Monday, March 05, 2007

Daytrading and biting your nails......


For me, I have giving some ideas and asked some questions....like how much of a gap can I have or how wide of the first bar could it be and so on. The reason has been so that you as an indivdual would begin the process of determining what can work or won't work for yourself. That is where the true power comes from, not doing exactly what I do or what someone else does each day or each trade but to provide ideas so you can improve your own trading.

To that end, I take them all.....the breakout of the first bar and "IF" and I do hate to say "IF" that one doesn't work I then take the third bar reversal of the first trade. If the first bar, like today is a short, then the third bar reversal has to be a long. Some days, of course, you are lucky on the first as the market never looks back. Other days, you are hero on the third bar as it can get the money you lost on the first bar back. Somedays, it doesn't matter what the heck you do...you couldn't find an ice cube for your diet coke in Anchorage during the Iditarod.

Again point "A" is where we could consider taking some profits off and then when the stoch moves backup....at point "B" we could move consider moving under that pivot and let is ride........wohhhoooaaa. BUT, it took a long time (12 minutes) just sitting there waiting for the third bar to trigger.........

2 comments:

al858 said...

Doing the research, I had come to the same conclusion you just stated: take all trades reguardless of gap and range. I am still playing with the 3rd bar reversal.

These posts have been very helpful and the style forces you to do your homework instead of spoon feeding.

I can hardly wait to see what the next trade setup is that you are going to explore.

PianoMon said...

me either!!!