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Bern
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I wish you get well soon. Regards.
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Yes, it is true. I also look and use for preparation time based charts as 15, 60 or 240 min. And yes, I find congestion informative. Maybe then the issue or question is if I look too many charts and it is redundant and unnecessary to do it. Thanks.
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Although I prefer to take my entry-management-exits decisions from time based bar charts, I allways keep an eye on tick based charts because I find them easier to spot some areas as the one in question. Have a look at this 1500t chart and how the level-area marked by the yellow line was more than a prior swing high: it was a previous swing high-resistance that had shifted to support that was tested at least 3 times before the yellow circle area discused in your msg. It does not take too much screen to have one chart as the one attached. Just my two cents
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I just took 1 trade today. Market opened inside tight trading range. First broke 55 which was upper boundary of that range and there was a possible entry there that I decided not take since it was just at the boundary. It went till 59ish that was YH and rejected. I took a short at the ret after that rejection. If the dl was broken or not would depend on how tight was drawn. I was aware of this but I did not want to take the short lower than 55 since I would be entering them to close to a) the mean of the range 59-47 and b) the lower boundary of the inside range 55-50. It went down to 50.50 and rejected with big volume. After several minutes of lateral fight-indecision, I basically SCR. That was it, since I did not see any really clear trade afterwards. Maybe in the afternoon session....but it is already friday Have a nice weekend all!
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It looks like an rth open inside an overnight tight trading range. Areas and levels of interest:
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RTH open inside a tr between 34 and 40. NQ went in first minutes from almost the lower boundary till the upper, rejected and back down again to lower boundary. 1. And there I took a short at the lower boundary after what I read as a breakout and mini ret which is not visible in the 1min chart but it is on a smaller bar interval chart. It went nowhere and exited when it was clear that it was not going down. I waited for a ret after the break above 40ish and I took a long at 2. 2. I was not happy to take it just at the ov high and after some minutes it was stopped when NQ was back down into the range. 3 There I took a short after a ret. There are two exits, first is a partial at 34.50 lower boundary of the range and lod and exit of the remainder when lows rejected with big volume and was clear that they were not going south and back to 37 (mean of 40-34 channel) or 40 (mean of 35-47ish ov and rth range). 4 I decided not to take the ret marked by the blue circle since it was in the mid-mean of the range. 5. NQ formed what I saw as a hinge and then came two options for a long marked by the yellow circles. I passed on both since I have decided to wait for either a clear break of the range 47-34 or a good reversal opportunity at the boundaries. Now in hindsight I am thinking that this looks like a good long in what could be read as rets after the exit from a hinge, but I am unsure about this (?) 6. I did not take the ret marked by the dark red circle because of the time of the day and also finding the wave very extended and do not like to enter these kinds of trades, specially at the breakout of hod/lod. I passed, calling it a day
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Not really in tune with the market. 1. Long at the ret after the sl brek but it is inside the ov tr, so I hesitated. I was ready to exit-scratch if there was a rejection down at the upper boundary of the OV TR. 2. Exit of previous long: it is dubious. It is true that a tightly drawn dl would be broken, but I think that I should have hold it just below the upper boundary of the OV TR. 3. I still do not understand why I did not reenter long at 1st or 2nd yellow circle. I was not focused. 4. Short at ret after break of dl. 5. When it was not able to go south of prior SH and made a DB I entered long reversing the position. Market stayed there for an eternity showing indecision and this could be read as a hinge. At least a consolidation, indecision period. Maybe I gave it too much space till I exited at 6. 6. There is a not triggered short marked ( triangle down and NT). I was waiting for market clearly going below of previous SH. The fact of focusing-waiting for the short to trigger (and a certain bias instead of being open to any posibility) made me miss the posible entry long marked at the 3rd yellow circle 7. Long. Took it but not happy too enter so late in the wave and so close to HOD where some reaction from sellers could be expected. Exit with loss. 8. Long again. Since it did not go down and formed a micro DB I entered again but seller did not want this to succeed. I think that seeing the big volume that came there and the rejection of the new highs, I could have taken my exit for a scratch earlier. End for the day.
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My view of the forest prior to RTH open:
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These were the trades today:
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The landscape before RTH open:
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These are the trades today:
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Market before RTH open and areas I will be watching:
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I was scared by the volatility today and I did not handle it well. Just two trades. Sure SLA should have allowed me to re enter after exiting the short, but since I was scared by the range of the waves-bars and not really calm and focused, I decided to stay aside and just watch.
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Market prior to RTH open:
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Hi Db, Would you consider the two additional trades I have marked as right to the letter and spirit of the SLA approach? I did not trade yesterday but in hindsight I think I would probably have taken them. Thanks The short is fine if you can get out of the long fast enough. The long is fine if you don't mind trading inside a hinge.
