Ok, it has been awhile since I posted, I have been trading, just not posting. I wanted to fill anyone in on how my trading has evolved.
As you know, I did have a problem waiting for the market. I wrote about it here The One Piece of Advice That Really Helped With My Day Trading Futures Psychology.
I went up to a 15 min chart and switched to the FTSE 100.
15 MIN CHART
The 15 minute chart I fell is almost out side of the range of what I would all scalping. I know a few people who consider anything under a daily chart scalping, so to each his own.
I do not think time based charts represent the market as well as tick based charts. They do however have one big advantage. I know when a bar will form.
Instead of sitting in from on the monitor all session, I can look at the market for a few minutes every 15 minute and go on to occupy my mind with something else. I usually, calm my mind before I look at the chart. I make fewer impulse traders and I have more time for analysis.
The only downside, is that I will see fewer setups in a day, rarely more than three in a day.
I like trading the Bund, Bobl, and the FTSE. I traded all three and over time I have settled on the FTSE. The FTSe fits my personality best and I trade it well.
I believe there are a lot of day traders trading the FTSE which is probably why I feel at home trading that instrument. Support and resistance levels are respected, and we have a lot of trading vacuums that move to those levels like magnets.
Photo by Allan Ajifo