OAC

Many have said that the characters of the equities markets worldwide have changed over this past year, less predictable perhaps. I think the best thing to do amidst this environment is to become a master of continuation patterns.

and here is my Daily:

I run hourly profiles on the 5 minute chart. Thursday's session was cut short at 1:00pm EST, so the last profile you see only has a half hour.

The simple answer is this is a very difficult pattern for the swing traders. But it is good for the scalpers because the volatility is usually good. Just be careful to go with the trend once we break out of this formation. I guess looking at your daily and intraday MP helps.

Yesterday I was suspecting an expanding triangle being formed, and here it is today on the ES 15 min chart:

No bullish or bearish bias here. Just pointing out the interesting candlestick pattern here on the daily chart. Psychologically speaking, the fact the market open gap up and close below the close of previous day after two weeks of long decline would scare the living s**t out of any remaining longs and market has a nasty habit of rallying after exerting maximum pain. If any trading advice can be given here is probably to be cautious if you are initiating a short swing position here.

I am looking at the daily chart of S&P cash. I noticed that the last two candles formed a bearish engulfing pattern. Normally in an uptrend, this pattern would be rather bearish by showing possible buying exhaustion. But in this case, being that we are in a sharp downtrend, this pattern can actually be bullish. It actually shows an expanding triangle formation on the lower time scale which can often be a reversal pattern especially when we are near previous major support. Thoughts anyone ?

I thought you have been studying hard on MarketProfile with Ammo and getting all sick and tired of all the nips and cleaves ?

I think you are right.

Hey, he is definitely buying a bunch of call options here. The market is more over-sold and the bounce back to the 8ema has more potential than ever before. Plus he bought a whole bunch of put options last Wednesday when ES was 1338. He is just going to play with market's money now. Plus he can afford to blow it. James is already driving a Benz, so why would he need to drive a second one ? :o

What a day the 26th was ? The market blew significant supports like they are not even there ! I redid my calculation on Robert Miner's Dynamic Trader, I also got the 26th instead of 25th on my Fibonacci Trader software. But if you are a market geometry oriented intraday trader/scalper, Fibonacci Trader by Robert Krausz(one of the Market wizards), is by far the best out there. To recap this past friday, the S&P rebounded on intermediate supports. Given the very over sold condition of the market, we will most likely see the rebound to continue on Monday. What is really striking me is the Nasdaq 100 having great symmetry here on the hourly chart:

Here is a different look of the 1329 POC and 1319 POC from my Ensign chart:

26th looks good. I have a trend change date of 25th based on market geometry going all the way back to the end of last year. We will probably nail it this time.

I really don't know what you are referring to. Most professional would advice you to ignore volumes on an option expiration day. Much of the volume is institutional driven and result of unwinding of non-directional neutral strategies.

That is probably due to Options Expiration activities this past Friday. Dow only represents 30 stocks while Nasdaq and Russel index represent thousands of companies. If you are a large institutional fund manger, you would rather hedge your portfolio by buying options or futures on indices that represent the broad market than rather just a handful of companies.

This is one of the most ridiculous thread I have ever read here at TL. Did any one of you got kicked out of other trading forums and landed here ? :ciao:

To anticipate a trend day is like anticipating a successful break out from a current VA. As far as I knowm MP has no predictive capability in that regard other than to say that a breakout is more probable if yesterday's VA or a composite VA from the past few days have a symmetrical-looking distribution or a "completed look".

The $20/month difference may have something to do withe CBOT's licensing of MP. You will never see Ensign associate a block of their histogram(aka: TPO) with a letter. Personally speaking, alphebets are only important in my cereals.

Sorry for the mistake. The last time I checked, the MarketDelta software with the Footprint and everything was $40.00/month.

I haven't checked lately. But the last time I checked, Investor/RT was considerably more pricy than Ensign: $75 vs $40 with the MP capability. Now with Ensign's new enhancement to their Price Histogram and a promise of more to come, Investor/RT must be getting nervous. :hmpf:

Jsont: May be it is a good idea to examine all the gaps that are greater than 8 pt., and see how many get 50% of the gap filled ? When the gap is large, 50% is worth shooting for.

Actually the concept of change in price equal square root of change in time came from Albert Einstein. In a paper he published in 1905 called Brownian Motion, he found that a particle suspended in a liquid tend to move randomly and that the total range of the particle's movements would expand according to the square root of time. Similarly, the brightness of a star diminishes in proportion to the square root of one's distance from the star and the influence of gravity diminishes according to the square root of the distance from the gravitational object.

Last Friday's relentless decline blew through a lot of significant supports on its way down. Will the medianline on this 15min chart hold on Monday ?

BTW, this may be of interest to some. another member in the Wyckoff Forum recently posted this link which is a reprint of Richard Wyckoff's interview of Gann back in 1909: http://www.tradingfives.com/gann/wd-gann-interview-1909.htm It is pretty incredible stuff considering there were no computers or even hand-held calculators back in those days. Just how do you calculate the square root of a number without a calculator ? I guess you have to use a table of some sort and then zoom in on the details. I would imaging a simple task of calculating a square root within the accuracy of 4 decimal places with a simple touch of a botton today would take a whole day back then. :o

MP and trendline confirmed by gann and ew is an excellent approach to the market :applaud:.