Real Time Price Action- Clue to Puzzle?

[heretodaygone... 10]

If you want me to stop posting charts, I'll be happy to do so. They do take time, and I don't like wasting it.

 

 

No not at all, just having a little fun.:doh: I've read most of your work and found value in some of it and I can appreciate the time you put into it. Please don't be offended if and when I question some of your posts. After all thats what makes a market.Cheers

[heretodaygone... 10]

Some longer term context.

 

http://www.raymondjames.com/inv_strat.htm

 

http://prudenttrader.com/pt/content/view/479/1/

[treadstone 10]

If you want me to stop posting charts, I'll be happy to do so. They do take time, and I don't like wasting it.

 

Db, I can assure you there are many more people here who find value in your posts and charts, than those who don't.

 

Please continue, you are most certainly not wasting your time.

[namstrader 10]

Db,

 

I also find tremendous value with your posts and await anxiously each day for your posts. Because of you I have gone down the path of studying VSA more and more and some day I intend to buy your ebook.

[zeon 10]

Db, I can assure you there are many more people here who find value in your posts and charts, than those who don't.

 

Please continue, you are most certainly not wasting your time.

 

Yes, I second that. And heretodaygone..., I've found your two sites together less interesting than any single post dbphoenix has made.

[DbPhoenix 42]

I've combined the charts I've been posting this week to the VSA thread and this one and put them more or less in order in my Blog. The chart for today may be found there as well. Comments and questions are welcome.

[zeon 10]

Hinge in the works? Volume is also dropping off (although perhaps this is normal for Friday's?). I see Bernanke speaking within one hour, looks like that will slow down. I've often noticed triangles forming before news. Gambling on a breakout is another thing tho.

[Nvesta81 10]

Db, I've found tremendous value in your posts and greatly appreciate you sharing your ideas with us. I've since started to look for S/R to the left of the chart more closely and they do seem to to work very well if you look for trade clusters as you demonstrated. This is something I use to ignore and mostly followed Classic Pivots. I'm now starting to see how they are quite often inaccurate as opposed to levels that have been tested numerous times in previous sessions. Thanks for showing me the light!

[erierambler 10]

Levels for ES on Monday , happen to be on the even numbers

1320, 1300, and 1280. Chart attached.

erie

[erierambler 10]

Levels for Tues. 1260-1270, 1297, and 1320. Fed day this afternoon.

erie

[zeon 10]

I'll have a go it at myself, for today I'll be paying close attention to what price does at these levels:

 

1332-1336

1318-1322

1300-1303

 

I noted two numbers each time, because I see support as an area rather than a fixed line.

 

Let's see how things go today...

Edited March 19, 2008 by zeon

[erierambler 10]

I'll have a go it at myself, for today I'll be paying close attention to what price does at these levels:

 

1332-1336

1318-1322

1300-1303

 

I noted two numbers each time, because I see support as an area rather than a fixed line.

 

Let's see how things go today...

 

Pretty good figures, I'd say , good habit for preparation.

erie

[erierambler 10]

Levels for tommorrow and chart attached:

1260-1270

1284-1290

1320-1333

This reminds me of my father saying that for anything in life one has to work for it......as to people who are gimmees......gimmee, gimmee never gets....... good trading all.......

 

erie

[heretodaygone... 10]

For zeon :o

 

http://www.prudenttrader.com/pt/

[zeon 10]

Pretty good figures, I'd say , good habit for preparation.

erie

 

 

Actually, I'm quite disappointed. The above level 1333-1336 was apparently incorrect, as price found resistance at 1340-1342.

 

The middle zone was closer, although 1322-1325 was where price consolidated pre-market and again later in the day before continuining on the way down.

 

As 1300-1302... that would've been a nice target for shorts, if the trader would still be in by that time.

[zeon 10]

For zeon :o

 

http://www.prudenttrader.com/pt/

 

 

Thanks, but I think somebody already directed me towards this site. I've also come to realize that the biggest rallies appear to happen in bear markets! Although this is only interesting from a purely statistical point of view. I can't see how anybody would take a trade based on this information...

[erierambler 10]

Actually, I'm quite disappointed. The above level 1333-1336 was apparently incorrect, as price found resistance at 1340-1342.

 

The middle zone was closer, although 1322-1325 was where price consolidated pre-market and again later in the day before continuining on the way down.

 

As 1300-1302... that would've been a nice target for shorts, if the trader would still be in by that time.

 

That's part of learning , you can't be right all the time, it's what you do with your experience and what you take away from it........

erie

[zeon 10]

Levels for tommorrow and chart attached:

1260-1270

1284-1290

1320-1333

erie

 

Those are pretty big levels, 6 to 10 points wide. How can you trade off them unless you use huge stops?

 

These are my levels for today, based on the price action of last two days. Obviously on a hourly chart these levels aren't so small...

1340-1342.50

1320-1322.50

1305-1307

1287.50-1290

[erierambler 10]

Those are pretty big levels, 6 to 10 points wide. How can you trade off them unless you use huge stops?

 

These are my levels for today, based on the price action of last two days. Obviously on a hourly chart these levels aren't so small...

1340-1342.50

1320-1322.50

1305-1307

1287.50-1290

 

Without getting into the way I trade, if you are watching price action at these levels you don't need very big stops at all. Let price action tell you if you are wrong, otherwise, when and what must price do to prove you wrong? It really becomes very simple. Also there may always be some sort of penetration, and one must be available. What I do right now as I'm getting into day-trades is I just take one trade if I can in a day and analyze the rest of the day. For example yesterday one trade (short) and then I thought price would stay up since I didn't see any real big selling in the morning ( I thought price would just coil ) . Then comes a trend day down. Since I got my trade I don't care what happens after , but I still have lots to learn , identifying opportunity. hope that helps...

erie

[zeon 10]

Without getting into the way I trade, if you are watching price action at these levels you don't need very big stops at all. Let price action tell you if you are wrong, otherwise, when and what must price do to prove you wrong? It really becomes very simple. Also there may always be some sort of penetration, and one must be available. What I do right now as I'm getting into day-trades is I just take one trade if I can in a day and analyze the rest of the day. For example yesterday one trade (short) and then I thought price would stay up since I didn't see any real big selling in the morning ( I thought price would just coil ) . Then comes a trend day down. Since I got my trade I don't care what happens after , but I still have lots to learn , identifying opportunity. hope that helps...

erie

 

I depends what you call 'big stops'... your zones are 6-10 points wide, so suppose you see price entering the zone and then a spike on high volume pushes prices back below. This happens on the lower end of your zone. You take a short entry for several reasons (I don't know your exact setup but let's hypothesize). Next thing price jumps up 10 points and does the same on the upper boundary of your zone. Meanwhile you are 10 points offside. Price then breaks resistance by 2-3 points, only to come back right into your zone in the next 5 or 10 minutes. So either you have a superb ability of calling the entry right, or you need stops like 10-15 points. And that is huge to me.

 

If I may ask what are your targets then, if you use stops like that?

[erierambler 10]

Without getting into the way I trade, if you are watching price action at these levels you don't need very big stops at all. Let price action tell you if you are wrong, otherwise, when and what must price do to prove you wrong? It really becomes very simple.

erie

 

And I should add that just because price is at one of these levels , doesn't mean there is a trade there, or one should take a trade there, there has to be a defined set-up that occurs..... enough of my chattiness today.

erie

[erierambler 10]

I depends what you call 'big stops'... your zones are 6-10 points wide, so suppose you see price entering the zone and then a spike on high volume pushes prices back below. This happens on the lower end of your zone. You take a short entry for several reasons (I don't know your exact setup but let's hypothesize). Next thing price jumps up 10 points and does the same on the upper boundary of your zone. Meanwhile you are 10 points offside. Price then breaks resistance by 2-3 points, only to come back right into your zone in the next 5 or 10 minutes. So either you have a superb ability of calling the entry right, or you need stops like 10-15 points. And that is huge to me.

 

If I may ask what are your targets then, if you use stops like that?

 

Your scenerio doesn't hold water for the set-up, that's the beauty of defining your play, look for high probability set-ups that occur with frequency and accuracy.( at s/r ). They will fail if they are not at s/r. To give an example of a target, one could use previous reaction highs/low, close, open, levels of s/r, trendline break, avg. range etc. Keep looking at charts and see what you see........ depends on where price is as well, congestion, trending.

erie

[heretodaygone... 10]

my view for today

[erierambler 10]

1332,1348,1358,1375 on attached chart.

erie

[heretodaygone... 10]

1332,1348,1358,1375 on attached chart.

erie

 

I also have 1348-1358 as chop zone, with 1375 as a great target if price breaks through 1358. my only difference with your numbers is that I see support at 1337.

 

good trading