORT THE DAMN RET. IT DOESN'T MATTER WHERE. And place your stop above the danger point. That's all there is to it.

 

If this fails, next stop is 20.

Edited March 10, 2015 by DbPhoenix

[Wolfhound 10]

09:26 We have travelled out of yesterday's range during the early morning trading.

From where we are now, I will watch the reaction at the previous day's low and the overnight low

 

We have various levels below the ON low, and in particular there is a high from 28th of November at 4342. This would take us back into the weekly range that can be seen on the weekly chart.

 

09:37 After moving around below the opening point we are now testing the ON lows.

 

09:45 Through the lows with a lot of effort. We have another low around 64.

 

10:03 Congestion for now. Working through previous levels will take time.

 

10:11 Breakout attempt from the range.

 

10:16 I have some form of swing low at 48, don't know how valid it is.

 

10:51 We got a reaction at the November high. Interesting how these old levels that I used to disregard, can often have an effect on price movement. Next step is to profit from that knowledge

 

 

1 Min chart added.

Edited March 10, 2015 by Wolfhound

[boru 10]

I must be missing something the time and levels aren't matching up Db, I am posting a 5 min chart

 

See my 5hr chart from yesterday pit stop at 43?

Edited March 10, 2015 by boru

[Schaefer 10]

Good Morning, everyone. A little late here.

 

Long Term Analysis: The weekly, and daily concurs the reversal from the upper trend channel line. Yesterday was a weak doji bar, and that was after a strong bear trend bar breakout. Today, we're in the chop zone from 02/16, and 02/13. I'm expecting a range bound, or even a weak reversal, before attempting to breach the zone.

 

 

 

Short Term Analysis: The overnight and pre market has been decisively bearish. Price is pulling back as of last hour or so. But I expect that to be sold off, soon. Hourly.*** Posted wrong pic, corrected!

 

 

 

Plan of Action: Sell every retracement. Target is 52.

 

 

09:42am: Short 77, Target 52, Stop 81.

 

09:52am: Move stop to 66.

 

09:54am: Stopped at 66.

 

 

10:50am: Price has breached the first zone from 02/16, and the second zone from 02/13 decisively. I have drawn a channel, and if it's valid, we should see some interest around the 40 area.

 

 

 

11:30am: Buyers poured in around 41, and took it almost, all the way to the mean of the channel. 11:15 bar looks like sellers coming back in, sell order at 58.75.

 

 

11:35am: Sell order filled at 58.75, stop 64, target 45.

 

11:42am: Move stop to BE +1.

 

11:47am: Move stop to 55.25

 

 

11:53am: Move stop to 52.

 

11:55am: Target hit at 45, flat.

 

 

12:30pm: Price almost touching the lower trend channel line. It'll get interesting.

 

I understand that you're doing your own thing, but there is no trend channel. All of these diagonal lines are irrelevant.

 

Yes Sir, in the interest of keeping the SLA/AMT context proper, I'll take them off. Thank you for pointing that out. 5 minute chart.

 

 

02:05pm: Apparently, there aren't enough buyers, who think it's a bargain down here. So, the market is in a grind and testing each other at the moment. 15 minute chart.

 

 

04:05pm: As usual, with the closing of the last 15 minute bar, the trading day is over. It was a relatively smooth day, compared to the day before. According to my weekly chart, the mean is around 4270. So, we still have a few more points to go.

 

 

Summary: Another great day of learning AMT. Followed plan of action to the best of my abilities. Even though, this is not a chat room, and we do our own thing, I've learned a lot over here on this thread, than just doing it a lone by myself for years. When you're by yourself, you have no accountability, and do some crazy stuff out of boredom.

 

However, my knowledge is a mix bag of teachings from, "DBphoenix", "wrbtrader", and "Al Brooks". Some of the trades, I don't post here, as they have nothing to do with AMT. I think, it may be better off, if I start my own journal somewhere, and leave this thread a lone, so as not to contaminate with other non SLA/AMT related methods.

 

Schaefer

Edited March 10, 2015 by Schaefer

[timokrates 10]

Hi all...

 

Here are the ranges I watch on micro and macro...

 

 

On the macro I believe they are pretty much the same the way DB has them...

 

 

In terms of a trend day 4280 is the halfway level...

 

10:17: There does not seem to be much in between untill 4322...and if this range starting from december 18th/19th would be tightened a bit, the upper level would be 4304...

 

 

Your third chart is a distraction.

 

Simplify.

 

Focus.

 

Concentrate.

 

Thanks, yes...it's my major problem...

 

11:06: Waiting for 64...

 

11:17: Short 62

 

11:20: Out...lost 2 points...

 

11:24: Reentry short 62

 

11:32: Stopped out BE after taking some heat...looks like range...

 

11:43: Sometimes there is an advantage in beeing stubborn...took another short at 58...this is all a bit vague and I'm merely testing here my patience to wait for levels...and don't do something stupid in between...which is a hard task...

 

11:46: Half out, stop BE...free ride...

 

12:20: Price is approaching the low of the 60M channel...

 

There are no 60m channels.

 

I know that you use them only on Daily and Weekly. But I was looking for a bit of a reference here. In general I was also looking at the high from february 11th at 22. Target is 24.

 

Given that we've rolled over, the only reference required is the median of the weekly channel. You can look at stopping places along the way, such as 20/22, but they are only of passing interest.

+++

Lessons learned today:

 

• Wait for the level in a market with wider swings
  
• Don't act too early if price finally gets there just because you fear that it can leave without you...
  
• Scratch when you have to...
  
• If price has left the range, SLA is enabled...
  

+++

Edited March 10, 2015 by DbPhoenix

[Gringo 10]

JUST SHORT THE DAMN RET. IT DOESN'T MATTER WHERE. And place your stop above the danger point. That's all there is to it.

 

At times I marvel at the simplicity and consistency of favorable outcomes. Must be something to do with my intelligence. I am genius of sorts with wizardly acumen and cheetah-like reflexes. Wizardly acumen told me to short at failure of TR top, which happened to be the second retracement,and cheetah-like reflexes have kept me in, doing nothing, for the past few business days. Although in all honesty I've been reading two non-trading books simultaneously to ward off boredom.

 

Gringo

 

I assume that nobody is trading interday and shorted the retracement on the daily. But then how can people daytrade if they're not available to trade during the day? We have tons of people watching, but only four people participating, and not all of them are logged in.

 

It's a mystery.

[k p 10]

 

0947: And here we are at 65. And if kp ever reads this, JUST SHORT THE DAMN RET. IT DOESN'T MATTER WHERE. And place your stop above the danger point. That's all there is to it.

 

If this fails, next stop is 20.

 

Thanks Db. Today is unfortunately a day where work prevented me from being here right at the open, and so I'm just following along now.

 

I have been very much trying to follow your advice of now of simply figuring out if you want to be in the trade or not, simple as that. Hanging on too long, which is what has accumulated the losses, has now added to the fear, but every day gets so much easier where I see that I can just simply try, get out if its not doing what I expect, and save the mental/emotional energy for the next trade.

 

I've also read Schafer up above mention a couple of trades where he kept a tight stop and simply took a short at the mean of the previous day range and I've found this quite helpful as its really starting to align with where my comfort level seems to be and where the best/most logical places are to look for a trade.

[k p 10]

Perhaps to explain a bit further, my insistence on seeing trades was simply to understand how sure you guys are about the trades you take. Somehow I developed the impression that almost all of your trades work, that you have analyzed every nuance of price movement and can ascertain with a high degree of accuracy the probability of your trade. But I'm seeing more and more that the idea is just to place a trade in a high probability area with the lowest risk, and just wait to see what happens.

 

By having this detachment from the trade, it makes it much easier to scratch. But this is somewhat in conflict I think to having a high degree of confidence in the trade. So on one hand, you are placing a trade because you think it will really work (or else why even enter the trade), but on the other hand, you really have no idea and are prepared to scratch very quickly. I think that by seeing several scratches or re-entries, it would have gotten me into this frame of mind, but instead, I've kept trying to focus on finding the perfect trade as ND has identified so well, because I was under the assumption that you guys really knew something that I couldn't see.

 

Do not make this into yet another therapy session. If you're not trading, watch. If you don't want to watch, move it all back to ET. Any further posts will be moved to "Off Topic Posts".

[georg7e 11]

11/28/14 high was 4348.5.

 

That's true, George. Have you read the SLA/AMT pdf?

 

Of course.

 

The November high isn't particularly relevant right now. What is of most interest is the median of the weekly channel given that we are so close to it.

 

Wouldn't both, make it an even stronger potential place to look for a point where something might happen?

 

The median of the weekly channel and the November high aren't related.

Edited March 10, 2015 by DbPhoenix

[DbPhoenix 42]

Well. Trading has shut down for a while, and we got within 7pts of my intermediate target. I thought we might reach the median of the trend channel today since it's only 60pts away, but it wasn't to be. Maybe tomorrow. Or we may try a rally first.

 

All that aside, though, I'm going to make some changes.

 

A couple of years ago, I said that I was going to stop discussing daytrading in this forum because only a tiny percentage of those who were participating were in a position to daytrade, whether in terms of time or temperament. Or both. Usually both. But by continuing to discuss it, I was enabling it, and I was extremely uncomfortable with that. However, people insisted, so I relented, and I shouldn't have.

 

When the "House" thread started getting dragged into daytrading, I asked how many people were not only interested in daytrading but were in a position to actually do it. Ten people responded, so I opened up the "Intraday" thread. Unfortunately, there were several people who insisted on participating even though they had no idea what the thread was all about. This was counter-productive. So I moved the whole thing here.

 

Trouble was, most of those ten vanished. So while I don't consider this to be a waste of time, it would be of far more value if there were (a) more than three or four people and (b) they talked to each other. Even so, watching this activity over the past three weeks, it has become clear to me that those who are participating just don't have the time or the temperament for daytrading. This is not a personal shortcoming. It is simply a fact. The days of earning what one needs within the first 90-120 minutes are long gone. Daytrading is now a long haul. And if one can't concentrate and focus on what he needs to concentrate and focus on for more than that amount of time, he is wasting his time.

 

There is also the matter of content, particularly my posts and my charts. It is obvious that most are ignoring both. If so, they wouldn't be drawing all these lines and looking where they don't need to be looking and cutting profits short. The reward for enduring a range day or two or three or even four is the eventual trend day. Like today. And to throw it away because one doesn't know what to do with it is not only also a waste of time but unrealized profits squandered.

 

Perhaps the problem is a lack of study. Perhaps the problem is a lack of understanding. Or perhaps it is our old friend fear. In any event, I'm making this worse by making this venue available in its present form.

 

Therefore, starting tomorrow, I'm opening up these threads (I'll start a new one each week) to those who want to practice Wyckoff trading in whatever form, including the SLA/AMT, without having to concern themselves with trolls. If participants want to trade stocks or ETFs or commodities, fine. Just, please, no FX and no options. However, no charts will be accepted that are based on any bar length of less than 15m. Any charts that are posted with 5m bars or 1m bars or any other bars less than 15m will be deleted. 30m bars are better. Hourly bars are better still.

 

Once you learn this stuff, you will be in a better position to daytrade if and when that opportunity ever comes up. Like when you retire. But you're not in a position to do it now. And I'm not going to enable whatever self-talk you may have regarding your suitability for daytrading, at least daytrading now. I suspect that those of you who continue will feel far better about all this once you're no longer feeling so goddamned much pressure, particularly the pressure to close everything out by the end of the day.

[Gamera 15]

I'm sorry to see the time format get changed but I see how the change might actually benefit most of those (if not everyone including myself) who are unable to give the market their undivided attention throughout the day.

 

Whilst I was trading profitably in the last quarter I was missing out on the best of what was available, my plan was too heavily dependent on SLA even within ranges, I realised during my last trip away that although I was profitable I was missing too much, late entries and early exits amongst the many complaints.

 

My big push 3-4 weeks ago when I was available to trade "full time" for the duration of my home time, was to approach AMT as AMT and SLA as SLA when PA dictated one or the other. And even though I was only able to participate for 2 weeks I found the observation/trade hugely beneficial as it pointed out, to me at least, that I had huge weaknesses related to the AMT aspect of my plan mostly surrounding entry criteria. In hindsight the ranging market was a very good lesson in showing me my weaknesses.

 

I've spent my downtime looking over all the charts that have been posted by all those involved and poured over my own in my journal to define what exactly in terms of behaviour I need to be looking for and now have a much clearer idea of how to proceed.

 

I might be putting the cart before the horse but I have reassessed my plan in order to test out the criteria, it will have to wait until I get back to dry land though.

 

As I have the time and I believe the focus/concentration I will likely continue using the shorter TF but as always I will keep my eyes on the higher TF.

 

And yet again, thanks for you continued efforts both here and on ET.

 

Gamera.

 

Good to hear from you. And when logging observations, price behavior is a continuous stream. And you're free to focus on whatever bar interval you like for trading. But when it comes to charts, the shorter intervals screw just about everyone up, largely because those who are using them aren't in sync with them. If one is physically unable to track whatever he's trading, then he has no business trading it.

 

If the point of the continuity of price has not been made, it is most likely because those who don't get it just haven't studied enough, and there's nothing I can do about that. But I don't help struggling traders by enabling their less-than-helpful habits.

Edited March 11, 2015 by DbPhoenix

[tupapa 10]

Well. Trading has shut down for a while, and we got within 7pts of my intermediate target. I thought we might reach the median of the trend channel today since it's only 60pts away, but it wasn't to be. Maybe tomorrow. Or we may try a rally first.

...

 

Chapeau,

 

I always found it somehow ironic how you assertively discouraged folks from trading intraday yet pretty much all discussion on Wyckoff trading was invariably focused on 1 minute trades.

 

Because that's what people wanted. Enabling it was my error.

 

I would like to participate more on the longer time-frame discussion.

 

As long as you can stay on topic, you're welcome to do so.

 

On that matter, does someone know of a way or resource that can be used to identify trading instruments that are in a range on the daily/weekly? Maybe a combination of indicators? To avoid having to scan visually through individual stocks?

Edited March 11, 2015 by DbPhoenix

[DbPhoenix 42]

place holder........................

[boru 10]

I am fine with whatever rules you want to impose, it is your forum, I'm grateful the knowledge is being shared by all so openly, I will have to delete my 5 min chart and work up a 60.

 

Don't overdo it. Try a 15m

Edited March 11, 2015 by boru

[Schaefer 10]

Good Morning, everyone. Now, that DB has opened the forum for other methods, I guess, I'll be posting charts with MA, MACD, and Stochs. Sierra Chart has a couple hundred indicators in the library.

 

Long Term Analysis: The weekly is clearly in the retracement from the upper channel, and quickly approaching the mean of the channel. The Daily concurs with another strong bear trend bar to close out the day, yesterday. Usually, when we get a climatic drop like yesterday, after a decent size drop like (03/06), we tend to get a rebound for a little bit. But being so close to the mean, we shall see. Weekly & Daily.

 

 

 

Short Term Analysis: The overnight, and pre market has been a weak, but bullish price action. The low of pre market did not breach the low of yesterday's RTH. 30 minute.

 

 

Plan of Action for the Day: Sell from Yesterday's mean: 72, or so. Sell below yesterday's low; target is between 4260 and 4270. Buy above today's pre market: target is yesterday's mean.

 

10:24am: We're at the extremes. Looking for opportunities. Looking to sell below 27.50. 15 minute.

 

edit: Lots of buyers at 27.

 

 

10:30am: Al Brooks's "Pin Bars" on 15 minute chart. STAY OUT.

Edit: Missed the opportunity to sell at 32.

 

 

10:40am: 5 minutes to go on the 15 minute chart, and price is still below, yesterday's low. We'll see how this bar ends, and re-assess.

 

12:05pm: Price hasn't been going anywhere, which is normal after a climatic day. I'm still watching and sticking to the plan. I did not see a good place to enter short since missing the entry at 32.

 

 

1:05pm: Still in the shaded range area. The range is big enough for scalping, but do not have the time, or patience for it today. Still sitting on hands, and see what happens.

 

 

 

03:35pm: Buyers finally gave in, and price broke down and created a new low. Apparently, the Volman method works on 15 minute time frame, as well, as evidenced by the break down at the low of the shaded box. It seems, we will get to the 60s, and 70s, sooner than expected. 15 minute chart.

 

I suspect that it has less to do with method and boxes than that this is the level of the retracement a month ago today.

 

Virgins and volcanos.

Ahh...yes, but you see, when you put a box around it, all of a sudden it's much more easier to see the price action, or so I've been told...Okay, I'll shut up.

 

No need to shut up. The box is useful, but it's important to know why it's being formed in the first place. Otherwise one is becoming a pattern trader, and that can lead to dark places.

 

 

 

04:15pm: As usual with the closing of the last 15 minute bar, the trading day is over. The day ended as another decent bear trend bar, and getting awfully close to the 60s, and 70s area. The buyers put up a good fight today, as evidenced by the back and fill price action, but in the end, the sellers had the upper hand. 30 minute.

 

 

 

Summary: Today was a challenging day, which was normal after a climatic breakout/breakdown day, such as yesterday. On a 60 minute, or 30 minute chart, price might look orderly, with pronounced LHs, and LLs, but in real time, I had a hard time finding proper entry, as price kept invalidating my entry price point, back and forth, over and over again. Extreme patience, and balls of steel are required to trade such a day, as today.

 

Roll over day is coming upon us.

 

 

Schaefer

Edited March 11, 2015 by DbPhoenix

[DbPhoenix 42]

1015: Failure to get past the halfway level. So far.

 

And I see that we have far fewer onlookers. Which is very likely a plus.

 

1040: And here we are at 22. Next stop is 4260-70 is this doesn't hold.

 

1100: Since the NQ and ES have decoupled, this may put brakes on the NQ.

 

1217: Hinge on the 60m. Apex is the same as the PDL.

 

1502: Another hinge, apex 21.

Edited March 11, 2015 by DbPhoenix

[timokrates 10]

:rofl:

 

It's really difficult to hide from you...

 

Just got back from work... Still have to do that...

Mostly because I still did not finish my backtesting I believe...

This really blocks me from going further..

 

Edit: No problem with that DB...Will be there on time again tomorrow. And you might want to delete the post as it is of no use for the thread...

 

No problem. This thread has only two more days to go anyway.

Edited March 11, 2015 by DbPhoenix

[youngin 10]

I've been watching the 60m lately and BOY does my life seem a lot less stressful than when I'm daytrading. At this point, I'm pretty sure I'm going to make the conversion.

 

Considering that the Daily and Weekly channels provide an Overbought/ Oversold indication, would looking for LH's in OB territory and HL's in OS territory be a sound starting point for hypotheses?

[timokrates 10]

I've been watching the 60m lately and BOY does my life seem a lot less stressful than when I'm daytrading. At this point, I'm pretty sure I'm going to make the conversion.

 

I understand that the trading from higher timeframe charts might be clearer and kind of hustle free. But if I get it right you have to be there every hour at least during the main sessions to check what is going on.

 

This to be honest makes it highly unattractive for me. What I mean here is specially trading from hourly charts or even 240 or 300 minute. Daily might be different. Apart from DB Gringo should be able to give profound answers here.

 

Gringo? Profound?

 

:shrug:

 

Youngin, what I mean is that I believe that there is another kind of discipline necessary. And also one might be within the trading mode all the time and is not able to really shut down. I think 60M is deadly here. But that's just me. I still like DBs 90 minute approach - not only because it corresponds with the time off a football (the real one, not the one which is merely played with hands) match.

 

12:10: Hinge BO and RET?

 

Chart moved.

 

Ok..:helloooo:

 

13:11: Potential reversal at range low / false BO from 60M range? Seeing trades where there are none...

 

I suspect the hinge is more important at this point than the range, particularly since it's forming at the bottom of the range. Like a tumor.

Edited March 11, 2015 by DbPhoenix

[youngin 10]

I understand that the trading from higher timeframe charts might be clearer and kind of hustle free. But if I get it right you have to be there every hour at least during the main sessions to check what is going on.

 

This to be honest makes it highly unattractive for me. What I mean here is specially trading from hourly charts or even 240 or 300 minute. Daily might be different. Apart from DB Gringo should be able to give profound answers here.

 

If I'm not mistaken, you'd only need to check it about once an hour. Possibly more so if you're near an entry/exit point. Having remote desktop set up to my phone makes it a breeze, as I can be anywhere doing just about anything and still be able to trade.

 

 

timokrates- I don't see shutting down as a problem for me, though that probably varies on a person by person basis. I'm young, so I've always got my phone in my hand checking it anyhow. Plus I'm not married. And I don't have kids. You're also taking the market hour by hour, which is a lot less hectic than minute by minute.

 

As for this 'football' match you speak of... that's what we like to call round here "pussyfootin around". Ain't no football 'cept 'Merican football! {sarcasm}

Edited March 11, 2015 by youngin

[Gringo 10]

I overheard someone mention Gringo and profound in the same sentence. I am getting a bit worried as my luck must to be getting close to a buying climax.

 

A climax of some sort at any rate.

[DbPhoenix 42]

So here we are.

 

I'll grant that trading longer bar intervals isn't exactly pins and needles (which is why this didn't work out the last time, which told me a great deal about why people daytrade in the first place), but at least it gives one time to think (eagerness to trade supplants deliberation).

 

But even if there are only two people using this, it's here.

[tupapa 10]

1040: And here we are at 22. Next stop is 4260-70 is this doesn't hold.

 

So since 22 didn´t hold, your next "target" is the median of the channel?