6/1 (-62) Continue to struggle... Disappointed, but know I can get thru this.

Tuesday, June 1, 2010

6/1 (-62) Continue to struggle... Disappointed, but know I can get thru this.

Well, after another down day, and more losing days in a row than I can remember, I have to go back to caffeine and SIM until I figure out what I am doing different.

2 comments:

EdJune 4, 2010 at 8:13 AM
Hi Gary - what do you use to show if price has the money (or the momentum or the volume) behind it?
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GaryJune 4, 2010 at 7:48 PM
Hey Ed,

I currently don't use anything for volume or momentum. I have tried a few volume based indicators way back when, and could never find anything which helped me consistently. I am only using range price bars and my moving average. Do you have any suggestions/recommendations?

Thanks,
Gary
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How I trade:

-> I first identify the context of the market. This is done by drawing trend lines where price has proven them already, and then most times, taking a parallel of these lines, and drawing ‘potential’ or unproven trend lines.

-> Once the trend lines are identified, I will locate key areas where price has failed to breakout/down, or has shown support/resistance on more than one occasion. I give the most “weight” to the most recent price action at that point.

-> Wait for price to approach a trend line, as well as have potential support/resistance in the same area, and then take the trade.

-> I trade 1-5 contracts. Full stop <$600. I look to trade from 7:30-10:30 CST.