ES WED 10/19/2011

BruceM | 18-Oct-2011 at 4:06 PM | Rep: 47.8k | Posts: 10.6k | mail
I'm burned out from forum life...LOL....but I'll leave you with this today.....we had the 23.75 area marked as a long term Auction high from yesterdays thread. We also had the last low volume area from yesterday thread marked at 1217.

That news event spike blew through the 1217 without a retest at first . Some may have been thinking that my volume idea was going to fail and the 1217 was going to be passed on by. I was thinking that myself. Once we started to get back under the 23.75 long term bracket then you owed it to yourself to start thinking about the 1217 again...

main numbers as I type going into tomorrows trade will be

93.75 - 95

1202 - 1204

1207 - 1208


and 1213.75 - 1215.25 but I'm not sure that this won't be filled in before we close...we'll see

good luck

4 tick targets? Wow, lots of action. Good money can be made there. You got to be fast! You have to think fast and you have to be able to act fast on your decisions, you can't second guess your self or your A.. is grass, -- shop, shop, shop,.

I like the 5 or more points, usually try for at list 10, one to three trades per day. Some times I buy options and then go play....

Many personalities, many ways of trading, many styles.--- One goal!

Originally posted by DavidS

fwiw the 1212 level needs to be retaken for anything positive(62% level) with 1215 area above
having said that, straight down a possibility not to be ignored if 1198-1200 lost by my methods

I generally use market orders to avoid being left out. If I'm wrong I had reason to take the trade. I generally don't go for less than 4 tick targets. Not lately anyway.

There are those that scalp and are happy campers with 2 ticks in size, repeatedly. I think programmed trading large scale does it too. I understand it but it's not how I trade. I can scalp a 1 minute chart if called for in congestion.

Point was I hear a lot of people complain about a missed entry. I generally find the entry to be the easy part(isn't it always,hehe!) so I use market orders to move when I get the signals.

If one is trading the extremes of the range, or an indicator,or S/R level, a market order works fine instead of chasing or missing the trade.

Yes it's call HFT. (high Frequency Trading) GS, JPM and other large brokers do that.

Agree, in a fast environment, MOs are the way to go.

I exclusively use a 1-tick tick chart and try to capture 1 tick always using market orders for both entry and exit ... no stops - ever.