firewalker

Areas of interest to me: NQ: 1225 / 1245 / 1260 / 1285 ES: 800 / 807 / 814 / 821 (hmm 7 seems to be the rule here

Yes, only one of major indices still below the November lows. And 800 could provide serious issues on the ES.

This is a thread in the General Discussion forum in the Traders Lounge. There's a reason it's called Lounge, but if you don't like talking about something else then trading, you can just ignore this part of the forum

No, my mistake, sorry

It seems to depend on where you get your charts... Bigcharts cash indexes show we've already reached the top of those congestions on the S&P and Nasdaq Composite.

Disgusting yes, but totally surprising? Not really... How about all the banks spending government money on sport sponsorship?

And after you watched Zeitgeist, you should read this "debunking" article: http://www.conspiracyscience.com/articles/zeitgeist/

I would make sure there's more room for "notes": - did you follow your plan? - was the trade correctly entered/exited, if not why not? - what was I thinking at the time of the entry? - was my decision to take the trade based on anything else other than my plan? I've found it interesting to see what I thought during or prior to entering a trade, as opposed to what you think afterwards.

Haven't seen it yet, but I'm guessing the Illuminati are back?

Yes, that was definitely what caught my attention as well. Especially since the broader market has been weaker than the NQ recently, and yesterday was a case of the other way around. I know rallies in bear markets can be sharp and recover quickly. I'm paying close attention right now to see whether we can hold above the November lows. If that area gets confirmed as support, a continuation to the upside seems likely.

This explains why the ES found resistance lower than where I thought it would: March vs June contract.

I suggest you listen to the valuable comments people gave to your question, most notably from sevensa and wjrusnak. This forum is one of the best I know and the knowledge on this site is very valuable, if you take the time to study and watch charts. But it's not going to happen overnight, and if you're serious about it it will require lot of work and time spent in front of the screen. Otherwise you're just throwing darts at the chart and hoping you'll get a profit.

We've moved 10% from the lows and we are back above the November lows. Did you expect to see 900 again in one week? Besides there's also plenty of overhead resistance to work through. How do you define 'dead cat bounce'?

I thought this post from Steenbarger's blog is a nice addendum to the above: http://traderfeed.blogspot.com/2009/03/trading-with-independent-and-open-mind.html

That didn't last long...: 24 hours later, Cramer back to his old tricks

Glad to hear that. Oh yeah, we need something from you, we want to see some of that live mini hinge trading stuff

1161 turned out to be +/- today's midpoint, and the lines I added to your chart identified today's high and low boundaries (give or take 2 points). Good work

[20:39:28] firewalker: ok Friday night, who takes a bet at the closing price [20:39:37] cowseathay: 1161 [20:39:41] firewalker: 1169 36 minutes later the NQ closed at... 1168.75 A little bit of magic on Friday the 13th and TOG's buying the drinks+dinner

Fortunately there's only a small discrepancy between the NQ March & June contract (max 1.50 pts). This is what I'm looking for today based on your chart. Lines are roughly drawn, because this is a H1 timeframe, and I would zoom in to have a better look at the important price levels.

The DOW then, and the DOW now. The 'target' of the hinge has been reached.

Ah sorry, I must have missed that! Indeed credits to TOG!

Friday night rally, who would've thought Apparently price found new support around 1045 (NQ), I've been thinking why and then I realized I overlooked the obvious, it's just about in the middle of the November lows (around 1020) and the last support of the most recent range (around 1075)...

And now... the continuation: Yesterday finished wildly, hitting resistance in the low to mid 1180's, finding lots of supply, but we still broke the trendline...

I thoroughly enjoyed the book, there are some absolute gems of information in it. Over time I've found myself reading chapters again, discovering more truths hidden in the chart, but well explained by Graifer. This is a book I would recommend to anyone who's interesting in doing the work themselves, but not to those who are looking for a book about what to do and how to do it. Graifer suggest several approaches, but fundamentally he proposes that you trade based on scenarios. If X happens, then you do A. If Y happens instead, you act by doing B. As for 'tape reading', the best elements are contained on the least number of pages. Don't expect anything about Time & Sales, because that's not what this book is about. You don't need T&S imo, just plain P/V.

... back at the trendline