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ES Friday 9-28-12

here we are,,good luck today
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don't think it qualifies as single print

Originally posted by sharks57

Not sure if thats a single print since price traded there earlier
Thanks NickP
for any serious volume student to digest,,,

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Thanks Bruce for the Video
Good vid Bruce as always. One bone of contention though,to recommend a small account trader to get into smaller time frames ( 1 minute and tick charts) is not the way to go.

Small pockets need to learn from a broader perspective and stop trading noise, which is all that the micro timeframes represent.

No flame, just a different point of view.
Hi Mike and thanks for the feedback. I guess what I was trying to say is that trend changes happen first on smaller time frames before the bigger one. I was taught to structure risk on lower time frames but have profit objectives that fall into bigger time frames.

If I was trying to sell at a weekly high because it's a key inflection point for example I would rather take 3 trades with a two point stop on each off a smaller time frame then one trade with a 6 point stop on a larger time frame signal . This is assuming the same profit objective.

In this example I may be right on the first try and only risking 2 points. I can also take two more tries if I am wrong the first time.

In the other case I get one try with a 6 point stop. This may come down to personal preference and your win percentage or else I missed your point.
I think the difficulty comes in that one becomes accustomed to the small time frame for decisions. This makes it very difficult to stay for the larger move.

I have not been able to enter based on small TF and look to exit based on a large TF. The noise that gets one in is also the noise that shakes one out of a good trade. You have often said that you are unable to hold for a long period of time as well.

Larger TF are typically stronger or truer portrayals of the market activity IMO. While shorter TF will obviously signal turns sooner, they are also fraught with many, many false signals that could lead to death by a thousand cuts.

The short TF trader, without a ton of discipline will likely take the first 2 losers (as you;ve described) and not have the stomach to take the 3rd trade, particularly if it's on the heels of a previous losing campaign. The winning percentage is just too low, particularly if one can't stay in to get the lion's share of the run. Perhaps I am incorrectly associating small pockets with novice trader?

The easiest scalps IMO, are identifying a pattern on a large TF and take your scalp on the large TF. Large TF doesn't have to equate to large runs, but the win % will be very advantageous to Mr. Small Pockets.

Thanks Bruce for all the info over all the years, perhaps you (we?) are too far removed from those times?

Good luck to all in the upcoming week.
well said and you make some excellent points big Mike ! I often like to try and hold for bigger moves with runners hoping that the bigger time frame traders have stepped in with me but still I get shaken out by the smaller time frame influences.

Folks need to find a time frame they can handle and stick with it.
great videos Bruce, thanks !