Posts: 1,036 since May 2012
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My trading has evolved over the last few months.
Initially I would define major levels of S/R pre-market but then would trade the intraday price action as it develops. So if an S/R level developed during the day, I would trade off of that. I was happy with that for a long time but in recent months the way I think of markets has made a steady move towards concentrating on the bigger picture and caring very little for every little ebb and flow intraday.
Now, all my levels of interest are defined pre-market and I really don't care about any levels that are developed intraday. The reason for this is that after a year of full time trading, staring at the market all day long I have come to the belief that the vast majority of intraday activity is pure noise. It is the result of multiple time frames interacting with each other with an untold number of objectives, risk, perceptions of value, etc. Drilling down to smaller timeframes and trying to make sense (and force your will) on intraday price action is futile for most.
So now I focus on areas of interest and simply wait for the market to reach them. I will then pay closer attention to how the market behaves at those areas. If the market doesn't reach an area of interest in a particular day, then I dont trade. Oh well. Next.
Just my opinion. A million ways to skin a cat. You'll need to decide what works for you,....and that may change over time.
Diversification is the only free lunch |
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