Low Volume.... Like watching paint dry
Okay, that's it for the day for me. No sense trying to trade a market when there's nobody there to trade with. As I'm writing this, the last 55-tick bar took 19 minutes 42 seconds to complete! C'mon! That's 55 trades in the last 20 minutes. That's ridiculous. Everybody's probably on vacation.
With this kind of a market, you're lucky if you can get 2 tics on a trade setup. The price action indicates only a handful of people are in the market. You don't get a trade setup until somebody runs it up 3 tics in one direction. By the time you get in, they're going to turn it back around to run your stops. Pure market manipulation by the big boys, due to thin market volume.
I'm done for the day.
Here's today's results:
posted by bondtrader at
10:39 AM
2 Comments:
Just curious, under what criteria will you take more than one tick of profit using your system? Based on what I've seen from your blog so far, you seem to take one or two tick profits, and cut losses at about four ticks. My personal style is geared towards trends that last days and not minutes, so I find your system to be rather fascinating.
Also, is it safe to say that you are not trading when there is impending news, e.g. FOMC or economic data releases?
Finally, do you trade after NYSE-hours?
If you want, you can address this in another blog post instead of the comments. Thanks.
By
Anonymous, at June 22, 2004 1:21 PM
I didn't see your comment until now. Basically, the signals of my system moves at least 2 tics in my favour before it starts to retrace. Sometimes I take the 2 tics that it gives me; sometimes when I let it ride, it still would stop me out at 2 tics. Most of the time, I just take the 2 tic profit and be done with it, but sometimes when I do this I leave a lot of money on the table. What you have seen so far is me taking 2 tics of profit at a time to help build my confidence as a trader. "Slow and steady wins the race"...
By
bondtrader, at July 1, 2004 9:02 AM
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