Thanks Web, I got stopped out of that short at 2 for -1/2 and ended the day even. Today's basic pattern was a 1030 low to a 330 high. I would have done better just holding into the late pm high but I got cute instead. -g- I have to learn to be more patient.
I use Welles Wilder's Delta method for the intraday patterns. The times i use are average times and are used as a basic map for the day, and i usually make adjustments during the day. Someone asked me about the patterns before and here's an explanation. Copy and paste:
"Lurqer, there a series of patterns. ONce the first one is completed, the next series are fixed. Sometimes these patterns morph into something a little different, so the key is to identify which pattern the market is following and then adjusting when/if they morph. When i say morph, i mean the scheduled times either come late or early, but the structure is basically the same. I haven't figured out how to decide the correct patterns after the first one is completed yet, but i usually know the pattern for the day after about 10 or 1030."
Tomorrow should either be a one way up or an "A" shaped day. I'm looking for a bounce up into 940 after the opening, down into 1020-30, then up into 1145. From here it gets a little tricky....Trading from 1-2 should decide whether the market reverses down into a late pm high or late pm low.
Basically, i'm looking for highs at 940..1145..130 or 2..and maybe 320ish (depending on what happens between 1-2).
Well, that's the basic map i have right now.
Good job with your entry today. I should have followed along. -g- |
