Thursday, December 01, 2005
First bar and then an ideal trade......just another day!!!
Yesterday I picked the wrong market to trade....the S&P500, but today I went back and tried it again. The first bar was a no brainer this morning. Then with the spread green and a 50CCI ZLR setting up when the turbo pulled down to (6) I had to wait for a trigger to pull me into the trade.
There was three setups up to 1:15pm or so, then the 50CCI ZLR started having trouble as the market went into a slop and chop mode ahead of the unemployment number tomorrow morning.....or "maybe" it was nice in Chicago and everyone was playing a round of golf before winter kicks in.
There is always some explanation as to why the market runs and then why it stalls, of course, that is a couple hours later and your attitude is shot by then. What kind a system do you trade ..... trend, countertrend, cycles, narrow range, expanding range, support/resistance? I personally like to consider everyday a trend day. Meaning that the market will open at 80% of the range and close at 80% of the other side of the daily range we end up when the market closes. You might want to read that a few times, but I don't know in advance if it will be a trend day, or what the range of the day will be. But, I have designed our system to take advantage when this type of day is in play and go quiet when it's not. Figuring out what kind of trader you want to be is hard, no one likes to set in front of their charts for hours waiting for the perfect trade while you watch people in chat room tell you ....... long ES plus 1.75. But waiting for your trade to come to you is exactly what turned the corner for me.....and not trying to follow everyone else. Believing in myself, my back studies, screen time and not chasing has been the key to the holy grail.
I hope that you find your key also....PEACE.
Subscribe to:
Post Comments (Atom)
3 comments:
Just finished my homework on the ER and the big pic says big trend day. and the day opened well.
then I got caught up in the small stuff and got lost. Seeing things that were not there and Missing things that were.
Incredible.
Thanks for continuing to point the way Dennis. Good Examples & good insight.
Hi Dennis, I keep seeing you mentioning the SPREAD is GREEN or RED from your posts, could you explain what what spread you are referring to?
thanks so much!
Another insightful market commentary. Thanks for the great work!
Post a Comment