GLOBEX swinging wide.
MR
mreiserer
Rep: 110
Posts: 2,220
quote:
Originally posted by jimkane
quote:Yes, that's my feelings exactly. I like to see a strong move off an area, nice and clean.
Originally posted by TonyC
I don't like to sit and pray for a pop too long...if it does move later then I'll won't be in it but i really don't care. There's plenty of setups that trigger and pop cleanly. This one isn't one of them.
Now that's a really gray area for me. Sure I want the pop, but I have seen so many times where it dicks around before it pops and I am as impatient as they get...
How many times did I get out of a trade because of HC and then it popped...
How about a shotclock just like in Basketball...
JI
jimkane
Rep: 3,058
Posts: 33,089
Well, maybe we need another new term: HC^2^2, HC double squared. That is the worst chop I have seen in a long time. And right on a super-key area. It's also the SPX daily 20-per MA area, which many are watching. Now the GLOBEX ramp? They know they can manipulate it up very easily in the relatively illiquid GLOBEX, so why spend money during RTH? I think I should buy some contracts in here for the MRRD run :-)
JI
jimkane
Rep: 3,058
Posts: 33,089
Well, M, make sure you differentiate between a quick, strong pop off the area then chop, and chop right in the area. I will sit through 'W2' chop, but chop in an area I don't like. But, if it is just chopping right on the PTA, likely I'm not in anyway.
JI
jimkane
Rep: 3,058
Posts: 33,089
Yes, the slow action and chop has me just sitting here waiting most of the day. Hence the endless posts.
MR
mreiserer
Rep: 110
Posts: 2,220
but if you look at the move off the area that was a nice initial move, of course then came the reaction and chop, but if one is convinced that this is the spot it hasn't even tested the initial PTA
I am just saying this because I am one who probably has the hardest time sitting tight and I am trying to adjust to get better with that.
I am just saying this because I am one who probably has the hardest time sitting tight and I am trying to adjust to get better with that.
TO
TonyC
Rep: 99
Posts: 471
M, after a while at it, you kind of build a 'feel' for things, especially when it's at a PTA. I only speak for myself but I just don't like it when it goes nowhere chopping in a fairly wide range. Look at the bearish D=B 4pc at 3pm and what it did after it reacted for the last hour...that's just not smooth looking action. A better trigger would be in a slightly higher time frame like 15min or 8min.Now, let's say i was triggered in a smooth manner like right after 1:30pm where the character of the price action was more directional. I would expect the subsequent action to keep that character and at least go to a point where I can move my stop.Instead it just tested ,retested over and over the trigger level then chopped around like crazy, the whole afternoon session. In doing so, it created a rangebound base and the break can go either way. Do u stay with it or do u kill the trade? the normal stance would be to stay with it and let your stop get you out(assuming u bought the trigger). so why did I get out? not because of I've become fearful but because I saw my odds decrease to a point where it offset my edge. Safety first, preserving trading capital is crucial.And there will be better days ahead for my trading.I can always find new setups to trade some other times. Add to that, that time ran out to the closing bell.I gave it its time to show me what it's got and it didn't deliver,so I moved on.
MR
mreiserer
Rep: 110
Posts: 2,220
I understand what you're saying, T.
I guess my comment was referring to traded timeframe and management.
If one were to trade this as a DT at a key line and 447 the traded timeframe should be a 120min chart.
Based on that it produced three minor bars that, imo, are inconclusive either way.
I didn't take the trade because just a trigger off the PTA wasn't good enough for me. For a daytrade I wanted to see a nice Wave 2 type pullback to get in (which it ultimately still might produce on the traded timeframe). It didn't give me that so I stood aside.
I guess my point is that I have often mismanaged trades in the past because I got caught up on lower timeframes where everything is magnified. while I find it important to see what goes on there and it has helped me understand price action better I have also found it misleading at times.
Like you said, you have the experience to tell the difference on a lower timeframe.
For me it's a work in progress.
I guess my comment was referring to traded timeframe and management.
If one were to trade this as a DT at a key line and 447 the traded timeframe should be a 120min chart.
Based on that it produced three minor bars that, imo, are inconclusive either way.
I didn't take the trade because just a trigger off the PTA wasn't good enough for me. For a daytrade I wanted to see a nice Wave 2 type pullback to get in (which it ultimately still might produce on the traded timeframe). It didn't give me that so I stood aside.
I guess my point is that I have often mismanaged trades in the past because I got caught up on lower timeframes where everything is magnified. while I find it important to see what goes on there and it has helped me understand price action better I have also found it misleading at times.
Like you said, you have the experience to tell the difference on a lower timeframe.
For me it's a work in progress.