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sanchez

Price Action

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interesting day. I see my last post was a short at 91.25 which worked out very nicely I scaled out of most of the position but held a small portion to see if the gap might fill at 1085...A level I noted in the AM. I did short more around 93 and scaled out along the way down and got out at BE on the last small portion. I waited for the bounce (on low vol) into the 94.25 area and got short at 94. I scaled as usual....+1 on 1/2 pos, +2 on 1/4 pos. Not sure of the price I covered next but I left the remaining 12.5% of the position open to see if the gap might fill. I had an order at 85.5....2 tix in fron of the gap price of 85 but I got antsy and covered at 86.5.

 

I was talking to a few people in the chat room so I kind of neglected my posts in here....sorry about that

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by yourself? last time I went in there, I had to clean the cobwebs from the corners. used to be quite a few people in there once upon a time, dunno where they are now.

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by yourself? last time I went in there, I had to clean the cobwebs from the corners. used to be quite a few people in there once upon a time, dunno where they are now.

 

Nope, with a bunch of other traders

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I see an add in a post I made (post #81) And I can assure u that I did not place that add there. I'm not sure how or why this happened but I hope it does not continue as I am not affiliated with any software company nor am I trying to promote one.

 

I will not be in the chat room for part or all of the upcoming week as I have some personal issues to attend to.

 

Have a great weekend and good trading this week.

 

Remember, it's FOMC week

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hey jumper I had the same experience in chat lately. Used to be some very good traders in there.As far as the ads I think James sold TL and the new owners are trying to raise some revenue I'm guessing

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Yesterday with CL rollover was another odd day. I think tomorrow will be top notch trading, so I will record my trading live. Then post the video. I did check on one CL (Oil) trading room and there was no talk, just writing. You had to know what his terms meant. I prefer talking trade rooms. Anyway, here's to tomorrow!

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Looks like I won't be trading for the rest of the week. looks interesting tho rather boring the past few days. Gap at 1086 and 1050.75. 1079.25 & 1062.5 are areas as well but are they just pulling this thing in so they can take it up after FOMC...lol, Who knows, I don't try to guess any more I just trade whats in front of me and go home. Vol is stable and no real clues there. Basic summer time BS

 

Hope you are all trading well and being patient...let the trades come to you and trade them when u have an edge.

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What are your thoughts of trading during FOMC day? Does that effect your decisions at all? Or do you just go about your business like any other session? Just curious.

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What are your thoughts of trading during FOMC day? Does that effect your decisions at all? Or do you just go about your business like any other session? Just curious.

 

I just go about my biz. Today looked like another jerk off move...up 10 points and down 10 points. Not sure if the meeting was late or they just decided to F everyone almost 15 mins later. forgetting about FOMC for a min....does anyone know what the harmonic, (some call them fractals) but I just learned how to spell harmonic last week so I'm gonna go with that one, number is for the past week or so??

 

Fed day is like any other pre planned news release as far as I'm concerned

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Thanks Sanchez. I'm guessing by your response that you feel the same way about Bernanke Testimony days too? I find those to be the sessions where my performance is at its worst. I just never do well on those days. Well, never is a long time but, you know what I mean.

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Thanks Sanchez. I'm guessing by your response that you feel the same way about Bernanke Testimony days too? I find those to be the sessions where my performance is at its worst. I just never do well on those days. Well, never is a long time but, you know what I mean.

 

AmCan1, I don't have a problem with Bernanke testimony days....I have a problem with Bernanke lol. The problem with news is that we don't know how far back price has been calculated in, so by the time the news comes out, the opposite often happens....bad news the mkt goes up and vice versa. I don't care what the news is, I just play the PA , fear/greed , emotions etc. I don't even look at what the news is or what the report is because it's worthless. We are the last people to see it. Do u really think that they don't have a pretty good idea what the PPI or housing # is going to be weeks before it is reported?? It's all BS

 

The bottom line is that the mkt is like water and will seek it's own level at some point. Have those points ready and then look to trade when the mkt comes to you. Vol at price is a key way to find the sentiment of the mkt and where the bigger traders find value.

 

Trade ur strength & if u don't find yourself trading well on helicopter Ben days then stand aside and observe the PA and forget what the news is. DON'T WATCH IT AT ALL!!!!! Just watch the PA and the levels

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gap down and a low vol bounce into res. That's a red flag to the color blind. I mean Ray Charles actually called me up this AM and said, Sanchez, I can't believe what I'm seeing!!

 

Anyway, check out what was sup yest (yellow rect w/red line) and the low vol bounce (blue rect w/white line int he vol window at the bottom) Today's vol profile was very evenly distributed so that might be a clue for tomorrow?? First chart..

 

The 2nd chart shows a composite of the vol @ price from the most recent swing low to swing hi...6/8 until present. Green lines I draw at hi vol areas(hvl) and red for lva The 1070-1067 area was an area that would have been on my radar. Today's highest vol area is 1069.75and we closed at 1070.25

5aa71016e38b7_raycharles.thumb.jpg.07205895936b71084778647929e08c9d.jpg

composite.thumb.jpg.762873f6755249c710d9bf1ccc83514f.jpg

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not gonna be around again today but have a chance to take a fast look at the mkt.

 

-10 pt overnight range.

-We have a gap at 1050.75 and a NPOC at 1062.5.

-There is also good vol between 1048 -1052 area.

-Dbl bot in the 1036.75-1034 area

 

here are some of the composite hi and low vol areas on a 135 min. I use this chart because it breaks up the day session into 3 even bars....405 mins / 3= 135. Many of these hi & low vol areas are the same on a daily chart

 

78, 83, 88.25, 91 & 94.5-95.5 on the daily

 

-87is gap is gap above and 87.5 is NPOC above

5aa710170b360_hiandlovol.thumb.jpg.3ec6bdf188bce6fb7517cac11ce68743.jpg

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I was on the road, and forgot all about FOMC Day. I traded in the morning and did well with a one and done.

I have seen it quiet the past few FOMC, with no suprises, but this one they did not like the wording so, got some great movement. Looks like I will have to catch the next one.

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Looks like the NPOC held pretty well with vol div on the 5 min chart. looking inside to the 1 min, we can see the vol surges into sup. The Q I always ask myself is, where did the vol kick in? Most people will see a red volume bar and think it's massive selling because our brains are wired for color (traffic signals etc). The 78 area above seemed to hold pretty well too but at that time of day on a Fri in the summer time I wouldn't be looking to hold on to a position for very long, if I were even trading at that point.

 

Hope u all had a nice trading day and took off early

Fri.thumb.jpg.1f3b6531340fe75c6082bb9fd562fd8f.jpg

5aa710175bca9_1min.thumb.jpg.9ee747bee31d9b7358fb8b9161ebf6ae.jpg

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flat overnight session. little bit of news today. consumer confidence tomorrow. I have to leave now.....running a little behind schedule. still a gap below and above as stated a few posts ago.

 

Good trading!

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1050.75 is gap below & so far in the overnight session the majority of the vol (POC) is at 1057

 

Gap above at 1087 and NPOC at 1087.5

 

Is this the result of news that was posted this AM or news that is calculated into price prior to the general public hearing it?? It really doesn't matter to me. If I try to guess and I'm right I'll think I have it all figured out.....until I get my ass kicked. So, I just trade where I see interest by the larger players & by watching the reactions at those levels. It has been the only thing that has given me a CONSISTENT edge & that edge is all I can rely on.

 

Good Trading

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