One of the challenges of today's markets is that there seems to be more periods of consolidation between vertical moves. Of course it depends upon your timeframe but there definitely seems a lot more pauses in activity.
This brings with it the requirement for discretionary traders to stay focused while they are waiting for a trade to develop. The old saw: "Being flat is a position" comes to mind. It's hard to do if you have the mindset of trying to make a daily profit target.
You can take from the market only what it is willing to give. Forcing trades will not make the market play nice.
This morning's (London time) Light Crude chart had a good early move and then nothing good for 6 hours. Without some sort of computerised assistance in identifying that the trade was setting up, the second trade was hard to catch.
I ran into the same thing on the ES yesterday. It ran 6-7 points the first 1 hour and quit. It made for a long day. Luckily I was in 3 ticks from the bottom I just waited it out and closed it out at the end of the day.
ReplyDeletejenrique42
ReplyDeleteI understand that you no longer need to put all the elements of your system, but for me, so the graphics do not help me at all, as a rookie I am, I need to see ALL the elements of the system to continue doing my job well. Moreover, as it moves to the bars of renko I would ask if the setup for this type of bars differ from those used with range bars? thanks
jenrique42
comprendo que usted ya no necesite poner todos los elementos de tu sistema, pero para mi, las graficas asi no me sirven para nada, como novato que soy, necesito ver TODOS los elementos del sistema para seguir haciendo mi trabajo bien. Por otra parte, ya que se pasa a las barras de renko me gustaria preguntarle si los setup con este tipo de barras difieren de los que utilizaba con las barras de rango? gracias