Sunday, February 04, 2007

Daytrading another day...another dessert!!!!


So we have talked about a few ideas and have had a few quesitons....if you have any thoughts or ideas you would like to share about this setup, how to improve it, how to reduce the risk and so on, please feel free to post a comment or two, I would be more then glad to pass them on to others. One question that has been talked about is when to pull the trigger.....if you have to wait for either the high or the low to be taken out.....but if both are taken out on the next bar it voids the setup, then when should you consider leaning into it....

One answer would be in keeping a log of "your" thoughts as they unfold after the open. Second answer to this question to actually wait for the close of the next bar as long as it's not an inside bar and then on the open take the trade. But who can wait that long......after all we are suppose to be daytrading the living crap out of this market RIGHT????? WAIT, but it might run on me???? YES, I will from time to time but that's life in the fast lane.

There could be a theroy out there and most of us have used it to some degree is the gap from yesterday close and look to fill that gap, which on Friday it did. One could also take a close at their favorite indicator, you know the one that only "you" have and has kept your backend out of trouble for the last 25 years. I have plotted the stoch, a double smooothed one, on a 3 minute chart and it was pointing down as the market opened on Friday....could one use this simple idea to lean into a trade early??? These are things that "you" have to play around with and see if you can find your answer of course.

The last one might be just having 8 years of screen time, sitting here everyday, watching, thinking, logging, charting and doing some basic research. It's not about finding the holy grail....you already have it, just use it.

4 comments:

Anonymous said...

Dennis,

I know I have asked this before but did not see it answered. Are you using TS or FT here ?

Thanks,
MarioM

Barnacle said...

Dennis,

I am watching your charts that you posted with a lot of interest. Since you posted them, I have only had one fail badly on me....the other ones I saved a +0.6pts on by watching the DOM for cues.

I do like this 9:30 bar play. Gets my day off to a positive start! Gap fills have been a staple of mine (and everyone else) too.

Something I have noted is this after closely studying the CCI oscillator for 2 years. It rarely gives a better signal than watching just price patterns and a MA. Honestly most of my best trade patterns come from that old chestnut of a book by Edwards and Magee.

I am not knocking anything anyone else uses. Before all you mad CCIers ream me for this post. LOL.

C.

PianoMon said...

MarioM, YES.......ROTFL.

I use both FT and TS for trading setups, I also use VectorVest and Best Choice for longer term setups in stocks......then drop down to find a trigger with defined risk.

But FT and TS for intra-day trading for sure.

Anonymous said...

Barnacle - Price MUST confirm. You are doing exactly that.