Trade Setup Through Tape and MP

[Soultrader 12]

Heres an interesting chart for today from the KOSPI 2000 index futures.

 

No real setup until the IB developed. Value was shifting higher and Nikkei had held within previous sessions value area with support at VAL. Sudden rush of buying on tape hinted of possible IB extension to the upside, hence long @ market.

 

First Chart shows Nikkei price action:

 

 

Second chart shows KOSPI setup with tape and mp concepts:

 

 

Third chart shows initial target level. Looking to exit at IB breakout. Not looking for a trend upwards so exiting as price leaves IB.

 

[Soultrader 12]

Exit 1 chart. Second exit was stopped out at b/e.

 

 

Possible reversal setup as price fails to breakout of IB creating a double top, price & volume divergence. Probably should of just scalped this trade as it was based off tape.

[Soultrader 12]

:crap::crap::crap::bang head::bang head::bang head:

 

 

[Soultrader 12]

 

 

Oh well... always the next setup.

[Nick1984 10]

We;ve all been there James lol. Frustrating as hell to see yourself stopped out then the market reverse and go in your original direction! You can only call them as you see them hehe.

[Sharp2Be 10]

Exit 1 chart. Second exit was stopped out at b/e.

 

 

Possible reversal setup as price fails to breakout of IB creating a double top, price & volume divergence. Probably should of just scalped this trade as it was based off tape.

 

 

Soultrader - what's this platform you are using? Thanks.

[Soultrader 12]

Soultrader - what's this platform you are using? Thanks.

 

The platform is CQG. Pricey but good.

[RobinHood 10]

James, I really like the way you've setup your charts! CQG looks like a very nice platform too.

 

 

You point out an area on the tape where some significant size entered, 300 lots, 100 and 30s. But each of these was on successively lower prices. 85-80-75. I'm guessing these were at the ask in the shakeout type area where you wrote "big lots appear on buy side" and under those orange diamonds.

 

What are the diamonds btw? also what determines whether your vol bars are blue or red (I don't see any correlation to the close relative to previous bar etc) ?

 

Thanks for sharing!

[Soultrader 12]

James, I really like the way you've setup your charts! CQG looks like a very nice platform too.

 

 

You point out an area on the tape where some significant size entered, 300 lots, 100 and 30s. But each of these was on successively lower prices. 85-80-75. I'm guessing these were at the ask in the shakeout type area where you wrote "big lots appear on buy side" and under those orange diamonds.

 

What are the diamonds btw? also what determines whether your vol bars are blue or red (I don't see any correlation to the close relative to previous bar etc) ?

 

Thanks for sharing!

 

Thanks! I do not entirely recall the tape on this day, but by looking at the picture I posted the big lots most likely hit the ask. Its not often you see a 300 lot on the KOSPI so I must of been alerted when this happened.

 

The diamonds are simply paintbar like tools. I have a set formula to help me identify rejection patterns visually. Its based on the spread of the bar and volume in comparison with previous bars.

 

The volume panel... red simple means less volume than one bar before. Blue simply means more volume than one bar before. Hope this helps.