Monday, 6 February 2012

Monday's Are Really OK

Mondays are OK. Today was OK. Mostly in the DAX.

The chart below is the Euro future. One good trade and the other I scratched when it went nowhere.

As I said before, markets rhythms have changed and are still changing. Sitting in front of the screen all day is tough. Watching just one market, as non CP traders should, is even tougher if it's a market that's not moving. Discretionary trading needs a lot of discipline. It's very easy to go off piste and lose it due to anxiety to earn or through impatience.

The Renko chart takes out a lot of the noise.


  1. I second that. I have to admit that the large USLAND ranges covered up some sloppy trading of mine. I’ve had to tighten up my trading to grind out a profit.

  2. Watching a market all day is nearly impossible for me. The good news is that most markets have "prime times" for trading. On the ES, if I trade the first two hours and the last 90 minutes I catch most of the best moves while maintaining my sanity.

  3. Tom, any suggestions for trading the 30 yr. Bond thru this set of chart settings? Tradestation user with Momo bars and 99&33 etc. set up but not sure how to gauge flow thru these given 32nd's fraction for Bonds, ideas? Thanks

  4. Look for a range bar or renko that's smooth. I's try 3/32 or 4/32 for renkos and the same plus 5/32 and 6/32 for range bars. You are looking for the least overlap in the range bars and enough but not too many bricks in the renkos.