karoshiman

I liked this idea. It seems that many others liked the idea as well and acted also upon it... today's moves smell like a stop run...

Covered long in YM at 14,476 with a profit as I do not want to hold over the weekend.

Long in YM at 14,464. Price bounced off from yesterday's low. ES making also new intraday highs.

Changed my mind... covered remaining 50% at 14,512 with a profit. Thought it gets down faster...

Covered 50% of long in YM at 14,498 with a profit just to be on the safe side. Stop for remainder at 14,560.

Short again in YM at 14,543. Upmove outside of overnight confluence zone seems to have failed.

Reason for my short covering: trend line (not the beginning confluence as shown in the chart; was just busy and couldn't post it earlier)

Covered short in YM at 14,512 with a profit.

Stopped out of YM long at 14,603. Second failed long trade in YM in a row... Flipped here to short... Is the bull run over?

Trying another long in YM at 14,670. Price seems to have overcome the 14,610 to 14,660 confluence zone.

Kicked out of long YM at 14,590 with a loss. That was quick... Might re-enter again later...

Long YM at 14,649. Pull-back and bounce-off support area.

Well, actually I did not... was biased towards short setups... :crap:

Thanks. I've misread your initial comment. Makes sense!

I'm currently looking for opportunities in both directions, btw.

Can you explain this as well? Why do you consider it now as broken? Uptrend on which time frame?

Thank you, Cory! What is the logic behind this (see quote)?

Been kicked out of YM short pos. at 14,525 with a loss.

Yes, that makes more sense. Should have figured that out...

Thanks for the book suggestion. No, I can't figure it out... Do you refer to 5 min. charts? I assumed you referred with 8:20 and 8:15 to EST hours yesterday. Is that correct?

I have my short pos. still. YM is at a critical point, though. Price retraced to the upward trend line it violated this week (see daily chart). Also, on the intraday chart you can see the retracement to the downward trend line (see hourly chart). What is the Al brooks setup you mention? I haven't read any of his books.

Nice call with the 364!

Short YM from 14,445 as most recent support at ca. 14,450 (April 1 + 3) has been pierced. Next support at ca. 14,300.

Can you explain this in more detail? I don't understand exactly what you mean by that... I see that price touched 308 on March 19 and 309 on March 21, so that this seems to be an important short-term support level. I refer to the 450 (roughly) as price hit 453 on April 1 and 454 on April 3, seemingly being another short-term support level. My thinking was, if this strong support is pierced clearly, it should be easy for price to move to the next support level, which is the 309 area, mentioned above.

I think, if we get through 14,450 we will at least get close to the 14,309. Not sure, whether I should trade this, though.