Carpe diem: Intraday tactics for Dax and Dow

1. you can't predict, you react to price
2. you can forecast, based on near-reliable structures/formations
3. prepare to be wrong

Trading Meta-Strategy

1. Any strategy is about going Up or Down
2. Market can go Up or Down or Sideways (Up/Down or Whipsaw)
3. The only real way to measure Up or Down is to use a marker
   1. If you're above the marker, LONG
   2. If you're below the marker, SHORT
   3. Try and recognise and avoid sideways markets

4. Markers I've found useful for DAY TRADING:

    

   1. Previous Day Close = Today's Open
   2. Previous Week's Close = This Week's Open
   3. Note that I am using Day (small frame) and Week (large frame)
   4. I am ignoring Month, because that starts getting into Swing Trading which is different

5. I look for stacking

    

   1. Stacking is getting lots of strategies and indications and piling them up as evidence
   2. The more evidence for a directional move, the more confident in the Trading Bias
   3. Eg. Elliot Wave Count, S/R, ZZBB (my own strategy using Bollinger), Recurrance/Transience (won't go into), Lagging Indies, News, Fibs, Murrey Math, etc etc etc.
   4. When I look into the different measures, I've set them up so I get a quick decision in seconds/minutes.

Another excellent strategy is the IF/THEN/ELSE which a great trader called Cloggie taught me ages ago when he used to post in FF.
He was a master at calling price with naked chart. He stressed the "programming style" decision tree.

That started me on the journey of the "emotion-less" trading. Which has really really helped.
It doesn't mean you are without emotion - you're still a human and you will always be wrong.
But it now doesn't dictate your trading actions.

Hence why it's important to have a bias for the day, but be prepared to be wrong.

Hope the learners got something useful out of that.

Green pips to you all!