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How do these guys/gals have the time chat and day trade? How do these
guys/gals manage to chat without losing focus on their own work? It's not
for me. When I'm actively day trading, I'm a loner and want no human
interaction of any kind, not even broker on phone. Would not be surprising
to me if many who are busy chatting are talking trading and not doing
trading.
As for trend, it's always relative. Because a day trader is focused on
shorter time frames, it's possible to trade counter-trend moves using say
30/5/1 minute charts which one would not see on w/d/30 charts. That said, I
still generally use short term counter-trend moves to enter in the direction
of daily trend. That is if daily trend is long, I will use 1 and 5 minute
charts to enter trades against an intraday short trend so as to position
myself for next move with the long trend.
Earl
-----Original Message-----
From: BrentinUtahsDixie <brente@xxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Thursday, November 19, 1998 8:50 PM
Subject: Gen: Day Trading aspects.
>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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