Anyone scalping the INDEX Futures??

Is this a good idea?

  • Yes

    Votes: 5 71.4%
  • No

    Votes: 2 28.6%

  • Total voters
    7
  • Poll closed .

Dowser

Experienced member
1,475 346
I'm looking at yesterday's median price 18866 as a potential area of support for a push back up to 18900. I think PA at this level will be important. If the price can push through 18900 and stay there I think it will breakout past yesterday's high. Otherwise we could be testing the lows again.
 

timsk

Legendary member
7,295 2,077
. . . Otherwise we could be testing the lows again.
I don't really look at the Dow much these days - especially pre-market. However, FFIW, this is how it looks to me on a 10 point reversal Kagi chart.

Dow Tick 10 point reversal.png

I'd be short (currently short on the Dax) until there was a clear break of the trendline.
Tim.
PS. Your trade from yesterday was at the end of the down move during what turned out to be sideways chop. That's always a bu88er!
;)
 

Dowser

Experienced member
1,475 346
Hmmm weaker than i thought. Some buying coming in now from a lower level, how far can they push it? Res at 18875?
 

Dowser

Experienced member
1,475 346
Hi Tim, I rarely trade pre-market either. Yes, there's a clear down trend that your non-time-based charts highlight nicely, my problem is that too often I'm trying to pin point the reversal. I think I'd do well to try a longer T/F with-trend strategy.

Thanks for the input

Chris
 

Dowser

Experienced member
1,475 346
Selling looks weak from 18875 don't think it's gonna hold
 

Dowser

Experienced member
1,475 346
I follow it DT, I note the position of M5 closes in i.r.t the 5EMA. So today for eg. between 11.35 and 12.45 the closes were under the EMA. Indicating a continuing trend - I call this a fast trend. M15 closes either side of it's 5EMA is a slow trend. At the moment the price is bouncing about in a 25 point block so EMAs are useless. But if it was to breakout then the EMA can be a useful indicator.
 

Dowser

Experienced member
1,475 346
Ok im long 18869. stop 10 tgt 25
 

Dowser

Experienced member
1,475 346
The funny thing is, when I overlay all the indicators I use to use on the chart, they scream at me to do the exact opposite of my last two losing trades! One of the reasons I started this thread was because I've lost it a bit recently - so was trying to up my game and re-instill some discipline. I wanted to try a new approach with a clean chart and to just work off round number levels. I know it's only 2 trades but it's a bit frustrating...
 

timsk

Legendary member
7,295 2,077
The funny thing is, when I overlay all the indicators I use to use on the chart, they scream at me to do the exact opposite of my last two losing trades!. . .
Hi cbrads,
There's a prevailing culture on T2W - and has been for some years now - that indicators are the spawn of the devil and should be avoided at all costs. They lag, they don't work etc., etc. If you have a methodology that you've tested, you're happy with and provides you with consistent profits - then sticking with indicators makes good sense. All that matters is that you understand how they work, what their limitations are and what it is that they're indicating. Too many traders who use them do none of those. So, my advice is don't be proud: if you can make money from a chart that looks like a Jackson Pollock painting - good on you!

Having said all the above, I do subscribe to the idea that looking at a chart without indicators forces the trader to focus on price and what it's doing - as opposed to interpreting (often incorrectly) indicators. However, this won't do you much good unless you have some means of 'reading' price in order to make your trading decisions. I know the good folk on T2W are tired of me saying this - and not many of them agree with me - but I really do believe that for those of us who don't have the skills of someone like dbphoenix' for reading price - will find the task much easier by looking at a non-time based chart.

Chris'_Dow_Trade.png

With this in mind, attached above is a Kagi chart (with moving averages!) and two longer term Heiken-Ashi charts showing where I think you entered your trade.
Tim.
 

Dowser

Experienced member
1,475 346
I follow it DT, I note the position of M5 closes in i.r.t the 5EMA. So today for eg. between 11.35 and 12.45 the closes were under the EMA. Indicating a continuing trend - I call this a fast trend. M15 closes either side of it's 5EMA is a slow trend. At the moment the price is bouncing about in a 25 point block so EMAs are useless. But if it was to breakout then the EMA can be a useful indicator.
Nice example of a 'fast trend' from 18.30
 
AdBlock Detected

We get it, advertisements are annoying!

But it's thanks to our sponsors that access to Trade2Win remains free for all. By viewing our ads you help us pay our bills, so please support the site and disable your AdBlocker.

I've Disabled AdBlock