regarding the market - first off try some of the stock trade
setups, they've been working very well vs focusing on the major
indexes.
secondly while SPY system is short and underwater. The
market setup I mentioned last night on the daily SPX based off the
doji candlestick where price needed to take out yesterday's doji
low in order to trigger. That occurred on the 1st 5 min
candle. The low of yesterday's doji candle was 2612, the open
was 2606 however was quickly bought as the 1st 5 min candle was the
low for the day. So while the open on the SPX opened below
yesterday's doji, my suggestion would be to not chase the gap
and give it 10 - 15 min to see how it moves and to make sure
the gap wasn't a false move. The opening is notorious for false
moves, so especially for a daily trigger on an index like SPX/SPY I
would be hesitant to chase it on an opening gap just because it was
below the doji trigger - give it 5 - 15 min to see how the market
is behaving
same for SPY - price gapped below yesterday's doji but also the
open was the low.
unfortunately that's sort of where the 'art' and experience
comes into play. Seeing things like that play out, I
generally don't jump on moves the first 10 min or so of the open
especially on the indexes
Posted by sschulman on 17th of Jan 2019 at 07:01 pm
But Matt, isn't all your historical data based on the exact
opening or closing prices? We can't just throw out all those stats.
If we just go with "experience" then why even bother with the
systems?
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It's my fault. I am
you can use me as an indicator to do the ...
Posted by chapgolf on 17th of Jan 2019 at 05:01 pm
It's my fault. I am new to BPT and probably broke their system. :(
regarding the market - first
Posted by matt on 17th of Jan 2019 at 06:27 pm
regarding the market - first off try some of the stock trade setups, they've been working very well vs focusing on the major indexes.
secondly while SPY system is short and underwater. The market setup I mentioned last night on the daily SPX based off the doji candlestick where price needed to take out yesterday's doji low in order to trigger. That occurred on the 1st 5 min candle. The low of yesterday's doji candle was 2612, the open was 2606 however was quickly bought as the 1st 5 min candle was the low for the day. So while the open on the SPX opened below yesterday's doji, my suggestion would be to not chase the gap and give it 10 - 15 min to see how it moves and to make sure the gap wasn't a false move. The opening is notorious for false moves, so especially for a daily trigger on an index like SPX/SPY I would be hesitant to chase it on an opening gap just because it was below the doji trigger - give it 5 - 15 min to see how the market is behaving
same for SPY - price gapped below yesterday's doji but also the open was the low.
unfortunately that's sort of where the 'art' and experience comes into play. Seeing things like that play out, I generally don't jump on moves the first 10 min or so of the open especially on the indexes
the invisible hand snuck in
Posted by law6 on 17th of Jan 2019 at 07:09 pm
the invisible hand snuck in
But Matt, isn't all your
Posted by sschulman on 17th of Jan 2019 at 07:01 pm
But Matt, isn't all your historical data based on the exact opening or closing prices? We can't just throw out all those stats. If we just go with "experience" then why even bother with the systems?