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tupapa
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So since 22 didn´t hold, your next "target" is the median of the channel?
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Chapeau, I always found it somehow ironic how you assertively discouraged folks from trading intraday yet pretty much all discussion on Wyckoff trading was invariably focused on 1 minute trades. Because that's what people wanted. Enabling it was my error. I would like to participate more on the longer time-frame discussion. As long as you can stay on topic, you're welcome to do so. On that matter, does someone know of a way or resource that can be used to identify trading instruments that are in a range on the daily/weekly? Maybe a combination of indicators? To avoid having to scan visually through individual stocks?
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Today was interesting. There was a another poke above the range that found no buyers and consequently price collapsed back into the range. It now seems likely that the Dow will test the lower limit of the range, at 14,800. This is my first target, where I take out 1/4 of my position and stay alert, since price could reverse. If buyers don´t show up there, my next area of interest is 14,000, where I would scale out the second 1/4.
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Really? And what makes you think it's poised to break higher? There was a clear rejection of resistance on wednesday and both yesterday and today buyers don't seem to have it in them to make a higher high. To me, this suggests buyers are reluctant towards bidding above the top of the trading range, at least for the time being. Lets wait and see.
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Since you ask, here is my take on the Dow: We are at the top of the Trading Range, so I´d say a short is legit if the red down wave materialises itself. Initial target is the lower limit of the Trading Range, although price needn't necessarily stop there. If price breaks above the Trading Range, I´d take a long after a retracement.
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This is my take on Silver: Weekly: The red SL is broken and we can see climactic VOL. followed by a lower volume test during the previous week. Daily The green Demand Line holds, resulting on a HL and for me, a reason to go long if price breaks above the most recent congestion above 22. From here, I would wait for a test of R at 25, if price reverses I would close and go short, if it breaks above 25 price is back in the range and I would anticipate a test of the range MP at 30.
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Hello Zdo, is your long silver a long term bet? What is your plan regarding trade management and do you mind sharing your rationale? Also is there a particular reason why you buy silver instead of gold? After yesterday's rally, I see very good support in both gold and Silver and I am bullish.
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No but it sounds painful. What does it have to do with options?
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Just what I need, question: If I think the S&P is going to fall, why would I want to use options instead of just shorting a Future? I'd appreciate if you could explain the benefits of options, bearing in mind I know nothing about them. Cheers
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Hello Steve, I am interested in this. Do you know of any decent resources to get started?? Cheers.
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I know, it was actually a joke, I am not advocating the use of indicators.. I did however, start using the AD line after reading the nature of risk, which you recommended. Mamis talks about the AD line and the New High, New Low being the language of the market. I find these statistics legit, since they represent unadulterated market information, unlike technical indicators that rely on mathematics. Anyway, you posted the New Highs/New Lows statistics and the Advance-Decline Volume a few days ago so I assume you rely on these rather than the AD line I posted. Cheers I don't necessarily agree with everything included in the books I recommend. And there's much else of great value in Mamis' three books. But even if one uses the AD line, which is not "unadulterated", it isn't of much use if one doesn't know how it's calculated or what one should compare it to. The TICK(Q) and the AD line have little in common, nor should they be compared to the major indexes without regard to composition. As for NH:NL and UV/DV, that's raw, unmodified data, and the NDX and the COMP are usually highly correlated. though not so much over the past four months.
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Not bad, enjoyin the markets from the distance how are u?? I know that chart is dbs worst nightmare, missing the macd haha I wouldn't call it my worst nightmare. If people want to use indicators, there's not much I can do about it. However, those who do will take far longer to understand all this, if they ever do, than those who set them aside.
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Isnt it the same as the tickq for day traders?? Can you elaborate? I thought id been using it succesfuly so far lol
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A look at the AD Line for equities, showing three blatant divergences. The number of advancing stocks is increasing, but the overall index is, so far, struggling to keep up.
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Did you trade todays NQ auction? I found the first 45 minutes a complete nightmare to follow..