Trading The Wyckoff Way

[pjohnm 10]

A trading plan of sorts for today.

 

Given the successful tests of 2626 since Dec 5th, we have our important S established and if we break above 60, then there is a posiiblity of heading back up to 90.

 

I would favour a long if we can break above 60 (preferably with a dl in place post open, or breaking out of a pre-open TR), otherwise shorts are in order around 60+/- where weakness is apparent, either at a DT or if a downtrend / sl has developed post open.

 

Beyond that, no reason for price to reverse back to 26, but watching out for reversal type action at 50 and 40. If 60 is broken to the upside, 75 is the first target, then 88+.

[Niko 10]

Price found S yesterday´s afternoon around 37 and has been making HHs, at this time (8:07) we are at PDH and a break above that level would be indicative of continuation.

 

 

If buyers manage to break above 60, next levels of interest are:

 

67-69

77-81

85

95

04

 

If sellers manage to stop buyers at 60 then my levels are:

 

57

50

45

37

30

[pjohnm 10]

A trading plan of sorts for today.

 

Given the successful tests of 2626 since Dec 5th, we have our important S established and if we break above 60, then there is a posiiblity of heading back up to 90.

 

I would favour a long if we can break above 60 (preferably with a dl in place post open, or breaking out of a pre-open TR), otherwise shorts are in order around 60+/- where weakness is apparent, either at a DT or if a downtrend / sl has developed post open.

 

Beyond that, no reason for price to reverse back to 26, but watching out for reversal type action at 50 and 40. If 60 is broken to the upside, 75 is the first target, then 88+.

 

'no reason for price not to reverse back to 26'

[Niko 10]

Here is my analysis for today´s action. As you an see, from now on I will highlight formations (hinges and springboards) that I notice during the session as I am currently refining entry signals.

 

 

 

1. After breaking PDH at 60 before the open the market started the session with R at 67. Sellers tried take prices lower but they were unable to hold a LL, and after a hinge formed around 9:32 buyers managed to Break to the upside at 9:34

 

2. The break above R at 67 came with a small RET, before prices cut through R at 69 with ease.

 

3. This was the strongest climb of the day, but it found R at 73 that was last Friday ´s high (did not have it on my levels in the premarket, but the line was there from yesterdays chart.) From that level, prices started descending, making a LH around 9:36 and then breaking below the LSL.

 

4. 73 was turned into R in the pullback, and sellers kept pushing prices lower.

 

5. Buyers were waiting at 69, and did not let sellers reach the LSH at 67, which was a bullish sign.

 

6. Although buyers increased their conviction during the rise, it was not enough to overcome R at 73, an attempt at 9:42 let to a fakeout from the TR, that did not went well for the bulls.

 

7. Prices then returned to the bottom of the TR where buyers were again expecting sellers with their wallets full, once again a Hinge formed around 9:48 and the BO was the signal of continuation.

 

8. The break above 73 came once again with a RET before prices started climbing towards R at 77.

 

9. After a very narrow TR was formed, buyers made a first BO attempt at 9:53, but failed to get a following, then after sellers were unable to make a LL, buyers gave it a new try at 9:54 and managed to move prices to the next R level at 79.

 

10. After reaching the 79-81 area prices entered into the chop, and remained within the 77-81 area until 10:07 when buyers managed to make a HH, and then defend it as S in the RET. Then prices went into the chop again, this time making a hinge around 10:13.

 

11. The hinge had a false BO that stopped at R at 85, then a LH gave signal of buyers losing momentum and the break of the LSL confirmed.

 

12. But sellers were not ready yet to take prices lower and 81 provided S. After a failed attempt to break below 81 buyers defended a DB and prices started rising again, breaking out of the TR (green box). Prices made a small RET and then went up to test R at 85.

 

13. R was taken out ant then tested as S, before prices jumped towards 88 (PJ had this level I did not). At 88 prices formed a hinge once again with a bottom just above R at 85, so when the BO came to the upside it was another opportunity for the buyers, and then again a RET gave a chance for those who don't like to buy BOs.

 

14. 90 was not one of my levels in the premarket, but it was a PDH from last week. There sellers once again tried to stop buyers advance, and after setting a hinge, managed to break to the downside before the end of the session at 11:00.

 

This was a very generous day for the BO buyers and the RET buyers as nearly all BOs came with a RET. I guess more than one REV trader could have lost more than his shirt if he was stubborn today.

[pjohnm 10]

My trading plan posted in the TIF thread before the open was was pretty straightforward, in summary go long on confirmation of strength above 60, ditto short below 60.

 

My target for the longs was 88, and the chart shows the long opps following the test of 63 post open. If the ret is taken at 67 (see Nik's tick chart post) and the tactic is to wait for the first swing point post open to draw the dl, then the options are to exit at the dt and break of dl at 73, or hold until the swing low is broken at 69. (The swing low is broken twice, but only for a few seconds).

 

A short would probably be justified had sellers held price below 69, with an initial target of 60, but this never materialised, so you can either stick to the plan, stay in the long and risk getting stopped out at breakeven, or buy the new high post the hinge breakout and retrace at 74.

 

The rest of the chart shows the reasons for staying in the long, rather than taking trades counter to the trend.

 

The notes taken here should help me form the basis for producing a more detailed plan.

[Gringo 10]

Price poked above the S/R level but fell back in. In case of a BO to the upside, a long wouldn't be a bad option. So far price is still within the trading range. In case of weakness the lower end of the trading range is a potential S/R level around 64.5.

 

Now if price fails at this 66.3 area those with some heart could attempt shorts. Because it's the second time price is attempting to go above this level the failure could prompt price to test the lower end for demand and even crash below. This is what it means to have less of a price risk but more of an information risk. A long and short are both viable based on the price behaviour around this level. Because of the level being so close to both long and short sides the exit and stop losses are going to be very close, minimizing the price risk.

 

This is one of those time when it pays to pay attention. Which side is more likely? I would give a slight edge to the upside break out. It is due to RIMM breaking out of its consolidation yesterday. RIMM has been leading in price terms the direction before the market move and might be a small clue to staying alert for a BO above. Nothing's written in stone and we judge and make decisions on what price is doing but in case of a BO it might give some the confidence to pull the trigger. Stay alert to reversals after BO and exit fast.

 

 

 

 

For those who are curious below are the charts for RIMM:

 

 

 

 

 

Another Tech stock showing strength and that broke its downward trend line is AMD. It's consolidating at the moment in a tight trading range and might follow RIMM if there's a BO. The stock refused to drop back towards it's lows and instead started the consolidation with the market. It is no guaranteed it won't go down to test the lows but for now a BO above 2.4 might be reasonable signal to go long. I wouldn't be shorting this in case it weakened. This seems like a fast mover and is low priced so be careful here and manage risk accordingly.

 

 

 

Gringo

Edited December 12, 2012 by Gringo

[Niko 10]

As I pointed out in the chat, that was a hell of a ride for bulls yesterday. Price did not stop until the R at 95 was touched, but the fact that sellers had not been able to reach the MP of the last rally says something about buyers resolve and must be taken into account.

 

 

As for context we are in channel with a steeper angle that the one we had yesterday´s morning, and holding this will need buyers commitment and money, so we will see what happens.

 

If prices keep on climbing today and break above PDH at 96 then R could be found at:

 

• 04-06
  
• 13-18
  
• 30
  
• 38
  

 

If 96 holds buyers and sellers take control again, then S could be found at:

 

• 85-81
  
• 77
  
• 69-67
  
• 57
  
• 51
  

[Niko 10]

Something to consider:

 

[PrymeTyme 10]

HI i didnt know where to post this ... and as we talked about XLF on this thread allready i post it here..

 

as it reveals a perefect example on how to judge the market by its own action!

 

we see two scenarios both are absorbtion but both come in different shapes.. but still tell teh same story !

 

A good example on Judging the market by its own action ..

 

lets look at price action or price behaviour on this example..

 

its cool as it happened back to back on XLF both times its absorbtion but on H1

it comes in two different shapes..nevertheless u can say that 1 and 2 are both the

same situations ,if u just judge what price is capable to do and what not and

how it behaves..

 

lets first start with a black and white example of an absorbtion ,

how does that look like ?

 

in a picture perfect example, wich does happen..

but as we know the markets arent black and white all the time

 

an absorbtion first off happens at resistance and instead of price bouncing of sharply we

trade at resistance for quite some time and we kinda hang at resistance , we dont bounce

off.. we stay there ..

 

and after a while price starts to make higher lows and highs .this accompanied on

increaseing vol .. is a sign of absorbtion..

 

it can either happen in the form of several bars .. wich make higher highs/lows and closes

or in small buyng and selling waves .. wich behave the same way..

depends on the timeframe.but the story is the same.. sometimes it reveals itself more

clearly when u zoom in...

 

here is the hourly chart of XLF

 

 

lets start with absorbtion 1 , on first sight it doesent really look like a (picture perfect)

absorbtion.. but now we judge the price action or behaviour.. and make a conlusion..

 

 

 

Absorbtion 1

 

first off as we traded into a pot. resistance (MP of a bigger Box) we never really bounced

off hard .the first High Volume occures on a downbar wich even closes at its lows (A)..

signs of sellers coming in ? yea..

 

but look what happend after that.. the first bar after (A) ,volume tappers of and we attempt

another rallie to res

 

the 2nd bar (B) even dips below the low of the bar (A) but volume is still tappering of

and we close above the low of bar A.. not a real sign of weakness..

more off no follow thru..

 

then the next two bars nothing rellay happens.. but with the recent action in the

backgound and that we trade at res. we would expect selling..

but that dont happen..

 

so its pretty much likely that most of the hanging supply got allready absorbed on bar (A).

and the next thing we recognize is. that as volume increase at the end of the absorbtion..

the bars make higher lows / Highs and closes (X)..

 

wich is evidence of absorbtion and an clue that bulls have taken over...

 

then comes the breakout on high vol... into another res. level.. (smaller box MP)

 

Absorbtion 2

 

here the picture is a lil clearer as we have evidence of higher highs and higher lows at

resistance.. and if we are able to make such a steady advance at a potential res. then we

have signs of absorbtion..

 

this action also occures at increasing vol.. this is almost a picture perfect example of an

absorbtion..(Y)

 

 

--------------------------------------------------------------------

on this chart we zoomed in to TF15..

 

 

and u can clearly see that absorbtion 1 does actually behave almost in the same way as

absorbtion2 on the H1 chart..

 

just to let u know.. that if u cant see it in first place it doesnt mean that it doesent

happen..

 

we can zoom in .. to get a clearer picture , but it is not necesseray ..

i mean the closest look u can take is from a tick chart...

and the same scenario as seen on the H1 chart could have happend on the tick chart,,,

 

but with the knowledge on how to judge the market and its action (price behaviourr) u

know how to act..

 

we dont care off patterns and dont need to rely on them... we dont have to rely on the

market and hope that it paints picture perfect shapes and patterns to recoginze on what

state it is in at the moment.. we just need to judge and watch price.. what it is capabale of

doing and what not.. taking into consideration vol. and the location where it happens..

 

thats all .. cheers

[Niko 10]

Today was a dull day, volume was low and activity, although down in general, was choppy most of the time, jumping from TR to TR.

 

 

1. The market opened near PDH and found R around the 95 level, after a LH at the open, prices started going down with difficulty.

 

2. 90 was a premarket S level and provided the buying interest required to hold sellers. buyers made some forced attempts to reach R but were unable to make it. In fact buyers were not even able to hold prices above the opening TL and in the process a hinge was formed. The BO from the hinge resulted in a failure giving more clues about who had control over the market.

 

3 The break of the hinge to the downside, stopped at S at 90 once again, but this time sellers entered with conviction and took prices lower.

 

4. Buyers started buying with conviction, but that impetus stalled at R at 90 where a RET was formed.

 

5. As S at 85 was reached buyers came in to reduce the speed of the advance, and finally pushing prices above R at 85.

 

6. After sellers defended the LSH and pushed prices to a LL, a RET to R was idicative of sellers resolve.

 

7. Sellers managed to reach S at 81, there buyers were waiting and managed to create a TR that lasted until 10:38

 

8. After what appeared to be a BO from the range, buyers managed to make a DB and prices started climbing towards the TR.

 

9. Sellers defended the top of the range at 85, first with a DT and then with a LH and a LL and pushed prices lower.

 

10. Sellers kept on pushing, and after a failed break below S, a strong down wave marked the end of the TR and the entry into another congestion zone.

 

11. Price congested again between 78 an 81, providing fakeouts in both directions until the end of the session at 11:00

[Niko 10]

After unlimited amounts of almost free printed money could not move the market higher in the afternoon, sellers took advantage and started pushing lower in a rapid pace.

 

 

The premarket session has been characterized by a struggle between PDL (which is also the MP of the last upswing from the 11th), and the MP of the 69-85 TR.

 

At the time of this analysis prices are on what appears to be a downtrend, after breaking the TL from the 10th and setting a LH from yesterday´s afternoon.

 

We are located at the edge of a TR that extends from 67 to 30 so a break below 67 could take us much lower, and a bounce from that level could take us back to the TR between 73 and 85.

 

The levels of interest below PDL at 67 are:

 

• 57
  
• 51-49
  
• 45-43
  
• 36
  
• 30
  

 

If 67 holds this could turn out to be a dull day as prices break above the R towards yesterday´s PDH.

 

The levels of interest above 67 69 are:

 

• 73
  
• 77
  
• 83-85
  
• 93-95
  

Edited December 13, 2012 by Niko

[DbPhoenix 42]

Don't overlook the more major MP at 2660, particularly since the ES is testing its BO level.

 

Db

[Niko 10]

The review of the day´s action:

 

 

1. After flirting with the 67 S level preopen, the market settled above 69 at the open, where buyers came in strong and moved prices with decisiveness

 

2. Price bounced at the 73 R level and broke below LSL, but it found buyers at the top of the congestion from the open. This buying was enough to break above R at 73, and buyers pushed hard.

 

3. As the 77 R level was reached buyers stalled, but price did not show a LH nor a break below LSL, then once more buyers tried and this time they managed to push above R, but just for a few ticks before finding strong selling around 78.

 

4. After a Strong fight between buyers and sellers with the latter being the winners price again found S at 73, but this time sellers only found minor demand, and prices kept on falling after a small RET.

 

5. In the way from 73 to 69, buyers started pushing harder as can be seen in the increase in size of the upwaves. Then finally after reaching 67 and testing the OL, buyers pushed hard and broke R at 67. During the chat, PJ stated that this could have been a good place to enter.

 

6. Prices rose as buyers pushed with conviction, but found R at 73 where sellers also came in strong. The struggle between buyers and sellers lasted for nearly 20 minutes turning into a hinge that in turn became a rectangle.

 

7. After a BO above the TR and a RET to S at 73 prices skyrocketed.

 

8. 77 was broken and tested with ease, although buyers found increased opposition on the way to 83. This kind of opposition has the ability of closing trades in those systems that include trailing the LSL.

 

9-10. 83 was taken with ease, and it looks like there was no supply left above 83 as prices just went through the roof until R was found around 89.

 

11. After a LH at 89, sellers started pushing down, but buyers did not give up easily and provided S at 85.

 

12. But finally, buyers failed to hold and after a failed attempt to break above LSH, prices made a LH and then fell below S. Then 85 became R and a RET gave chance to shorts to participate on the plunge.

 

13. Sellers pushed with conviction but were stopped below 83. But buyers had a hard time taking prices up (zigzagging) and barely managed to reach R at 85 where sellers pushed hard once again.

 

14. After breaking S at 83, buyers tested it again just to find strong supply that took prices to 78, there after a small pullback, where once again buyers had a hard time advancing, prices plunged after 11:00.

[Gringo 10]

Q's gave an opportunity to go short yesterday. It is for those who are comfortable with the unknown and alert to changing price behaviour. In case price turns up short gets nullified. Longs are not in the picture until price shows strength, possibly by breaking above this TR.

 

This weakness could only take price down, if it did, to the lower end of this TR. The TR hasn't fully established, the DL was broken and the test failed. This is what prompted the call for a short.

 

 

 

RIMM is over extended and isn't near a place where a safe entry could be made. I've had inquiries regarding this stock from those who don't trade that often. It is my feeling that these souls having missed the larger chunk of the move are feeling remorse at their inaction and are itching to do something that's has lower odds of success. If the general public is also thinking the same way it would be wise to stay alert to changes in fortunes of this stock. Price behaviour hans't given a sell signal but for a new entry this is not the place in my opinion. The support from the last TR is around 12.25.

 

 

 

AMD didn't show any conviction with its supposed BO and its TR has been increased to 2.45 or even 2.5. With market resting or weakening it is prudent to avoid initiating new long positions. Stay alert for longs, but wait for market to give some signal of strength or stability before jumping in.

 

 

Gringo

[Niko 10]

With the change in contracts all of the levels had to be adjusted. We are still in the same TR, just that the extremes had changed:

 

The top is 89 and the bottom is 18.

 

We are below the MP (54), possibly with the intention of testing S at 18.

 

 

But before we get there, there is a smaller congestion (40-55) we have to get out of, and then another one just below.

 

 

Levels below price:

 

• 40-37
  
• 33-31
  
• 24
  
• 17
  

 

if the bottom of the congestion at 40 holds and prices start climbing then we have to get out of this congestion.

 

Levels above price:

 

• 48
  
• 55
  
• 62
  
• 68-72
  
• 77-82
  

[Niko 10]

Today was a very dull day, here is my recount:

 

 

1. Price was in a downtrend at the open, after having crossed S at 33 preopen, some minor S was rapidly overtaken by supply at 31, after a minor Ret.

 

2. After reaching 26 sellers had a harder time taking prices lower and as prices made LLs sellers finally hit S at 24, where buyers came in strong.

 

3. Buyers increased their decision after 28, but were not able to breach R at 31 at their first attempt. Sellers started pushing and then pushed harder making a LH and breaking below LSL in what looked as an opportunity to get back into the sell side. But then buyers managed to come in again and push prices rapidly towards R. After a small TR formed buyers finally managed to push for higher prices, breaking above R at 33 with only a small RET.

 

4. Buyers pushed with decision and prices rose rapidly towards R at 37, but sellers were not about to give up and started to push prices lower. The first pullback around 9:45 was the first signal as this was the strongest selling wave in the whole morning.

 

5. A last push by buyers was a failure (DT) and after a small RET around 37 prices started falling.

 

6. Sellers were pushing lower, but they were not decisive, giving a signal of thinghs to come.

 

7. A break bellow 33 brought a reinvigorated supply and a much decisive downwave, but then the decline stopped and a small TR formed around 9:56. A failure to break the TR to the downside, accompanied by strong demand on the subsequent upwave, preceded a new rally towards R at 33.

 

8. HHs and LLs gave signal that indecision was still present in both sides of the market. Priecs fell once again and after breaking below the low of the 10:00 TR buyers came in strong and pushed prices towards R at 33.

 

9. Buyers could not advance higher and a LL gave the first signal of something being wrong.

 

10. Prices entered into a tighter TR between 10:15 and 10:19, just bellow R at 31. Then after a timid push by buyers prices managed to reach R at 33, but that was it, a LH gave signal that buyers were not strong enough.

 

11. After testing the low end of the narrow TR (27-33), prices climbed again and managed to set for some minutes above R at 33.

 

12-13. Prices could not get any higher and after a fakeout, sellers pushed strongly to the downside taking prices bellow 31 into the TR after the close.

[Niko 10]

Premarket, sellers tested buying interest in the bottom of the TR and found enough S to take prices back into the TR.

 

 

The current trend is still down as the new TL from the 13th is still holding, but after finding S at the bottom of the TR we can expect either buyers taking back the control of the market and pushing higher, or sellers finally breaking below S and pushing lower.

 

 

Below 17 we have to look for S all the way back to Nov 7th and 8th.

 

The levels below price are:

 

• 24
  
• 17
  
• 09 (premarket low and an old TR MP)
  
• 02
  
• 87
  

 

If S holds and prices push higher then expect R around:

 

• 31-33
  
• 37-40
  
• 48-49
  
• 55
  
• 62
  

[Gringo 10]

Q's are at the support and for now the support seems to have held. Demand was enough to ensure that price didn't drop down more. Now we don't know from here onward whether the price is going to stay in the trading range or start moving up from here.

 

This does nullify the shorts that were initiated two days ago and even an exit can be made with small profits. This is the essence of reading price behaviour in real time. On doesn't have to wait for stops to be hit as a change in price behaviour itself indicates lower odds of going in a direction. Those who believe price could turn after this bounce and head lower may choose to put stops at break even and then start with their holiday shopping.

 

Price is in a trading range and a resolution either above or below the range will give us an indication of the possible direction. There are some who may play within the range but that requires a lot more effort due to the narrowness of the range. I tend to avoid entries with same risk but limited gain.

 

 

 

Now that Q's have found support in case RIMM or AMD or some other stock starts a BO above their range it may not be too bad to attempt that long. Of course make decisions based on the behaviour of the stock itself and run for cover at the first sign of trouble. Sooner or later a nice entry will be caught that will make up for the pain of exiting a few times to protect the capital.

 

Market in the larger intervals is in the middle of 60-70 trading range which makes this the midpoint of that range. Midpoints are the areas where the most trading takes place and as a result a lot of chop, making entries a bit tougher. So stay alert to choppy behaviour or just stay out until price action gives an indication about the resolution of a direction.

 

Gringo

Edited December 17, 2012 by Gringo

[Niko 10]

Once again a choppy day, with a couple of opportunities, the recount of today´s observations below:

 

 

1. At the open the market was retracing from a strong upswing that started around 5:20 AM. After a strong downwave that broke the TL from the upswing, but before the MP of that Upswing was reached the market found S at 24 around 9:32,. as prices returned to the Down TL from 8:20 the upswings started to get stronger and after that TL was broken buyers pushed higher with more conviction.

 

2. Buyers met small R between 31 and 33, but sellers were not strong enough to break the DL from 9:32, instead prices kept on climbing.

 

3. The commitment of buyers was enough to cross through R at 37, but sellers finally came to give a good fight around 40. There, after a struggle between buyers and sellers and a couple of Fakeouts, sellers finally managed to breach S at 37, break the TL and push prices lower.

 

4. Sellers pushed, but gave up before reaching S at 31, then buyers managed to take prices to R at 37 where a new TR was formed. This TR lasted until 10:15 when sellers finally pushed below S at 33. From there a downtrend was born, but it was a short lasting trend that turned into a small TR around 10:20.

 

5. Prices climbed with a lot of effort towards R at 31, where once again prices entered into a TR. Finally by 10:49 prices exited that TR and the down TL from 9:45 was broken.

 

6. But prices did not jumped out of this TR, but a new hinge like TR formed until the end of the trading session at 11:00

[Niko 10]

Buyers not only managed to hold the S of the 18-89 TR but managed to take prices almost to the top of the range during the day.

 

 

As for a shorter term analysis we are on an uptrend within the range and currently overbought.

 

 

 

If buyers take this seriously and push with conviction R can be found before the top of the range at 82 and 86. Once 89-90 is taken the levels of interest are:

 

• 02-04
  
• 14
  
• 22
  
• 30
  
• 38
  

 

If sellers manage to stop buyers at R at 90 or below the levels of interest are :

 

• 72-68
  
• 62
  
• 55
  
• 48
  
• 40-37
  

 

As for a plan, I think that going long before R at 90 is taken is a big risk at this price levels, so I would wait for a BO and then buy the first RET, if it is not far away from the S/R level.

 

If sellers manage to engineer a LH or a DT I would short a break of a DL with a cross below the LSL.

[boru 10]

As I post this it appears price is moving towards 2690. There is some R at 79-80 an MP but if cleared I would be a buyer. above 90 my targets are more spread out 2726,2770. Below 2679 I have support at 2670,2660,2654 and 2638.

[Trader Nick 10]

Hey All –

 

Decided to take this path and slowly been making my way through the forums here. I hope it’s ok to ask a random question about trading platforms. I thought where better yet to ask it then here.

 

I know we’re looking to start off focusing on trading the NQ. I’ve been working my way through the software such as the ones mentioned Ninja Trader and Forex Pros.

 

The data provided I understand is purely for simulated trading – this may be where the retarded question comes into play – so this means all the data being displayed either through NT or Forex Pros is actually real market data, what’s going on that particular day?

 

I use to use freestockcharts.com but the RT trading was delayed by 20mins ( I think, this was awhile ago though, so I might not be accurate).

 

So the data is free, it’s when we start actually trading (I know, a long way off) is when we have to get ourselves a broker and/or a live data feed where it would connect to NT or the likes, but in the meantime we can use this for monitoring and paper trading?

 

Thanks a lot,

 

Nick

[DbPhoenix 42]

.So the data is free, it’s when we start actually trading (I know, a long way off) is when we have to get ourselves a broker and/or a live data feed where it would connect to NT or the likes, but in the meantime we can use this for monitoring and paper trading?

 

Thanks a lot,

 

Nick

 

Yes. Whether it's real-time or not is irrelevant. Viewing old charts via replay isn't RT either. What is more important is that you be able to see price move, not just progress in a series of static images.

 

Db

[boru 10]

Nick Quote "[so the data is free, it’s when we start actually trading (I know, a long way off) is when we have to get ourselves a broker and/or a live data feed where it would connect to NT or the likes, but in the meantime we can use this for monitoring and paper trading?]"

 

oec used to give free real time simulation and market replay if you fund an account,welcome and good luck

Edited December 19, 2012 by boru

[Niko 10]

My recount for yesterday´s action:

 

 

1. At the open the market was making a LH, but it was also breaking the TL from premarket around the 72 R level.

 

2. The market broke below 69 and the LSL, this would have triggered an entry on the short side at 68 according to the plan posted on TIF, prices kept on falling but found S at 67. Then after a failed attempt by sellers to set a LH buyers finally came in with conviction and pushed prices higher towards the opening high.

 

3. Buyers were contained around the 72 R level and the opening high, sellers started to push harder but did not get very far before a new and stronger buyers push above the LSH.

 

4. But we were not out of the opening range just yet and sellers managed to hold buyers and finaly pushed harder and took prices towards S at 72. At the second try at 72 sellers managed to break below.

 

5. Once again sellers pushed below S at 69, but by then we were in the chop within a TR between 67 and 74.

 

6. Given the size of the downwaves and the failure to break above R at 72, by the time 69 was crossed my bias was bearish, waiting for a break below the OL at 66. But buyers were not about to give up and held S at the OL, Then a HL and a break above LSH were some of the signals that PJ pointed out in the chat to make the long call.

 

7. R at 72 was also the point of contact with the down TL from 9:48 and it was easily taken after a small pullback. Then after a struggle, buyers turned 72 into R.

 

8. Once again Sellers pushed, but buyers held 72 and started showing more conviction.

 

9. Buyers stopped around the MP at 77, where they strugled with sellers and failed to hold the LSL, but finally buyers prevailed and pushed higher.

 

10. The Rise was not an easy one, but it was steady. For matters of trade management, this is the kind of scenario that one has to observe in order to define what will be understood as a LSL in the context of one´s strategy, as there were minor lows that were taken, but the trend was still up. Price broke through R at 83 without conflict.

 

11. As prices reached R at 86 sellers came back to stop buyers advance and managed to push them towards S at 83 where after 11:00 buyers came in once again to take prices higher.

 

In hindsight the plan of waiting for a break of 90 was not very valid once prices returned to 66, as there were more opportunities along the way, so will have to work on that.

Edited December 19, 2012 by Niko