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The market operating points always come around again. For example, look at the formation on the ES as of right now - 30m, 60m, 90m - take your pick. This is a pennant forming, a flat bottom pennant (FBP). It is indicative of consolidation/centering. What else does the market do after a large move? The transitions are also always repeating.

 

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That's the good thing about trading. Once you've built a model with which you can identify these operating points you just have to wait until they appear and then trade. Once realized, you think "Can it really be THAT easy?" :)

 

 

 

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On Monday night I watched for the p3 on the ST. There's too much time to kill in AS trading but I always look to play the ST p3 regardless of RTH or AS. In any case, I thought I might get an entry above the RTH high in the overnight session. The 10m container was the place to be. I got 66.5 on the FBO of the RTL and set a stop at 68.25 once price resumed into the container. This was a little after my last post on TL and I left the screens as I was getting a bit cranky. Around London open I checked the market and saw the trade was working nicely. There had been another FBO on the fanned RTL and the sentiment was still short. I moved the stop to a wash+ at 66.25 and went to sleep. I felt pretty good that the p3 was in at that point.

 

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What do you mean by "10m container"?

 

"AS" is "after session" or something similar?

 

 

 

 

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Yes, you have to watch out for the obvious horizontals that everyone is watching. I call horizontals "dummy lines" because they are the only lines dummies use. When everyone expects something to happen in the market, it's unlikely to happen. The fast and direct move to S was a warning to me that AM was gonna end early. 8:50 is the usual time I watch for.

 

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Yeah, I don't use them in my trading decisions, but do draw "important" ones (multiple times tested S/R) on larger fractal charts just to see where they are. Guess it's a habit from former times...

 

What do you mean with "S"? Couldn't find it in the Hershey dictionary I've found online.

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That's the good thing about trading. Once you've built a model with which you can identify these operating points you just have to wait until they appear and then trade. Once realized, you think "Can it really be THAT easy?" :)

 

 

 

 

 

What do you mean by "10m container"?

 

"AS" is "after session" or something similar?

 

Karoshiman: could you post the URL for the dictionary or glossary to which you are referring.

Thanks, CMA

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That's the good thing about trading. Once you've built a model with which you can identify these operating points you just have to wait until they appear and then trade. Once realized, you think "Can it really be THAT easy?" :)

 

 

 

 

 

What do you mean by "10m container"?

 

"AS" is "after session" or something similar?

 

Karoshiman: could you post the URL for the dictionary or glossary to which you are referring.

Thanks, CMA

 

I have a good idea (;)) cma can ask what the terms are then submit them to the TL dictionary!

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Horizontal lines are also the only lines which have no slope and therefore are the same on all charts, which cannot be said for trend lines. You might call horizontal lines "objective lines"

 

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Well, there is still the decision to make on which fractal and at which level on that chart the horizontal line has to be drawn... But I agree, that it's probable that experienced traders would place these at the same level on the same fractal.

 

 

 

... I just can't picture it because of your foreign language.

 

 

 

 

lol :)

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That's the good thing about trading. Once you've built a model with which you can identify these operating points you just have to wait until they appear and then trade. Once realized, you think "Can it really be THAT easy?" :)

 

 

 

 

 

What do you mean by "10m container"?

 

"AS" is "after session" or something similar?

 

Karoshiman: could you post the URL for the dictionary or glossary to which you are referring.

Thanks, CMA

 

 

Hi cma,

 

I don't want to post the URL here because the link leads to another trading forum... ;)

 

Just put in Google: "hershey" and one or two of the "foreign words" gosu uses (distinctive ones).

 

Regards,

k

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That test of yesterday's low didn't leave much room for wiggling around. You either got out of shorts (which I did at 45) or had to get long quick if opening a long...

 

Yeah you can say that again! Felt like a complete fix up to me rather than genuine buying. But hey, that speculation (and that is speculation)

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Okay that was my primary target area just met @1340.25. It may or may not go further, in which case we'd be looking at 36.50/35.75 area. It did kinda feel like they may have been hammering for stops there but as there were a few levels close together, they didn't get much.

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Here is a chart from rth open through to the test lower showing what you might have done and thought about. Today really does demonstrate why incorporating some kind of scaling strategy is very useful.

 

attachment.php?attachmentid=28910&stc=1&d=1336574441

2012-05-09_3.thumb.jpg.3bec64822f0d5d935e0a51d757e04ff9.jpg

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I noticed this after I'd done the first chart:-

 

attachment.php?attachmentid=28911&stc=1&d=1336574978

 

The tight set of candles moving higher just says to me there was some sort of large order being executed here.

 

Btw Josh, do you still you Jing/Snagit? If you do, how quickly can you knock out an annotated chart?

2012-05-09_4.jpg.b70e5382a9a29973e7d641633239df29.jpg

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Seems again like no iffluential selling down there. May just cause weak shorts to cause a rally until either more bearish news comes out or a better level to short is reached to entice big money shorts.

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Btw Josh, do you still you Jing/Snagit? If you do, how quickly can you knock out an annotated chart?

 

Yes Snagit (and Jing for short videos) ... are you asking me how long, or as you asking me to do one? I guess how long depends on what I'm annotating :)

 

Wild move up so far. Tried to get long at 11am, at 45 on the VWAP test and higher low, but was about 1 second too late pulling trigger, and did not chase it. Could have made the choice to, but chose instead to wait, but when the market does what it did, it's not really a time for patience I suppose.

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Seems again like no iffluential selling down there. May just cause weak shorts to cause a rally until either more bearish news comes out or a better level to short is reached to entice big money shorts.

 

Absolutely. On the other hand...

 

attachment.php?attachmentid=28912&stc=1&d=1336577494

 

We could have just rejected prior "value" from the lower development. If we have, then I'd look for test of higher value. i.e. at least 65.00. After we test we could know more.

2012-05-09_5.thumb.jpg.cd61118ca75a4a85eb926346e77a2d13.jpg

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Yes Snagit (and Jing for short videos) ... are you asking me how long, or as you asking me to do one? I guess how long depends on what I'm annotating :)

 

Wild move up so far. Tried to get long at 11am, at 45 on the VWAP test and higher low, but was about 1 second too late pulling trigger, and did not chase it. Could have made the choice to, but chose instead to wait, but when the market does what it did, it's not really a time for patience I suppose.

 

I think you need to act decisively, but impatience can cost dearly.

 

Gotta look at IBH area for possible continuation.

 

No, I was just asking you how easy to use it was and how quickly you can do annotations. This Greenshot I use is decent but there are a few things which don't work as they should :(

 

Btw, snagit now has video too. I don't know if that includes old users or whether you'd have to do a paid upgrade.

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I think you need to act decisively, but impatience can cost dearly.

 

Right, bad choice of words on my part. Got 52 just now, for a nice 3 pointer to 55. It was a "decisive" action ;)

 

No, I was just asking you how easy to use it was and how quickly you can do annotations. This Greenshot I use is decent but there are a few things which don't work as they should :(

 

I have not heard of Greenshot, but snagit is quite easy to do what I need it to do. An annotation like you do, I can probably do in snagit in 1-4 minutes, depending on how much

there is going on. I do not have video on mine but maybe I need to upgrade, thanks for the heads up.

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Anyone else looking to buy back here? I'm long 49.75 at prior R, ahead of the 50% and VWAP, but only got 1/2 a position due to uncertainty about how far it might pull back, looking to buy 48 for the other half, but this may be it if it wants to go, all subject to midday bleh's of course.

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Anyone else looking to buy back here? I'm long 49.75 at prior R, ahead of the 50% and VWAP, but only got 1/2 a position due to uncertainty about how far it might pull back, looking to buy 48 for the other half, but this may be it if it wants to go, all subject to midday bleh's of course.

 

I think it's a decent trade. Test of 53.00 useful then 54.25. I suspect that we will test 60 later but ACH. That's also not saying how we get there either so just make sure you manage your position properly!!! If we can't make new highs then I'd think at the very least we'd want to retest the open.

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Figures due in just over 10mins then Bernanke speaking @9:30am ET. I expect European news flow aswell today. Yesterday had some really nice clear trade opportunities and had nice movement to boot. I can't say what my outlook will be by open as there's potentially lots of trading/chance for news/eco releases between now and then. However, the test of 40.25 and subsequent buying makes me feel we want to test the volume development highlighted on the chart (on right in purple). As always ACH.

 

attachment.php?attachmentid=28922&stc=1&d=1336652554

2012-05-10.thumb.jpg.5cbbb563c0bed2d7494b90290bd0f4ab.jpg

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