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Hi Neil,
You asked some good questions, and since this is what I have a small amount of
expertise in, I will try to answer your questions about daytrading the S&P as
it relates to me.
1.) I trade off of 3 charts during the trading session...S&P daychart (my main
chart I trade off of) the DOW (I normally trade the DOW) and the Globex/Emini.
When the market opens, I ONLY look at my indicators as they relate to the
Globex. With all the opening gaps, my indicators on the opening are unreliable
on the open.
2.) I rarely trade during lunch and have missed a good trade or two here or
there, but it has kept me out of trouble for the most part. I have noticed,
however, that there have been many more good trades (ones that follow through)
over the past month or so during the lunch hour (12-1pm est).
3.) I trade 5 minute charts. I am not smart enough or nimble enough to trade
shorter
time frames.
4.) I also look at 15-30-60 minute charts. The main chart I use is the 15 min.
5.) I am generaly horrible at picking the opening bar or 2 to trade. Therefore
I do not.
I have noticed that the 955-1005 time frame often gives me a solid signal to
trade off of.
6.) I only use market orders to enter. Once in a great while I will use stops
if the market has been trading in a range (hoping to catch a breakout).
Sorry to be so short after you asked a great deal of excellent questions. I
spent
my first 8 years of trading complicating my methodology (and not doing very
well) until I finally found the light.
Now I keep things simple and go with the flow. Hope this helps.
Peter
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