Posted 28 April 2008 - 01:25 PM
End of month floating up.
I am scalping and it is always easier with the short term trend.
One tool that keeps me on the right side most of the time is a one minute A/D chart with multiple EXP ma's 50, 100, 150, 200, 250. The relationship of A/D plot to the averages and the narrowing or widening of the averages shows the power relationship. Over time I came to realize that it is better to wait for the A/D to change character to bet on the change of trend.
An other tool I have is that I have three charts on the left side of the screen one above the other. From top to bottom:
10min ES, 3 min ES and 1 min ES with the volume bars colored. There are times when all the prominent bars are the same color, red or green. The very short term trend won't change until some prominent opposite color bars appear.
Theese two tools allow me to sense when to get agressive and when to trade lightly. Of course, nothing works all the time, but close enough.
F&D
"Successful trading is more about Sun Tzu then Elliott." F&D