Trading opportunity in the smaller time frame

[kingking 10]

Attached is a trading window I currently use for trading the YM. On the left is a bigger time frame (300tick) and on the upper right hand corner is a smaller time frame (60tick). The lower left contain the tick chart. The bigger time frame is solely used to look at the overall price action while the smaller time frame is used for trade entry. I try to avoid trading consolidation and enter trades only on a confirm direction of a trend. On the attached charts, you can see price consolidate between 12530 and 12510 from open til 10:15am. At around 10:15, price penetrated the upper level and tested 12540. Then, price pulled back to the upper level of the consolidation area at around 10:23am. At this point, I entered long with a 12 points stop placement and a profit target of 15 points. I do not trail as I trade a single contract.

 

Comments are welcome!

[walterw 10]

nice coil break king ¡¡ straight forward aproach... you may want to try Volume delta on that 60 tick chart instead of volume... it will give you that same volume histogram plus whats happening on the bid and ask.... give it a try an see if you can get even better confirmation to get that beautifull continuation... good trading king .... cheers Walter.

[kingking 10]

the charting software that I am currently using do not have volume delta. Any one got EL code of volume delta so I can incorporate it into my chart Thanks

[walterw 10]

king: if you are using TS you can find them at the indicators forum...