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I think you are missing something and so are they. If you make a mistake and
correct it that is intelligent. If you do the same thing over and over and
expect different results that is insanity.
You appear to be comfortable trading in a longer time frame then some others
do. If you were to take a three minute chart, and 15 min chart an a 60 min
chart and took the time labels off of them you would not be able to tell them
from daily , monthly or weekly charts. All the same indicators work on them as
the indicators don't know the time frame of the bars. they are just bars with
open high low and close, like any other bar. Today on a 3 min chart you could
have had 6 trades to the down side and 5 trades to the up side depending on what
you are looking at. On the 15 min chart you would have had 1 trade to the down
side and 3 to the up side and on the 60 min chart there is only one trade to the
upside. so those who trade the one minute and the tick chart are really busy.
Yes I know several people who trade the tick chart. It is all in the view
point. Ira
BrentinUtahsDixie wrote:
> Hello RT's,
>
> I've been reading a chat channel for a few weeks that has a number of day
> traders on it mostly trading Spoos and Boos. It has been interesting to say
> the least. It appears to me that most of these traders trade off of Support
> and Resistance, Fibonacci levels, or pivots within that intra-day data. Most
> of these traders put on both long and short positions within the same day. I
> have read a significant amount of grumbling about their trades and the
> quality of that day for day trading.
>
> What I don't understand is not using the prevailing trend and the developing
> intra-day trend to simply buy/sell pullbacks. For example going into the
> Spoos today we have a super strong upward move that has lasted more then a
> month. The fed cut rates. The trade is still within an ascending channel
> etc., etc. So why were some of these traders shorting today?
>
> I tried day trading once some time ago and took a beating but with some
> research and careful observation I was thinking of trying it again. Am I
> missing something or is what they are doing an ineffective thing to do?
>
> Brent
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