Soultrader

Long ES 138575 Stop 138325

Hi Jay, what size pdf file did you try to upload via attachment? Thanks

This is a test Richard D. Wickoff - The Day Traders Bible.pdf

.... I cant vouche for that because the setup itself is clearly discretionary. A lower low with diminishing volume would indicate supply running out. But it DOES NOT necessarily mean price will lift. If you do some research on what classifies as high volume on a specific timeframe for the market you choose, you may grasp a better idea of when it is representing short covering versus actual accumulation. But as a reversal setup... what I showed above is pretty much the pattern I look for. On the KOSPI today, I did not take the reversal as the push through supply volume looked rather weak. (supply still left) MP levels are just S&R levels that I watch. They are simply reference points.... and do not tell me whether to go short or long when price approaches them. What makes me decide to go long or short is how price reacts at these levels in comparison with volume.

thanks for the notice Jay. Looking into this asap.

Final exit: 23690 2 failed shorts... finally grabbed one.

Here is an introduction to the KOSPI 200 futures contract listed on the KRX. The KOSPI 200 consists of 200 stocks selected from issues traded on the KRX Stock Market. The heavily weighted stocks for this index includes companies like Samsung Electronics (15.59%), The Pohan Iron and Steel Company (7.89%), Kookimin Bank (3.89%), HHI or Hyundai Heavy Industries (3.53%), etc... Here is a snapshot of the contract specifications for the KOSPI 200. At the current exchange rate, 1 tick would be equal to around $25. So basically one point would be equal to $50. (2 ticks per point) Okay, so enough of the technicals. How does the KOSPI 200 trade? Well for US traders, your hours will begin at 7pm EST to around 1am EST. The above CQG contract spec shows open at 20:00 but this has not been adjusted for daylight savings time so the correct time would be 19:00 EST. A couple of key things to note for this contract. This contract is heavily retail driven. Unlike the Nikkei which is dominated by instutions, the KOSPI is rather light in terms of bid/ask. The movements are similar to the ES and Russell combined. Reversal are common making it one of my favorite setups for this contract. Gaps are not as severe like the Nikkei allowing me to use market profile as my preferred tool to spot S&R levels. VSA traders... this is a contract you might be interested. Tests, lower volume lower lows, etc... are very common patterns. Momentum players.... requires discpline but push through supply volume during a rangebound market or test of low is common.

Exit 1: 23710 Stop move to b/e

Short KOSPI 23760 Stop: 23810 Will post chart shortly.

Exit: stopped out at 23765 :doh:

Short KOSPI 23735 Stop 23765 Will post chart shortly.

Flat on trade at b/e. Too chop chop rangebound.

Short KOSPI 23610 Stop: 23650 Will post chart shortly.

Heres a seperate reversal chart of the KOSPI. I usually have a fixed stop in mind... for example the ES will be around 2 pts. If my entry is going to cause me to use a stop wider than 3pts, I will pass on the trade until I find a pullback, etc.. for a more optimal entry. Regarding exits, I scale out on all my trades. The first exit is for around 2 ES pts.. or any hint of weakness. Then I leave my stop at b/e and just manually trail it. If long and price makes a higher low, that would be my new stop point. But again.... I tend to exit way too early on majority of my trades.

Have a great trading week guys. KOSPI looking weak all morning.... rejected of 2 day resistance level. Value is shifting lower for Asian markets.... might be something to keep in mind for both US and European markets to come. Happy trading!

Hi Will, Unfortunately I dont think I can help you with this as I do not use this indicator. A thing that crossed my mind is that if volume is required to calculate this indicator, perhaps data vendors who use tick volume for currencies are applying this data into the Force Index? Might be something to look into. If you are not familiar with tick volume on currencies, it is simply the number of times price changes based on the bid/ask quotes. Not an accurate measure of volume but gives you an idea as buying and selling frenzy is all the same.... traders stumbling across the boards causing bid/ask to change swiftly.

I am mainly a reversal type trader. Ill post a chart this week on a few breakout setups I trade.... but mainly looking for certain reversal patterns to occur at MP and other S&R levels.

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Stopped out here.

Short DAX 70790 Stop 70835

out rest at 70830... some resistance here.

Exit 1: 70840 stop move to b/e

Flip trade Long DAX: 70785 Stop: 70740