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Sobo
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It does not look ok to me, because I cannot enter to any position. I dont know when, where and if it breaks.
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Look at YM, it is just painfull to watch for me.
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Tom: No. I have tried different strategies, but the one, which I feel comfortable with contains only EMA and volume. I have learnt to keep it as simple as it can be:) I usually enter on corrections to EMA in a trend.
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I am staying away from market now, because its like yeasterdays end of session. UP and DOWN. I am worried that break on either side will be immediataly retruned back. I am waiting for confirmiation and looking rather for short. (talking about YM)
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Steve: Can I ask you where did you exactly enter to postion? YM made a similar setup and I was plannig to enter on some correction, but no valid correction (for me) has been made and I was just watchinh like it goes straight up.
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What do you exactly mean? You mean like to have only RTH in chart? If so, I am happy with 24hr, because sometimes I trade premarket too.
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Thanks for your post Negotiator. It is shame nobody trades YM here and I cant share ideas with anybody. Eminis move similar, at least I can use some of your information about ES to transform the to YM. Anyway, I see market make a move to yesterdays high area and then we will se if it gets rejeceted or break through.
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Hi, I would like to join to discussion. Is anybody trading YM? What do you think about 12523 on the chart, possible long, if it breaks through?
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Ou sorry, I thought that you were asking me what patterns I am testing. Anyway, my idea what I see there is right?
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I am testing bouncing from EMA in a trend. Correlations what I see there is an increase of a volume on a bar, which is touching EMA.
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I made volume pan bigger and the thing I see (place where I entered) is that the volume on a bar, which is touching EMA is much bigger. Dont know if this is what you meant though. I also looked a couple days back and saw that it occurs quite often, but it also occurs when the price doesnt bounce from EMA and continues right through it.
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I did not trade on wednesday and thursday, but on friday I made one trade. On the chart, there is my thought process and entry point.
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The main timefrimes for me are 2 and 5 minutes charts and little behind them is 15 minutes chart. I watch 2 minutes chart first and looking for entry there, but if market makes big move without a correction I rather switch to 5 minutes chart and look for entry there, because market tends to do bigger correction and is possible that after big move, it goes through 2 minutes EMA like a butter. If it fails on 5 minutes chart too, I look for entry on 15 minutes chart, but only if market does not make regular swings in his way back to EMA. If it does swings (on lower TF), it indicates me that the trend has possibly changed. But if I apply this right, 2 minutes and 5 minutes chart are the best ones for me. I watch higher timeframes (30,60,daily) only for important S/R levels usually before opening.
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I have not entered today. Only possible entry is on the chart, but then it was one big chop for me and market indecision:)
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I have been tradind with EMA on sim till now. Now I am starting this live. About my criteria. I Usually watch higher TF and if there is an obvious trend I can trade. If market cant break support or resistance and is not rejected immediately, its first sign of chop for me and I wait. I wait for price to break up or down and then ussaly new trend starts. If I am on a trade and chop comes arround, I exit my trade with a small loss rather than wait, because I can enter after the chop, dont have to be in every move:) And what about you? How do you trade?