Chalky_trader
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I thought hat this was a scalpers thread 😱
that chart is over six months in timeframe 😢
I thought hat this was a scalpers thread 😱
that chart is over six months in timeframe 😢
Sidekicker
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Well, it's good to look at the Daily levels.
TBH, anyone who uses the Taylor method is looking at a least a week's worth of data and not necessarily scalping either. 🙂
This chart any better?
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Dick Lexic
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Dick Lexic
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Dick Lexic
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the fireman said he rang the bell
the engineer said you did like h*ll
and she blew blew blew blew blew😆
Dick Lexic
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anyone think we got enough steam for the next station?
Chalky_trader
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Mind the Gap Dick
Sidekicker
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not today, no.
in the next week or so, wouldn't be surprised to see a move/float up.
At least this morning we had some nice technical trading until the eurobabble kicked in with the Fitch downgrade at 10:58am. But it shows how the market acknowledges specific technical levels when it is allowed to do so.
On the attached chart we get a strong down move from the open with a high at A of 5171.5, and a low at B of 5124.0. So what retracements do we look for on the reversal? 38% then 50% then 61.8%. It was quite a strong move down and then up so the 38% level would probably be ignored, but it bounced off 5148 (50% = 5147.8). It then pulled back to the 10 EMA (1 min chart) before it made a move up to the 61.8% level which was at 5153.4 and it bounced off 5154.5, point C.
It retested the 61.8% level a second time and was pushed back. It went down to the 23.6% level at 5135.2, and bounced off 5135.0, point D, before drifting into the German Ifo number at 9am. The number surprised to the upside causing a retest of the highs, which I think it was going to do anyway as we had had a lot of selling this week already. The up move was supported all the way by the 20 EMA (1 min chart) before it finally put in a high at the 127% extension at point E
And finally where did it retrace to after putting in the new high at point E, it went 61.8% to point F at 5147.5.
So in summary:
61.8% of AB = 5153.4, C came in at 5154.5
23.6% of AB = 5135.2, D came in at 5135.0
127% of AB = 5184.3, E came in at 5184.0
61.8% of BE = 5146.9, F came in at 5147.5
Technical trading is much easier when the eurobabble stays away.
On the attached chart we get a strong down move from the open with a high at A of 5171.5, and a low at B of 5124.0. So what retracements do we look for on the reversal? 38% then 50% then 61.8%. It was quite a strong move down and then up so the 38% level would probably be ignored, but it bounced off 5148 (50% = 5147.8). It then pulled back to the 10 EMA (1 min chart) before it made a move up to the 61.8% level which was at 5153.4 and it bounced off 5154.5, point C.
It retested the 61.8% level a second time and was pushed back. It went down to the 23.6% level at 5135.2, and bounced off 5135.0, point D, before drifting into the German Ifo number at 9am. The number surprised to the upside causing a retest of the highs, which I think it was going to do anyway as we had had a lot of selling this week already. The up move was supported all the way by the 20 EMA (1 min chart) before it finally put in a high at the 127% extension at point E
And finally where did it retrace to after putting in the new high at point E, it went 61.8% to point F at 5147.5.
So in summary:
61.8% of AB = 5153.4, C came in at 5154.5
23.6% of AB = 5135.2, D came in at 5135.0
127% of AB = 5184.3, E came in at 5184.0
61.8% of BE = 5146.9, F came in at 5147.5
Technical trading is much easier when the eurobabble stays away.
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Dick Lexic
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Dick Lexic
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Lets say cash price, he has got the flu.
YouAreNotFree
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I got short from near the highs of the day and the market profile analysis, which I claimed gave me such a good understanding, got me out way too early😆
All credit to you for taking the short at the highs. The fact that you got out too early was not your fault. You could not foresee news events in market profile. I am guessing you got out around 5143.
We haven't hit 5089 yet but 5095 is close enough. I am hoping for a double bottom here, but can technicals overcome the fundementals here. Very bearish after Merkel and the gang.
YouAreNotFree
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Close. 5137 from 5170 entry.
I was expecting a quiet holiday afternoon. I nearly went and stuck MW3 in the Xbox before that move.
Just out of curiosity, do you get your MP from esignal charts?
The volume has now finally dropped off and the Turkey and redcurrant is about to arrive. I have left a small range trade long from 5108 but I would imagine it won't stray too far from the 20 EMA on the 5 min chart until 6pm.
The volume has now finally dropped off and the Turkey and redcurrant is about to arrive. I have left a small range trade long from 5108 but I would imagine it won't stray too far from the 20 EMA on the 5 min chart until 6pm.
Got that one wrong. Stepped away from my desk to say hi to the kids, and lo and behold it does the unexpected and puts in a rally on a bit of volume. Think I should keep my mouth shut for a while.
Sidekicker
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managed 30pts from the 5100 level.
I know you didn't ask me, but OOI, I used to use a company called Investor RT and also Sierra Chart. However, the feed came from the broker for free otherwise you have to pay for it. That's another thing that bothers me about MP, all the extra costs when most brokers provide things in the UK for free albeit at a spread cost.
I'm sure it won't be long before they are providing free data feeds as well.
