Trading the SLA/AMT Intraday

[Gringo 10]

10:24: Large hinge on NQ.

 

[Schaefer 10]

Here is what I'm having today apart from PDH/PDL and the midpoint at 48.

 

The range where price is currently trapped in was also the range from yesterday evening. Does this tell something?

 

9:50: Sierra stopped working so I was watching price solely on the book trader. Amazing... When it reached the 60 area the turn was very obvious. Maybe there is a reason why one does not see many charts on professional screen and only DOMs...I mean obviously you have to know your levels, but the rest can also be watched on the DOM.

 

Btw. this is not about DOM patterns - have also been there : - just makes you crazy...:helloooo:

 

Only Supply/Demand within AMT...

 

My Sierra Charts went out a couple of times today, as well. Actually, the first outage cost me some money, as I didn't realize the chart was off line, and kept the position, instead of scratching the trade.

 

Schaefer

[DbPhoenix 42]

Thanks for the votes.

 

Poll: Do you believe DBPhoenix's writings can make you a profitable trader? | Elite Trader

 

Trolls are useless.

[DbPhoenix 42]

EOW

 

There are a few things that come to mind in terms of lessons over the last 3 weeks.

 

1. If price gets to a level you are watching and behaves in a certain way you understand take the trade, no ifs no buts, you do not know what will happen next the rest is speculation. The winners you fail to take are as painful as the losers you make.

 

2. Don't sweat the small stuff plan the trade, trade the plan.

 

3 Prep is as important as taking the trades, understand what is going on around you.

 

More specifically today.

 

Any lines one has should be treated as a guide, price being at support is not as important as price behaving like it is at support. Todays low put in a ret then confirmed into my range low, an order could have been trailed in tight behind to catch a rally, this might require testicular fortitude to take it on, or the ret confirmed and instantly rejects turning into a dog, once the ret high gets taken out an entry could be taken there, or you could wait for a further ret which comes a few minutes later, the problem is you get further and further away from your ideal entry and closer to the mean where price could chew you up.

 

Price rallied again to the opening high, put in a ret and again rejected right into a DT, another dog, whilst there were alot of rets throughout the day that confirmed and failed, the ones that ended up doing anything tended to be at points of interest.

 

To cut a long story short, Behaviour + Context = Opportunity.

 

I'm going to think about this some more, just thought I would get it out whilst its still fresh.

 

Take it easy

Gamera.

 

Gears: What I Learned Today:

 

--It's not a new lesson, but when price is ranging, the extremes are the best entries and where all the fun seems to be. I wasn't trading/simming, but that's the name of the game. No matter how quickly price may move in another area (and you might be dying to get in on the action), waiting is the best advice one can take.

 

--I did learn some patience today as the more I see AMT in conjunction with ranges and trader behavior repeat, confidence is gained.

 

--Still haven't figured out hinges - what constitutes a test, what 'tells' might exist for where price will go next.

 

Summary: A slow grinding, choppy and range bound day. Learned and witnessed first hand, the importance of using larger interval bars, and looking more to the left on choppy, and range bound days.

 

Have a nice weekend everyone.

 

Schaefer

[DbPhoenix 42]

 

 

 

 

 

0937: Stalling at 0445-0545 hinge

 

1002: It should be obvious by now that this is where the SLA is far more important than AMT.

 

1005: Those of you who have not yet done so would do well to calculate the maximum OS condition so far.

 

1009: It should be obvious by now that the 0945 bar was an "intent" bar. Look at where it was printed and ask yourself why it was printed there and what you should look for in future in order to take advantage of these moves.

 

The 0934 bar also shows intent, but not to quite the degree.

 

1014: Incidentally, one could have predicted that this would be a big day since we have half the number of guests.

 

1027: Note that the first wave took us to 73, the second to 74, and now the third is stalling out.

 

One could argue that the first wave ended at 58 and the second at 73, but the dynamic is the same.

 

1056: After so much time spent with AMT recently, trading the SLA must seem downright mechanical.

 

1059: Who let all these dogs in here?

Edited March 2, 2015 by DbPhoenix

[Ganaje 10]

During the evening session on Friday price did slowly rise to new highs.

Today the market opened with a little gap, took off immediately, broke the 60M upper channel line and formed a range.

Right now price is back in the channel and broke out down from the TR.

Let's see whether it goes all the way down to Fridays high.

 

 

 

 

I switched to futures data (instead of CFD), it is more clean. Also trading is from 08:00 till 22:00 instead of 09:00 till 22:00.

 

So, no gap and no break of the upper channel line (60M), a nice test though.

Price did indeed go back to fridays high, it waited a bit around the markets open and is now trading at the pre-market open.

 

 

 

 

Couldn't watch this afternoon. Seems a TR has been formed between pre-market low and market open high.

A breakout to the upside and back to market open high.

 

 

 

Edited March 2, 2015 by Ganaje

[boru 10]

price is still trading range at the top of daily trend channel the chart posted is a 60 min with the levels I'm watching. Something I wrestle with when looking for levels as the open approaches, I try to narrow them down to as small a range as traders have shown a willingness or unwillingness to trade, but I have the median at 46 of the larger TR while 49 is the Median of the more recent range , should I watch both? Does the larger TR trump the smaller?

Edited March 2, 2015 by boru

[fourtiwinks 10]

0905: G'morning to all, here is my PM chart..

 

0924: If NQ stays above PDR 50%, it'll gap up at the open.

 

0931: That was fast.. NQ bounced off Db's ONH..

 

0939: If NQ breaks ONH, will it be able to test PDH?

 

0942: Currently, it seems to be forming a double top..

 

0945: ONH has been broken and PDH is next to be tested.

 

2027: After NO broke out of ONH, PDH, PD2H, I lost track of PA as I kept wondering why didn't Ianticipate the BO? Was disappointed with myself at that time. After reading Db's comment (1009h), I realised that I failed to consider the context properly. Though I drew those lines on my chart, I did not understand their significance with respect to context.

Edited March 3, 2015 by fourtiwinks

[lajax 10]

Good morning.

 

PM levels

 

 

0928: previous to the open the price is located around the MP of the PD

 

0930: At the open the buyers test the MP of the ON action

 

0933: The sellers reverse almost all the previous up movement

 

0934: However the buyers try to take control and a RET is confirmed

 

0935: The buyers are trying to reach the ONH

 

0937: For the moment an uprend is going on

 

0938: RET triggered

 

0940: RET confirmed, although a HH was done there where no follow trhough

 

0941: The price is below the ONH

 

0945: the price BO the ONH, a RET is needed in order to confirm the buyers willingness

 

0947: The buyers are finding R in the PDH

 

0949: RET triggered and confirmed

 

0950: the price BO above the PDH. Waiting the RET

 

0954: RET confirmed, but no follow through

 

0955: The buyers show their strength and the uptrend continues

 

0958: the buyers make a new HH, waiting to see the next action

 

1000: The uptrend continues with ease of movement

 

1003: BO the DL or only a spike?

 

1007: The price starts to retrace

 

1008: LH, RET triggered and confirmed

 

1010: Although a LL was done there were no follow trhough and the price rebounds (TDTDB)

 

1011: The price makes a new HH

 

1014: Although a HH was done there were no sustantial advance

 

1019: A HH is done. Note: the speed of the price is lower now than in the first 60 minutes, there is a shortening of the upthrust

 

1030: The price found S at the principal DL and a HH is done

 

1031: There is no ease of movement to the upside and the price breaks the DL

 

1039: LH is done and the RET is triggered

 

1040: RET discarded, and a range is defined

 

 

1051: there is a listless downtrend in comparison with the uptrend of the beginning of the day

 

1053: the price found S at the previous SL

 

 

1102: Hinge within the TR

 

 

 

I'm done for today, thank you guys

 

 

Db one question, I´m still learning the abbreviations. what is the meaning of OS?

Edited March 2, 2015 by lajax

[gears 10]

Here are the levels I'll be focusing on today. The swings in the upper 20-30 range are noted only in case price breaks out of the hinge/recent price activity area and makes strides down. 60, 35 and the upper 40's seem to still be the stars for now!

 

I'm really wanting to look at the larger timeframe areas of interest and with that in mind, I can't leave out 4458 - ON high.

 

1008 - teasing dog barked. or is that it - a RET would have triggered (from a tighter DL, but it didn't go anywhere?

 

1005: Those of you who have not yet done so would do well to calculate the maximum OS condition so far.

I'd say OS (over sold) in the 4466 area based on the 60min lines discussed in the last few days.

 

1009: It should be obvious by now that the 0945 bar was an "intent" bar. Look at where it was printed and ask yourself why it was printed there and what you should look for in future in order to take advantage of these moves.

It printed at ON resistance and ended just shy of another area of resistance. I hadn't thought of it as an "intent" bar, but did note how it sliced through the price level with definite purpose.

Edited March 2, 2015 by gears

[Schaefer 10]

Good Morning all, Last week was great, and it was nice to see what other like minded traders were doing, and seeing the same market, I am trading. This week, I will be on sim mostly, as the construction work at my office building is still not done, yet.

 

This week, my primary focus chart will be 30 minute chart, as I may need more time away from the screen.

 

Long Term Analysis: The weekly, and daily hasn't changed much last week. We're still locked in a tight range, as traders are unsure of direction. Last Friday was an inside bar, and a bear trend bar.

 

Short Term Analysis: The weekend, and over night price action seems to be locked in a 10 point range. However, price generally seems to be respecting the daily pivot level, but staying below the mean of the range.

 

Plan of action for the day: Play the bounce of pre market range, and take one trade towards, either low or high of previous day. Then assess price to see, where it belongs in the overall range.

 

Schaefer

 

 

 

10:00am: Followed plan of action (PoA) to the best of my abilities. Price bounced off of the mean, instead retesting the low, and took profit at the previous day high per the plan. Did not reenter to test the daily upper trend line.

 

 

10:30am: Bar 1 was a bullish, bull trend bar which broke through all the highs. Bar 2 the same; Higher high, and lower high. Bar 2 did not offer the right tick to short (pullback to the mean). However, Bar 3 is offering pullback at the moment, but will wait till the bar is complete to assess the highs, and lows.

 

 

11:00am: Bar 3 was a Bearish outside bar. Price continued upward from Bar 2, however, retraced all the way back down, and also taking out the low of Bar 2 to create a lower low. This is bearish, and I'll be looking closely to look for short back into the range.

 

 

11:39am: Bar 4 was an inside bull trend bar. Bars 2, 3, 4 essentially created a small range at the top. So back to basics; First, find a range, second, determine the location of price within the range, then play the range by buying low, and selling the high.

 

 

 

12:00pm: Bar 5 was a doji bar. It created a higher high, however, unable to close above the range. Still sitting on hands, I would like to see a lower high before looking for shorts, or a solid break out of the range before looking for longs.

 

 

 

12:30pm: Bar 6 was a strong Bear trend bar. It created a lower high, and lower low. I will now be looking for weakness in retracement to go short for a break down into the range.

 

 

 

01:00pm: Bar 7 was a doji bar. It created a lower high, and another lower low. Still bearish.

 

 

 

2:00pm: Bar 8 was a weak, Bear trend bar. It tried to go below 02/27 day high, but rejected immediately. It created a lower high, and lower low. Bar 9 was stong bull trend bar, which created a higher high, and higher low. I'm now bullish, and looking for longs.

 

 

 

Schaefer

 

 

Off topic: People who follow Al Brooks methods, which I also do; Today is a High 2 long signal bar for daily swingers.

Edited March 2, 2015 by Schaefer

[Schaefer 10]

2:35pm: I believe, we're only able to attach 10 pictures in one posting. So, starting another post. Bar 10 did not go as originally planned, and ended as a bearish doji bar. It has however, created a higher high from Bar 9, just did not have the follow through. The mean of day's range appears to be around 64, and so far, price has been able to stay above it. As of right now, we're in a range between 60 and 77.

 

 

 

03:00pm: Bar 11 was a strong Bull trend bar. It had created a higher low, and strong bull body, meaning strong buying pressure. It has created a double top, and has a good chance of creating a higher high.

 

 

 

03:30pm: Bar 12was another strong Bull trend bar. It also created a higher low, and double topped with the upper range level. Took partial profits at 76, and will be holding the rest until close.

 

 

04:00pm: Bar 13 was another Bull trend bar with good buying pressure. I'm sure the daily swingers started to pile in for the swing long trades. So, now we're in another no man's land of all new highs. I closed the last portion at 81 to end the day.

 

 

 

Summary: As usual, with the closing of the last 30 minute bar, the trading day is over. It was a relatively easy day, and another day of testament to AMT, thanks to DB, and Fortydraws. Once you have the road map of what the price could do, however vague it may be, it really helps with one's bearings, as to what to do, and what not to do.

 

Followed the PoA today, the only mistake was jumping the gun into longs right after Bar 9, into Bar 10. It still worked out very well, but had to take some heat in the process. I need more patience.

 

Schaefer

Edited March 3, 2015 by Schaefer

[DbPhoenix 42]

In case anyone has forgotten how the SLA works:

 

[DbPhoenix 42]

I'd love to know who these 36 people are

[Schaefer 10]

I'd love to know who these 36 people are

 

I voted, "Yes".

 

Schaefer

 

Your check is in the mail

 

Thanks??...lol

 

Schaefer

Edited March 3, 2015 by Schaefer

[boru 10]

using fortydraws advice to gears am paying more attn. to price levels on the 60 min chart. This is what I'm looking at this morning

9:37 buyers stop buying 59-62?

Edited March 3, 2015 by boru

[fourtiwinks 10]

0912: My PM chart...

 

0913: NQ just broke below 50%PDR.

 

0923: Looks like NQ has been forming a small range from 0830..

 

1029: NQ is forming a hinge now..

 

1030: Will it test PDL?

 

1032: It stayed above the previous 50%ONR that Db had highlighted yesterday (post #1, Chart 4)..

 

1056: I was assuming that NQ wud stay in the 2nd channel..

 

1059: Ok, NQ still stays in the down channel..

 

1102: Interesting, NQ has closed the yesterday's gap up..

 

1103: As Db mentioned, 50 seems the level to watch..

 

1105: Will NQ do a BD?

 

1109: If the new day's low isn't breached, it could be TDTDB..

 

1113: The down channel is still relevant..

 

1124: Goodbye to the down channel..

 

1127: If 47 holds, NQ is likely to retrace up..

 

1130: Looks like NQ is testing the low again.. and it's time to leave. Adios Db and all..

 

1900: I'm glad I could draw the ONR similar to Db's this time. Like Db, I had an upward bias in the opening minutes as I had an upward TC in my PM preparation. It was much later that I realised NQ is in a downtrend, and I used the opening minutes as the base for my TC. This time, I used the reference from Db's example:

(Ref: Trading the SLA/AMT Intraday: Week of 2/23, Db's reply to Gamera's post #50: http://www.traderslaboratory.com/forums/wyckoff-forum/19140-trading-sla-amt-intraday-week-2-a-7.html#post196824)

 

While my understanding of AMT is still hazy, I have improved on identifying the ONR and drawing of TC, all thanks to the examples provided by Db. Db has provided many good examples, and I'm glad he's posting them in TL instead of ET, where one has to go through needless posts to find the gems.

Edited March 4, 2015 by fourtiwinks

[Schaefer 10]

Good Morning, everyone. Another beautiful day in sunny Florida.

 

Long Term Analysis: Weekly, and daily uptrend is still intact. Yesterday was a strong Bull trend bar with good volume. It broke all the previous day highs, as well as the weekly/daily upper trend channel line.

 

Short Term Analysis: The overnight, pre market price action has been mostly bearish. However, price managed to stay above the mean of yesterday's range. It could be a retest before taking off again, or it could be a 2 Bar Reversal. We shall see.

 

Plan of Action for the day: Play the pre market range, including the opening range high, and low. Then play the test of one of the extremes. I will remain bullish, as long as price stays above the mean of yesterday's range.

 

 

 

 

12:00pm: Sorry, had to go out to do some banking business. Okay, the opening was disappointing. The first clue: Price did not respect the pre market low, when it retraced up, it failed to stay above the mean of pre market, let a lone touch the high of pre market. Second clue: It could not stay above the mean of yesterday's range.

 

As per the PoA, I would have gotten bearish, after price failed at the mean of yesterday's range.

 

 

1:00pm: This one is AMT text book, as price reversed at close to extreme of the current on going range. More specifically, it pierced the 2/27 day low, then reversed up. Unless, you have buy orders sitting, the first pierce would have been hard to get filled, however, market offered second chance entry on 5 minute chart around 12:50pm. Will it go to the other extreme? So far, it doesn't appear to be. I'd be happy with retrace back to the mean of today's range, which it already has.

 

 

 

02:00pm: Price stalled at the mean of the day, however, more buyers are piling in, and are willing to pay the higher price, each time. It is breaching the mean, as I type this, and yesterday's mean of 61 would be a good first target area.

 

 

03:12pm: Buyers did not want to pay higher than 62, so price reversed down after tagging the mean of yesterday's range. It is now in a small range between today's mean, and yesterday's mean.

 

 

 

04:05pm: As usual, with the closing of the last 30 minute bar, the trading day is over. The market ended in a range between the two means, unsure of which way to go. The buyers did not want to pay more, and the sellers did not want to go any lower.

 

 

Summary:Today was great lesson on AMT, and I made some mistakes, and learned some things. Price traversed from one end of the extreme to the other. Many clues were given earlier in the day about the intentions. I made a mistake on drawing the pre market low, and corrected on the subsequent charts. The pre market low should have been 4472.75, and not 4466.25, as I had originally drawn. The pre market low was created, and have already been breached before the market was opened. After the market was opened, it unsuccessfully tried to retest the pre market low, that should have been the first clue, as to the intent. Unable to stay above yesterday's mean would be another.

 

 

Schaefer

Edited March 3, 2015 by Schaefer

[DbPhoenix 42]

 

 

0928: The entry, of course, was two hours ago.

 

0939: $ rejects the high and brks the SL

 

0941: brk fails

 

0948: hinge

 

1001: climactic action at the open and at the old high complicates things. Lkng for activity at the upper limit of the TC at 50. For now they're just seekng eq.

 

1005: @50%

 

1014: 54 could be TC upper limit by now since the channel is diagonal.

 

1023: ranging again

 

1033: hinge formed at OL. Being tested. Howver this works out, we appear to be back in the range.

 

1041: 50 may be sentimental support. Today is pretty fucked.

 

1106: So all but one are gone

 

1134: Was looking forward to a nice uptrend day since we made new highs, but the market couldn't care less what I'm looking forward to. A return to the range is disappointing, but that's why one needs to become familiar with both the SLA and AMT.

 

1138: A few pts away from the LSL on Friday.

 

 

So, going back to the pre-mkt charts and my note shortly after the open about the SL being broken and the break failing, one can see that if he took the short at the rejection of the pre-open range low and the break of the DL, the rest of the morning was just trade mgmt. If he didn't take the short, then he most likely would have been looking at repeated stopouts. These probably would have resulted in small losses, nothing damaging, but disappointing.

 

In this case, the SL is largely irrelevant, but it does help keep one on track.

 

Edited March 4, 2015 by DbPhoenix

[gears 10]

Here are my areas of interest for today.

[Wolfhound 10]

09:35 Late starting. We opened down, and then turned back up at Friday's high, and a demand line on the hourly from Friday afternoon.

 

09:40 Back to the ON Low again.

 

09:43 Swing low to watch at 59

 

09:48 Higher low

 

09:49 Now we couldn't make it past the previous high. We may be in range or chop.

 

09:50 Wow, breaking down as I was typing. Below the swing low now. Next low at 47.

 

09:52 Retracement in downward trend.

 

09:55 We are around the mid point (53) of a 10 min hinge from yesterday early morning.

 

09:57 We have been held up for now. An attempt to get lower failed. Back to a swing low from yesterday again.

 

09:59 Supply line from opening highs being tested as we go higher.

 

10:02 Higher low and higher high

 

10:05 Retracement and breakout.

 

10:08 At Fridays high, the 50% level of our fall, and previous congestion on the way down.

 

10:14 Touching demand line.

 

10:21 Sitting watching, waiting for something to happen.

 

10:25 Breaking downwards again, and through 53.

 

10:29 Retraced and no further downward movement yet.

 

10:33 Hard to get a clean breakout with retracement today.

 

10:37 Moving down again after what a double retracement. Will possibly get to 46, but it will not be in a straight line today.

 

11:12 Finally reached the previous day's lows at 46. Its good to have targets, and to watch how price gets there, but turning that into a plan will be more difficult.

 

11:48 We are coming closer to all those lows from last week. Lets see if we get into a fight.

 

11:50 Will that double bottom hold for now? Gotta go do some stuff. Back later.

 

 

Added the chart. Time is shifted 1 hour behind ET on the chart.

Edited March 4, 2015 by Wolfhound

[boru 10]

nice stuff thanks Db

[DbPhoenix 42]

 

 

 

 

0951: I hope it's obvious by now that the short was at 40.

 

1013: lkng @96

 

1030: This is what equilibrium lks like

 

1034: SL brk

 

1114: So far:

 

 

1120: @premkt hi

 

Edited March 4, 2015 by DbPhoenix

[boru 10]

nice to see I'm in the ballpark with the pre market

everybody gone?

Edited March 4, 2015 by boru

[Wolfhound 10]

09:05 Areas of interest added for today in 10 Min chart.

 

09:32 After a double top just before the open we have passed through the ON low.

 

09:35 PDL is at 32 along with a lot of old resistance from last week.

 

09:39 Reached the PDL, and moving on down. Swing low at 27.

 

09:40 That swing low would be the low of the whole of last week. We'll see if it can hold out for long.

 

09:43 Touched the low. If we go through then we are out of resistance area.

 

09:49 Held up at 27, but couldn't reach previous swing high at 31.

 

09:55 Retraced to swing low from below.

 

09:59 Now back to the low this time from above. we have broken our supply line so we could go up, or we could be in congestion around the previous lows.

 

10:10 The range has to end sometime, and we cannot get above the previous day's low.

 

10:20 We had a failed breakout below the range at 10:14, and now we are back in the range. I guess we may try for the highs again.

 

10:35 Eventually reaching the previous days low. Waiting for a direction now.

 

10:37 This area around 33 is essentially 50% of the high to the low since the open.

 

10:44 Retracement after breakout.

 

10:53 We clearly didn't move upwards after the break above the PDL. We are testing a demand line while moving back into our range.

 

11:09 We have moved up nearly 20 points since the low of 19, but the action has been very choppy. Overnight low is nearby now at 41.5

 

11:45 Once through the overnight low, the swing high before the open was predictable.

I can see the levels more clearly now with constant repetition, and the help of other people's marked charts. Hopefully this exercise will lead me to be more patient with exits until targets are hit. Obviously there are not simple 1 Min retracement entries at every level, so I will have to go over many days charts to see what entries are possible with acceptable stop losses.

 

We eventually made it to the previous day's 50% level and moved into a range.

I have attached the chart for the morning.

Edited March 4, 2015 by Wolfhound