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Horrible market for a day trader me thinks...

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john_1
Super Contributor
Every day you get 2 chances of a move..on the FTSE open and on the DOW open ..between its flat and after the dow its choppy...not a great enviroment to trade.
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19 REPLIES 19
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The close not that bad Broke todays support, went short on the pull back not that bad me think
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john_1
Super Contributor
ya the wait was worth it in the end...
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And the dow was the classic < double top Break ... back to support and the gap close
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john_1
Super Contributor
ya It was indeed... sometimes I think it would be better to trade the DOW and the FTSE dirrectly
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John ...U have absolutely no idea what advantage you have trading the Alsi....I would say it is as much as a factor of 3x easier....u have an immediate heads up...and we always overeact so even if you are slow the lag is so generous that u cannot not make money...
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I have told you ti before ...do not trade a market where the adx is below 30...it is absolutely and completely pointless and u will get chopped up...just make it a rule...this has nothing to do with opur market relative to other markets or anything like that its a fact of all markets that when there is no trend u cannot trade....examine yourslef not the market...the market has already been examined by people much more clever than you...just use the tools they have created...
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So are we doing it the conservative why ???
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cause there is momentum....in any particular direction...and not everyone is as quick as the u and me...
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Ok let try again ... The only way you could have enter the trade and I quote "do not trade a market where the adx is below 30" is by using the one minute chart and even then would have mist the 100 points up for grabes
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first mistake...dont look at 5 min...second mistake there is nothing wrong with missing a move....third mistake ...dont try and catch all of the move....if u used the ADX level today u would have been taken into a very profitable 300 pt move...the 20 level is just as good as the 30 level it depends on the daily point swings...20 good for less than 400 or so pt moves...or if u wanted to keep it really simple u could just have waited for a squeeze!
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of course i meant dont look at 1 min..
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On what time frame chartist ? 300 points ?
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SIMBA
Super Contributor
In my opinion there is no such thing as a horrible day to trade, only rash,greedy or undisciplined traders.Chill out the sun will always rise tomorrow............
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Ah !! Now i agree the daily point swing 17577 support 17590
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Simba ! its not about shilling out just trying to see a nother traders point of view allways a great thing ;-)
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john_1
Super Contributor
Ya Chartist, Thanks for the input.. from my system point of view it is hard to find a day that is more text book..but from a scalping point of view..I am still working on my goal of 10 x 50 point trades... I usually only get 3-4 low risk trades out of this market. ADX is still a indicator that I really need to get to feel comfortable with..but I agree simply dont trade the chop..hence my post 6.5 hours of each day is simply non trending chop.
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