The market opened down from yesterday's close by approximately 3 points but had little directional impetus after that. The market continued to consolidate throughout the morning and showed little interest in filling the gap. With such a tight morning I wouldn't be surprised to see more directional activity this afternoon.
First trade of the morning long at 6:51 at 852.3 for -1.6. Second trade of the morning long at 7:07 at 850.1 for -1.4. Third trade short at 7:21 at 849.5 for -1.4. Fourth trade of the morning at 7:32 at 850.5 for +1.2.
Net on the morning: -3.2
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Positive Trading Psychology - III: Framework
8 hours ago
2 comments:
Why did you choose a 610 Tick chart and not a time based chart? Also, do you use only one chart to make your trading decisions? I exclusively trade the Russell. I use the trading software by MarketDelta and base my trading decisions using two time frames, 10 minute (for trend analysis) and 2 minute for entry.
Time based charts skew indicators, and I find you get less false signals from a tick based chart. I only look at one chart type because its all I need to make my decisions. KISS. Why 610 and not 420, 1031 or something else? There isn't anything particularly magical about it, it just works for me and it's roughly equivalent to a 5 min bar.
How do you use MarketDelta? I've looked at it and it looks interesting (although very expensive).
Tedders
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