Ideas for increasing trader performance

This is a discussion on Ideas for increasing trader performance within the First Steps forums, part of the Reception category; ... test of the RTH high's and low's at the open can often provide useful clues as to what the ...

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Old Jan 14, 2010, 5:19pm   #49
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Re: Ideas for increasing trader performance

... test of the RTH high's and low's at the open can often provide useful clues as to what the action is likely to be during the day
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Old Jan 14, 2010, 5:40pm   #50
 
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Re: Ideas for increasing trader performance

So today as an example, the 13:30 news pushed price down to test support from last night at 38 and then recovered just prior to open back to roughly yesterday's close. Then it rallies to yesterday's high and bounces off.

Now I'm waiting for a second test of 38 in RTH today and if I get confirmation, go long. What do you infer from today's movements out of curiosity?
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Old Jan 14, 2010, 6:24pm   #51
 
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Re: Ideas for increasing trader performance

Quote:
Originally Posted by MrGecko(v2) View Post
... test of the RTH high's and low's at the open can often provide useful clues as to what the action is likely to be during the day
This sort of thing ?Please feel free to annotate the chart if I have got it wrong-which I probably have
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....Indicators show the past. Price Action "Indicates" the future.
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Old Jan 14, 2010, 6:26pm   #52
 
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Re: Ideas for increasing trader performance

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Quote:
Originally Posted by robster970 View Post
So today as an example, the 13:30 news pushed price down to test support from last night at 38 and then recovered just prior to open back to roughly yesterday's close. Then it rallies to yesterday's high and bounces off.

Now I'm waiting for a second test of 38 in RTH today and if I get confirmation, go long. What do you infer from today's movements out of curiosity?
I infer pretty much what you did. Poor retail figures and higher unemployment pushes price down in the knee jerk reaction that is so common - I'm sure lots of eager shorts rush in to try and clean up...price comes right into the blue box which although looks wide only covers 3 handles (8 ticks in the futures) and then bounces.

It rallies right up, breaks yesterdays highs, gets lots of nervous bears to cover as it looks bullish to the untrained eye...at which point it turns at the higher blue box.

I personally am bullish because it looks bullish to me on the higher time frames but longs for today needed to enter at the lower blue box, get some out at the higher and wait...
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Old Jan 14, 2010, 6:29pm   #53
 
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Re: Ideas for increasing trader performance

trader_dante started this thread Everyonerich,

Nice post you made here at the beginning of this thread: http://www.trade2win.com/boards/firs...ml#post1028610

Take a look at it again in light of whats recently happened.

Then tell me that market movements are random.
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Old Jan 14, 2010, 6:36pm   #54
 
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Re: Ideas for increasing trader performance

trader_dante started this thread For those of you that missed it, everyonerich posted a chart of the Euro and wrote "so based on your strategy, wait for market break the line, then wait for pullback before jump on board?"

This was where the market was when he made the post.
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Old Jan 14, 2010, 6:36pm   #55
 
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Re: Ideas for increasing trader performance

Quote:
Originally Posted by trader_dante View Post
I personally am bullish because it looks bullish to me on the higher time frames but longs for today needed to enter at the lower blue box, get some out at the higher and wait...
Me too. If you look at weekly and daily, it's quite astoundingly bullish right now.
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Old Jan 14, 2010, 6:38pm   #56
 
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Re: Ideas for increasing trader performance

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Quote:
Originally Posted by trader_dante View Post
For those of you that missed it, everyonerich posted a chart of the Euro and wrote "so based on your strategy, wait for market break the line, then wait for pullback before jump on board?"

This was where the market was when he made the post.
This is what the market did after.

Everyonerich, it's magic!

You just called a 94 pip move on the exact turning point...followed by a 126 pip move shortly after....nice work!
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