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goodoboy
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Everything posted by goodoboy
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exit at 1437.50. 1438 is HOD from yesterday. So far price want break it.
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long 1435.25 target 1338. Looks like buyers at this 1433 area again.
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breakeven on that, no breakout after all. I am just watching now.
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long ES 1437.50 target( don't know, maybe new high of the year). stop loss1436.75, more than like likely i will breakeven, if go to test highs of overnight and come back down. Lets see it goes, I am either right, or right back out.
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Very Very true on the hesitation part and the rest.
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I think so as well. And certainly didn't expect market highs this time of year. For this reason, a few stocks that I wanted to buy a bottom and hold for awhile I missed on, so I would like a deeper pull back before going upwards.
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Thanks Steve, Good comments. The supply and demand lines are like training wheels for me now, as they are considered in my trade management plan once I enter a trade. HAHAHAHHA "basically they are told to fill orders and stay out of trouble...as a result most of the volume is automated." This is pretty interested to know how these big buyers/sellers operate. I am not sure where everyone is right now. For the ease of learning and keeping me focus, I am just watching price on the chart (3 min) as it reaches support and resistance levels. The same as I was before. I have some rules or criteria I consider before taking a trade. I like the logic entry as you mentioned on your thread with waiting for price to open and close below level. I followed this logic today and took short at 1432.75 and stop at 1434. Miss it by one tick. That would have been a good short down to 1430, which is where ES started from since open. dismorning As far as market being difficult, well I wouldn't know. hahaha. I know one thing, its always difficult when I don't know what i am doing. I have come along way since i started in March. However, I still have much ways to go as everyday its a curve ball.
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took a short at 1433, stopped out at 1434. -1pt. Target was 1430. Price action came to this support, stalled, broke and retested, i took it short. Wait for meee little ES.
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Move target to 1437.50. There is a trendline connecting from Friday and yesterday HOD. Exit for 4.25 pts. There was a supply line that fully kept me in the trade, if it broke and started a making a small S/R range, I would have just exited.
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long 1433.25 stop 1432.25, target 1438 (provided a break above resistance 1434) reason: trend of the moment looks upward and simply buying on a retrace.
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Yes, I was looking at the area today specifically, and notice price closed/open below this line and never looked back. As price approached Friday LOD, it just flew past it. It was good to watch and take notes. Thank you,
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This logic would have worked nice as well afternoon, when price action came back to this level, and candle opened and closed below the line (support) for a short entry.
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Hello Steve, In this example the green arrow is shown below 1438.75. Is 1438.75 your resistance for this example or is 1437? Thanks,
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This is very good discussion and comments about hindsight and really just ignoring the what-if scenarios. Basically, what you are suggesting, is to just look at the price action as it approaches S/R and just see how buyers/sellers respond as price gets to these levels and nothing more.
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Nicely written and thanks for the time and effort for displaying how to prepare.
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Hello, I am assuming these pictures don't work anymore since the post is from a years ago. Just wanna make sure its not my computer having issues. Thanks,
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Thanks Steve, I have seen times like this for example in your chart when price just drops down, without even a retrace to test minor range it broke down from. And this is where newbies like myself begin chasing. Or some like I have read on TL will simple fade the drop. I don't like that too much. This is good example for newbies that once the price falls like this, just sit back and wait for the next support area to take place and make decision after price makes decision which way to go.
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Well, I certainty appreciate the help and just the comments on how to be more of an observer than anything. I am not trading for a living right now, so my goal is more learning based and just having an idea on how this market really works. I spend most of my time either reading, paper trading, taking notes, and writing my plan in three phases: 1. Entry 2. Trade Management and 3. Exit. I have taken Db advice and thrown away everything that wasnt helping me: Indicators, this head and shoulders stuff, yahoo.com/finance, cnbc, why obama shouldn't be reelected discussions, etc . Its all just watching and observing and planning.
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HAHA, Well, anyone is welcome to laugh at me. I want to be consistent and learn and know what I am doing, that's the only thing on my mind. I am learning that unless a trader have some systems or plan in which they trade, it will be tuff and frustrating.
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Looking at your chart did show the reversal at support (1432.25), price went up and then retraced, now normally at this moment during the retrace phase is where i look for buying op. But the difference is, you was looking at 1min chart and I was looking at 5min chart. I am not trading, just watching, but clearly i missed it. I open 3 min chart and there is a minor retrace as well. I know you use the 10, 3, and 1 min chart. Do you normally use 1 min during the day?
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I can agree with you about watching you doing this. Cause I was tempted to go long at 1432.25 after 5 min candle closed above this price, but isn't this counter-trend trading when buying when price has falling down from 1436 to 1431 in a matter of seconds?
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Thanks Steve, don't want to bother you while working so you can reply later, but when you state close above 1432.25, are you watching the 1 min chart or 3 min? Thanks
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Thanks Steve, interesting! In other words, what you are saying is that institutional have between now and til end of the year to show a bigger positive return of the year for their customers or whoever?
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Did I draw the demand lines correctly? Thanks
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You sound exactly like me. Your thoughts are my thoughts exactly. Nothing fancy