Dear diary,
Good morning from Singapore. I have made two trades today. As I told you before, I am integrating NYSE TICK and NYSE TRIN. Looking for holy grail after bad months like August and September? 😆 NOPE!
I have been looking for a way/tool to give me a better picture of market breath. Market tone is an important element of dummy trading. Dummy entries work better when we are actually ‘joining the crowd’.
Looking back at the last 2 trades, the solution should be DON’T TRADE. I was looking at TICK over +400 but TRIN was trending up (An up trending TRIN shows volume are flowing into declining stocks.) When dummy setup appeared in this kinda situation, I should just ignore it. (In fact, TICK and TRIN had been keeping me away from SHORT position during first 2 hours of trading)
Anyway, it was indeed another choppy day. Opened low, flat, up then down. No damage to my account since I am almost flat for the day. But, good feel of trading with TICK and TRIN.
Learnt something. Let’s fight another day.
Gav,
FWIW, I’ve only found the TICK to be useful outside of +800/-800, and particularly +/- 1000. That’s the level where EVERYBODY seems to change directions, even if only for a few minutes. If you’re trading the TICK and TRIN, consider trying a chart based on 3-minute bars, and give the TICK more weight.
Cheers!
Will
Gav,
FWIW, I’ve only found the TICK to be useful outside of +800/-800, and particularly +/- 1000. That’s the level where EVERYBODY seems to change directions, even if only for a few minutes. If you’re trading the TICK and TRIN, consider trying a chart based on 3-minute bars, and give the TICK more weight.
Cheers!
Will
Will, Thanks! I will try to look at 3-minute bars. I agree with you over +/- 1000, probability of direction change is high.
I am still new to these, trying to study as much as possible. Thanks again for your comment!
Gav
Will, Thanks! I will try to look at 3-minute bars. I agree with you over +/- 1000, probability of direction change is high.
I am still new to these, trying to study as much as possible. Thanks again for your comment!
Gav
Gav,
Glad to have found a fellow trader in Singapore ;). Nice blog!
Although I trade options, but the basic trading rules are the same. When you feel uncomfortable abt the market, sit out. Remember your trading rule post by Linda Bradford? Rule #43: Standing aside is a position.
Let’s all be a better trader!
Cheers
Gav,
Glad to have found a fellow trader in Singapore ;). Nice blog!
Although I trade options, but the basic trading rules are the same. When you feel uncomfortable abt the market, sit out. Remember your trading rule post by Linda Bradford? Rule #43: Standing aside is a position.
Let’s all be a better trader!
Cheers