firewalker

Firefox indeed, latest build. Perhaps I was chatting too much though I wasn't the only one, there have been issues in the past apparently and I got a message from another guy having similar problems. Anyway, hlm would pass it on to Soultrader and he was going to check it out I think...

I was in the chatroom with 15 guys yesterday, posted live trade entry & exits, it's definitely a nice feature to have! Especially the possibility to upload charts. Unfortunately I had some lock-ups and several other guys as well... would be nice to have that fixed though.

I know last time I looked for a down day, market caught me out on the wrong side. But given yesterday's action, it's pretty hard NOT to think of a down day for today... anyway, I'll stick my head in cold water before the US open so I'm free of any bias :o Daily chart from YM: And daily ES:

Al right, we should have more participation now, 7 more members added to this group.

I should point out I will probably cease posting these analysis here, and keep them together in my blog. It's easier for me to keep them together. Anyway, whether I post them or not doesn't matter much, I make these analysis each day for my own. However, I found today especially interesting (volume wise)... attached is 5-min chart of the DOW e-mini. Keep in mind that I am typing this 90 minutes before the close so I don't have the full picture yet. Note that all of the lines on the attached chart were drawn there before the day opened, in fact these are the same lines that were already on my chart on Friday. These lines are S/R, depending from what side price is approaching it. The only added is the light blue dotted one, to indicate the support zone might be slightly lower than 12970. Green dot is the entry. Other dots are scale out, exit points. I entered on a failure to break support (entry on a 2min timeframe). I did not anticipate such a strong rally, and I was prepared to close my trade quickly in case there was no follow-through. But, there was, so I had no reason to exit and had my eyes set on (a) the next resistance level at 13030 to scale out, and (b) a break of this. The next resistance would be a good 100 point further down the road, around 13130. Why did I believe the odds favoured a break of 13030? (1) we had higher highs and higher lows on the hourly chart, which means the last swing was higher and this still signaled strength (2) the last we touched 13030 we sold off, but the selling was less aggressive than before, and the market quickly found its way back up (3) it's the third or fourth time we are at this level At 13030 ("X") there was a, typically seen at highly traded levels, volume spike and I suspect a lot of people were trying to pick a reversal there. You never know if it's actually going to break, so I took some off. Volume retraced in the following 30 minutes, and a break higher followed. After that I drew a nice resistance line (dark blue dotted line), because I realized the "line in the sand" might not have been 13030 but 13040 instead. When price, near the end of the day, came back at that level and stopped its fall at 13040, that would seem like a more correct number. At "Y" another volume peak and a little stall. I had no real reason to exit the trade: the demandline was far from broken and there was no lower high. But, as we were approaching lunchtime, and since we were trading around the middle of 13030 (support) and 13130 (resistance), and since we had moved +100 points in such a short time period, I felt enough reason to lighten my position at this point and move my stop up (all of this was posted live in the trading thread and the chat room). I kept my eye on the screen a while longer and was pleased to see price already taking off towards the next resistance level. I exited the rest of my position on the break of the demandline (third pink dot). The final exit and potential reversal signal (depending on the strategy) was at "Z" for me. Huge volume with no follow-through, after which price falls back below resistance immediately. If I'm correct, I believe Sperandeo calls this a "2B setup". At "Z" price makes a higher high but comes down and breaks the last swing low (13110) on decent volume. I was already out by then and didn't plan on taking another trade. I entered pretty much near the low, and I exited pretty much at the end of the move. This is one of the best trades I took in terms of "riding the move", but so notes to myself: -> this is the second time in as many days that the final exit signal shows a potentially very profitable SAR -> patience is a virtue, and although the first scaling out was justified, the second was more on "taking the profits" then relying on the exit signal. If we break back below 13030, I believe this could lead to some selling further along in the week. Observatory note: despite the YM re-testing the recent highs, the NQ made new 4-month highs (2050) and the ES got back into price levels, unseen since the beginning of January. Although all of this signals strength, it's also remarkable how fast any attempt to go higher gets rejected and it sold off again.

Eh, watch it there! People around TL don't know me, they might people you because they don't know you're full of sh..... :o kidding! and now let's clean up this thread shall we!

Yes, been some posts in between already. It was post #136: http://www.traderslaboratory.com/forums/36708-post136.html I scaled out in the process though. I also posted it in the chat room live, two minutes before the post

As my name has been mentioned, I'd just like to say that I agree that the posting of live trades will most likely not help anyone else to trade profitably. In fact, I'd rather suggest against using it to learn how to trade, because there's no point in following what anybody else does, or did, if you don't understand the "why". But all that has been laid out here.

Exit final contract at 13115 for +143 points. Finally a biggie again!

Thanks Buzz. No problemo, I wasn't refering to you, you've been very active Some other guys still need to get their membership upgraded I believe. Btw, stop moved up to 13070 on this trade.

stop moved to 13030 on other half. And scaling out 1/3rd at 13072 for +100 Come on guys! We need contribution here. We don't want the Live FX to be more popular than this thread :o

scaling out half at 13025 for +53. stop moved to 13000.

DOW long 12972 stop 62

I know, hilarious! :rofl:

Thanks for the tip! Just had a quick look, but there doesn't seem to be anybody around? Or is that because everybody is still waking up from the weekend :\

I believe he said: "A pure tape reading day trader does not care to carry over night. The tape is then silent, and he only knows what to do when it tells him. Something may occur at midnight which may crumple up his diagram of the next day's market. He leaves nothing to chance; hence he prefers a clean sheet when the market gong strikes."

Just noticed wasp's trades: blue for profit, red for loss. Sounds like a good idea, if it's not too much trouble for everybody else I suggest we do the same? Hope there's not too much red on the board though :\

Nah wasp knows how famous Belgian "diplomacy" is :o And I don't know much about FX, but I believe Oanda also offers a free testing platform.

Like I thought. But the comment below, as a reaction to GJ opening a blog, suggested otherwise. Anyway, good blogging

I thought the above was an interesting question. Especially since so many Gann followers seem to depart from the belief that it IS possible to predict the markets. Although I can honestly say I have not studied anything Gann related in depth, it seems like some of the foundations are similar to Wyckoff (supply, demand, support, resistance, trendlines), with one extra layer, being the 'time' factor... OAC, Perhaps a reason why so little Gann talk is to be found, is because there are 'issues' about his 'credibility' (the use of astrology for example), where I believe there weren't any about Wyckoffs. This might be interesting, Gann interviewed by Wyckoff: http://www.tradingfives.com/gann/wd-gann-interview-1909.htm

I thought blogs were publicly accessible? Me and wasp opened one and although the main purpose is to improve ourselves, it's not like there's anything secret going on in there... As for the private vs public threads, I already started a new thread (http://www.traderslaboratory.com/forums/f34/all-you-need-is-a-chart-3843.html), and I'm sure wasp & myself will contribute to the main forums like we did before! A lot of reading material to catch up on though! :coffee:

You need never read anything on the financial page of your newspaper except the table of stock prices and volumes.

The best inside information is on the tape. I would rather follow its indications than act on a tip from J.P. Morgan himself.

"The tape is like a moving picture film. Every minute of the day it is demonstrating whether supply or demand is the greater. Prices are constantly showing strength or weakness: strength when buyers predominate and weakness when the offerings overpower the buyers. All the various phases from dullness to activity; from strength to weakness; from depression to boom, and from the top of the market down to the bottom – all these are faithfully recorded on the tape. All these movements, small or great, demonstrate the workings of the Law of Supply and Demand. By transferring to the charts portions of what appears on the tape, for study and forecasting purposes, one is more readily enabled to make deductions with accuracy."

Dbphoenix posted something about the difference between ES / NQ / YM / ER2 somewhere... can't really recall where but you should look it up, it was an interesting post. I believe your description fits pretty much why he prefers trading the NQ. If you compare "large moves" don't forget to take into account the points value and the margin requirements. A 100 point move on the YM is a 25 point move on the NQ. Also, the NQ has been much stronger than the other indices lately.