Avoiding Range Bound Days Early

[SevenFX]

Hi All.

I'm trading the SPI intraday (bound 17pts) but guess it could be anything that I've looking for early signs on how to avoid these days.

In hindsight guessing I should have avoided begining of new year which also expected low volume day as well.

Is the first hour enough to suggest range bound or should I have assumed the SPI hasnt the other markets to take its lead from.???

SevenFX

 

[tech/a]

Great money to be made on these days
5 contracts 5 ticks shorting resistance
= great day

I can't see why you'd avoid it
I'd be looking for it!

 

[SevenFX]

5 contracts 5 ticks shorting resistance
= great day

I can't see why you'd avoid it
I'd be looking for it!

Hi Tech/A

I'm only trading 1contract with a stop of 10, margin of 4k & looking for more ticks

Fortunately for me my account wont support 5contracts at this time ;-S

 

[Wysiwyg]

You could identify probable resistance and support as it happens but knowing the daily boundaries beforehand is not possible.

 

[tech/a]

You could identify probable resistance and support as it happens but knowing the daily boundaries beforehand is not possible.

Hmm dont know about that.
Frank would certainly disagree

 

[SevenFX]

Hmm dont know about that.
Frank would certainly disagree

How would one establish these.? Is it through the use of daily/weekly pivot points.?

 

[tech/a]

Yes that's one way.
You could order Franks book to find out his method of calculation.

http://www.traderslog.com/pivotpointanalysis.htm
may also be handy.
There are many ways.

 

[SevenFX]

I was hoping you wouldnt say yes to pivots points as Market Analyst doesnt support pivot points. ;(

 

[Trembling Hand]

I'm trading the SPI intraday (bound 17pts) but guess it could be anything that I've looking for early signs on how to avoid these days.

In hindsight guessing I should have avoided begining of new year which also expected low volume day as well.

Is the first hour enough to suggest range bound or should I have assumed the SPI hasnt the other markets to take its lead from.???

Your problem is not about avoiding range bound days as such. Your problem is that you only have 1 method for a market, large range days or breakout trades (Yep I'm assuming) and are unable to firstly develops others, like techs first post, and then turn the right method on at the right time to match the market (the daytraders holy grail).

This is the problem with day trading probably more so than longer term trading. A multi year bull market is much easier to recognise than the daily even hourly changes of an intraday market.