Thanks for according this thread a unique credit, I think at the moment we are concentrating on indexes moving the market, as such it is not very difficult to find overhead resistance or support.
I use simple methods, very simple indeed and most of my work is a result of trend lines, MA's and determining inter-related sector movements. I also introduce impact of global moves on US markets.
On "Fibonacci Retracements Fans", No- I don't use this, it sounds very impressive, I wish I had more time to learn all this exotic free style of trading. I see most of the major's on SI use 'extra-ordinary' stuff, unfortunatley neither I have the patience nor the brains to learn all this.
The way I play market it is very simple and it has worked, since inception of this thread I have not revealed new theories every day, frankly it is the same old stuff but with lethal accuracy on direction of the market- my directions and targets does not need periodic hourly change of mind gggg rather I see my levels 90 out of 100 times and that is fine by me.
I cannot afford too go exotic, those who go 'too exotic' tend to change their stories every hour or they keep searching new 'herbs' to have better lpleasures. gggg
I call them now 'nirvana searchers' the elixir of market is the simplicity of approach and I learnt it after lot of lost time and paying a lot of big dues, now I don't, and hence I am convinced that this is the right method for me..
In this 'exotic'over heated environment, I am simple plain macro-economic reader of the market.I am very clear and loud about my ignorance of all speciality stuff,I don't have a access to any online serivce or real time service, I never listen to CNBC rather I think it will 99 out of 100 times lead you to wrong short term movement and I also believe that 'post watching'i.e 'sticking to post approach' is wrong, I give some time to my trade, I walk out of my post after placing my trades and let my levels work.. I trust my levels and know that they will most probably hold..A day trader should avoid watching the market and CNBC all the time.
As a host of this thread and I don't want people to have exaggerated ideas about my skills. I think one should adopt whatever works for him. I have only one advice 'take care of quacks on SI' they will keep you out of market most of the time telling you of impending disasters, every market goes through huge correction and sometime this market would go thru the same, it is situations like 1320 on composite one goes long, these exotic- quacks armed with this 'exotic viagra' charting from 'change by minute school of thought' were shorting the market at the bottom. I will never forget that as a lesson.
In this sea of exotic market studies, I wish to remain strict adherer of old ways markets use to be played. Intra-day movements (which for me constitutes 90% of my trading) in trending markets have more to do with 'Locals', the guys I know, don't have aclue of anything about "Fibonacci Retracements Fans". I will if time permits try to learn this stuff, like OJ's Figures and charts this sounds great..gggg |
