Dislikednot bs you or trying to one up you ..
just stating from my experience when a market decides to drop like this best to wait for a real reversal day before trying to take a long just cause a lagging indie that says market is oversold says so ..but what ever works for you , yeah i may miss 100 pip of move but better to do that than lose 5 x 30 pip trade trying to catch bottom
.Ignored
- #190,502
- Feb 5, 2010 12:39am Feb 5, 2010 12:39am
if I knew whether the trend is continued or it retraced by 100-150 pips, I would do that. of course, you are right... scalping is not the preferred way of trading, but to be honest I'm learning quite a lot from it.
I make most my money scalping though, so its my preferred method.
Never would I suggest it to new traders though, you need nerves of steel and many many keyboards to throw through the wall
Im a zombie..
"Rawr"
- #190,504
- Feb 5, 2010 12:43am Feb 5, 2010 12:43am
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
if I knew whether the trend is continued or it retraced by 100-150 pips, I would do that. of course, you are right... scalping is not the preferred way of trading, but to be honest I'm learning quite a lot from it.
you could use hulls moving aver on 30 min time frame or daily timne frame for days trend
also you could use prior days high low close.
I did a post on value area of prior day to determine buy sell or range day
here is eu chart for today
low value area for last 24 hour is 1.3740 , for me unless price moves above this I am selling rallies
eu is on a major s/r zone though and we have had some buying interest shown on high volume down bars indicating potential hidden buyers . so stepping lightly for now . FTSE could try and fill gap as there will be a massive gap this could eu up some.
Blogging daily now at www.volume.zone
- #190,506
- Feb 5, 2010 12:47am Feb 5, 2010 12:47am
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
Blogging daily now at www.volume.zone
me thinks today we will reach 1.3605 ~
- #190,511
- Feb 5, 2010 12:57am Feb 5, 2010 12:57am
Yes, those are the worst days, when youre convinced it will move one way and it moves the opposite.
You have to not allow yourself to get married to your position when that happens though.
Be cold, and calculating.
- #190,513
- Feb 5, 2010 12:59am Feb 5, 2010 12:59am
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
You know what? Now you got me. When I took some sleep I'm going to setup a small Windows-partition in order to be able to run MT4, even if it's just for all the nifty indicators.
Would you mind to tell me a little about your screen setup depicted in that attached screenshot?
one is a pivot with prior days high , low close , that can be useful as s/r lines
then I use a market profile or value area indicators. That is the mutli coloured histogram on the right of the chart This shows where the buyers / sellers are in the days range. POint of control is the max transfer between buyer and sellers . Today the point of control was way up at 1/3846. As soon as price drops thruough this and if we see some form of up move hit with high volume selling just above it (or no demand on an up bar indicating buyers are not interested as we saw today) , the move is really bearish
the bottom pane is just a better volume indicator , look in the vsa thread that i am active in for how this works. and middle pane is rsx ... I rarely look at that
Blogging daily now at www.volume.zone
- #190,515
- Feb 5, 2010 1:00am Feb 5, 2010 1:00am
- | Joined Jul 2008 | Status: Clear Cut System Trader | 1,111 Posts
- #190,516
- Feb 5, 2010 1:01am Feb 5, 2010 1:01am
Yea right.... But it hurts so much.... i have been waiting whole week for today's numbers, then got loaded and then fu&$ing candle just went through my SL and came back up... isn't that frustrating? Plus I have lost my confidence in going north. Uhhh
Now you can focus on the downslide heh.
Im a zombie..
"Rawr"