Friday, February 16, 2007

Daytrading and knowing when to holdem......


Well the first bar today was a BE at the best....and that if you were fast and had enough coffee to keep you eye lids open. Just as soon as the trigger was available it was only 3 70 ticks bars, which is no time at all, before you had take action if you like to take half off and move to BE. No sooner then you would have moved to BE, it would have been hit......and that is in a perfect world.

But the good news is, the third bar reversal again would have saved your bacon and actually gave you a very nice trade if you use the idea of waiting for your indicator to go oversold and then the high of the last bar to trail the stop.....

Now for those cowboys who just like to watch an indicator and play texas hold'em, the first Vegas trade setup without using price was a kiss of death.....I know the second one was nice.......but with using price you could have reduced your losers by one........or to none.....WOW.....

1 comment:

Phil said...

I'm checking out a "get out of Dodge" move where if the stoch is turning down that close after entry, I'm flat instead of half off.