bigsnack

Hello face melting rally!

yeah defnitely! What a rip off of the lows. I could feel the sentiment change down there, but I didn't get a prime setup so I sat and watched most of that face melter. Right into the next short setup at 56 evens. If we start selling off again I'm targeting 34.50's, if we retest and break above 56's, then I'm aiming for 61's

1043's target for this morning.

As far as fib retracements go on price, we have a daily and a 15 minute price target below us, but I will be watching for the bounce, especially if either of these targets get hit overnight.

Indeed, getting out of a loser is probably the most valuable lesson that you can learn. I use nearly the same criteria for an exit as I do an entry. Let's say I enter short and the market starts moving in my direction. If price makes a 2 tick higher high above the swing that I entered on, I am out with no exceptions. If it ends up being a fakeout and the trend resumes, then I will see if there is a safe way to get back in. It keeps the stops nice and tight, usually around 2-4 ticks.

That was one that I didn't take actually. My first confirmation is price (2 tick HH or LL on the ES), and the only "indicator" I use is the NYSE TICK for confirmation of trend direction. Since the TICK was diverging with price I ignored it. I great example of a trade where everything lined up for me is 7:48. Price had just made a LL, NYSE TICK had just made a lower close, and the next 50% pullback touched to the tick at 7:48. EDIT: Although it is interesting to note that the recent low was at 7:58, and then the rejection of the bounce was at 8:02, etc. All day long!!!!

The time element is a very important and noteworthy topic for sure! It's interesting that I have come across this thread just days after noticing (through collecting stats relating to all of my "ideal" trade setups) that 63% of my trade setups occur when the number 8 is the minute. A close second is the number 2, followed by the number 5.

It may seem steep, but consider the fact that he has laid out his strategy for months on end at absolutely no charge. This is basically an offer for people that either can't or don't want to take the time and make the signals their own through trial and error. I personally don't find value in spending money on a trading mentor, but he has the right to put a value on his time if he chooses. If he made the offer and no one replied, he would realize that people don't value his time the same as he does. It sounds to me that he has had enough interest to move forward with it, so kudos to that!

What charting package do you use? Electronic Local has posted indicators for a number of different packages in order to successfully mimic his chart setup, maybe your charts are covered? EL's blog is definitely cool. I've been practicing one particular setup that I have picked out from his charts, and it is very effective. He's a genuinely knowledgeable and helpful guy for sure!

Meaning a retest of that same line of support and resistance from the opposing direction?

Fulcrum, What type of candlestick chart are you using again? I'm sure you have mentioned it before, but I have missed it along the way. I have a chart setup with 5 tick range bars, and I have really begun to notice that CD has it's own support and resistance, and that this support and resistance will break just before decent sized runs on price. I guess the key is identifying this break, and then being patient enough after that break to wait for a proper entry price. If I may ask, what is your entry criteria after a CD line of support or resistance breaks? You may have answered this very question in the video you posted, but I can't currently view it at my location. Thanks for the insight.

A snapshot of the tick from Thursday. I hope it helps!

FWIW, tick divergences are only relevant (to me) under certain circumstances and contexts. It really depends on how much you want to use the tick as a guide. In my opinion the tick and tick/q became the most useful to me only after I studied it just as deeply as most in this forum have studied the Wyckoff way itself. For me tick divergences are relevant only when the divergences show a very specific behavior. Here are what I specifically look for: A) Has the trendline on the tick/q broken prior to the divergence occurring? Quite often, the tick will break trend minutes before price breaks trend or begins to reverse. B) Secondly, I will only enter on tick "hooks". The ideal entry for me is when a trendline on the tick breaks, and is shortly followed by a tick hook with divergence. A perfect example of this was on the trend day we had just before the new year. I follow the NYSE tick, but the strategy works the same.