putting all my limited knowledge to test i reckon DOW big down today>>
tell me why is it that no one here discusses opinions on day ahead or day gone,
is this trader manners,
no one wants to be proved wrong..
Sure we can discuss opinions, but that's all they are. I prefer to sit on the fence, looking for reasons why it might go up and why it might go down. Armed with that information, I am better placed to take appropriate action as the day unfolds. Most of us don't care where it goes, so long as its somewhere, and not sideways range bound in a 40 point channel!
Yesterday (Thursday) was a big up day. Normally after a range expansion like that you have a period of consolidation the following day whilst traders readjust to the new level. So today is most likely to be a tight range day. Most likely but not always.
The way I look at it is the markets revenge. We had an easy day yesterday so today the market will whip around and try and get it all back! Best to go out and play golf, which I what I did. Just relax and wait for the next big trend day on Monday, or possibly Tuesday.
very good thing i was nicely up today, recouped losses and so on,
I always jump in too early and then spend the rest of the day making up losses, got to learn to sit and wait,
so from what u guys have been saying it is best to let the day run a bit and then consider options..
I like to base my decisions on the closing levels of the past 5 sessions and place on opening,
i will be reconsidering this approach..
It is well documented that the first half hour is best left well alone. It is volatile and largely unpredictable. It will surely bite the unwary. Just once in a while, there is what I call a continuation day where the price opens at yesterday's close . That means the overnight futures market and the pre open trading is nicely balanced. From this, you can safely use the TA from yesterday and combine it into the open to form a contiguous picture. From this you may be able to make a sensible entry. Whether you get a profit will be largely a matter of luck, but at least your entry logic will have been based on solid foundations.
most strategies requore volatility, so most of the bucks get made in the first 30 mins - - thats why when markets are not that volatile in the open - the rest of the day is quiet - because everyone goes home - kinda catch 22 - but thats the way it is - no point hanging around getting chopped up, waiting for the close