Diary of a swing spread better

[hungvir]

Very nice chart, Frugi. Thanks!

And you exited your long at the perfect time. I did not and got out later at 10 points less than where you closed the trade.

Both yesterday and today had sizeable moves. I hope tomorrow will be more of the same.

Best,

hung

 

[Slapshot]

I think Chartman would have enjoyed today.
After the slide to 10900 cash, a textbook 3 cycle triangle developed and started looking bullish after 6.30 which presaged a large breakout on good volume. Will the Fed take us up or down tomorrow though? Often there's a big move one way (in 3 distinct steps real / fake / real) then t'other on Friday.

Cracking chart Frugi, and yes I have a feeling Chartman would be smiling :cheesy:

Interesting setup you have there, particulary the main chart, can you explain what YM-20609-ECBOT is? I'm assuming it's Sept's Futures price? Is there a Symbol for that?

I've just started using Sierra and love it. I'm still going through the indicators, but could you explain what TICK-NYSE-I-NYSE is?

Cheers

 

[hungvir]

Hi Hung
It is called a gravestone doji because it actually looks like a gravestone. Usually, the message that comes with it is equally bad. It signals that the market opened at the level, moved to the top of the range and then swiftly moved back. Whilst any doji or hammer for that matter is a a strong reversal signal, I believe that a gravestone is the strongest of the doji and hammer signals. Obviously, would have more relevance the longer the timeframe, but candles work on all timeframes, just look at how the two hammers held 58 so many times on the one min. There was a similar situation at the open with two inverted hammers around the 50 mark.

Hope this helps.

Slaps - do you have Nisons book on candles, this has some good scenarios on target setting, especially on flags and pennants etc. Let me know if you haven't got the book.

Chris

Many thanks, Chris! I don't know how long it will take me to finish Nison's book. It's not the thickest but the biggest on my bookshelf

Have a good night!

Hung

 

[Vaco]

I'm out now, stopped out for a loss of 26 pts, the loss is not what bothering me though, the reason i placed the trade is still have to work on that trigger finger of mine.

the good news is

If i dont trade again this week i'll still end the month on a decent % increase.

Also i've noticed that i'm taking about 50 -60 pts out of my winning trades using a trailing stop when i could have had plenty more so for next month i'm gonna be placing orders to close half my position at 100 pts profit, this should increase returns further

at the moment i'm 21.5% up on april.

if your trading tommorow good luck all.

 

[chindl]

It'll be the CBOT e-mini for Sept. YM is the Dow mini contract for futures and then followed usually by the month. U Sept, Z Dec, H is Mar, and M is June.

 

[frugi]

Hi Slapshot,

Thanks for the compliment. YM-20609-ECBOT is the Interactive Brokers symbol for Sept YM mini-Dow futures as you guessed, while TICK-NYSE-I-NYSE is the IB symbol for NYSE TICK, namely (stocks than made an uptick on last trade minus stocks that made a downtick on last trade). It is a good crude indicator of buying /selling pressure and I find it handy for scalping and timing entries and exits. Also the divergences I often mention: Dow makes a higher high but the Tick does not = bearish divergence. More of a warning or added confirmation than set in stone signal of course.

Sierra is a great little package. It has come along in leaps and bounds since I started using it 6 years ago and is still ridiculously cheap for what you get. Who is your data provider for Sierra? If it is MyTrack then the symbol for Sep YM is Q'U while Tick is N.TN if I remember correctly. However MyTrack Tick updates very slowly, like every 6 seconds or something so it's not ideal. If not you should be able to find the symbol for YM in your data provider's list. You don't usually have to pay for realtime CBOT data, i.e. YM, but in MyTrack you have to tick a couple of boxes to enable the feed. Let me know if you want some help with this.

 

[Slapshot]

Hi Hung
Slaps - do you have Nisons book on candles, this has some good scenarios on target setting, especially on flags and pennants etc. Let me know if you haven't got the book.

Chris

Hi Chris, I don't have his book. I saw an interview with him in Traders magazine a while back I'll have a hunt for it over the w/e.

 

[Slapshot]

Hi Slapshot,

Thanks for the compliment. YM-20609-ECBOT is the Interactive Brokers symbol for Sept YM mini-Dow futures as you guessed, while TICK-NYSE-I-NYSE is the IB symbol for NYSE TICK, namely (stocks than made an uptick on last trade minus stocks that made a downtick on last trade). It is a good crude indicator of buying /selling pressure and I find it handy for scalping and timing entries and exits. Also the divergences I often mention: Dow makes a higher high but the Tick does not = bearish divergence. More of a warning or added confirmation than set in stone signal of course.

Sierra is a great little package. It has come along in leaps and bounds since I started using it 6 years ago and is still ridiculously cheap for what you get. Who is your data provider for Sierra? If it is MyTrack then the symbol for Sep YM is Q'U while Tick is N.TN if I remember correctly. However MyTrack Tick updates very slowly, like every 6 seconds or something so it's not ideal. If not you should be able to find the symbol for YM in your data provider's list. You don't usually have to pay for realtime CBOT data, i.e. YM, but in MyTrack you have to tick a couple of boxes to enable the feed. Let me know if you want some help with this.

Cheers Frugi much appreciated.

I'll have to check tomorrow about the tick feed. Is there a way in Sierra of overlaying the tick chart on the futs chart?

Thanks

 

[frugi]

No probs Slapshot,

To enable CBOT miniDow feed in the MyTrack software go to:

Functions >> Chat >> Entitlements >> Exchanges.
Then tick cbotLimt and cbotDely near the bottom.
You will have to sign and print a form and post it off to them I think. But they should enable it realtime for two weeks anyway without this confirmation.

To overlay Tick at the bottom (or indeed any other chart) like on my chart earlier:

Open an intraday Tick chart and an intraday Dow chart. Set them to the same timeframe and make sure the start and end time are the same (probably 2.30 - 9.00)

Then from Studies add an Overlay (Bar) study to your Dow chart. In the "Chart number to overlay" box type the number of the Tick chart, e.g 2. You can see the chart numbers in Window. Stick it in Chart Region 2. Set Scale to Independent. The References other Charts box should be ticked. Apply and OK. Reward yourself with a cup of tea cause it's done.

 

[Splitlink]

I am glad that there're still enough positive reports to make us stick to Fins. To be honest I quite like it and it may be among the least worst options

Have a good night!

Hung

At present, I have worse problems than worrying about Fins- like making the correct timing!

My last stop was AVZ 467 market. They stopped me at 466.8

Split

 

[chindl]

Slaps - see your PM.
Chris

 

[pboi]

Hey guys, I am back. My focus has returned. I bought a couple of houses and got addicted to World of Warcraft..and totally fell out of betting groove.

now is the time to return!! hope everyone is well, and trading is being kind.

 

[chindl]

ADVFN Pivots for today.
Be wary this evening, put the kids to bed and let the rate decision factor itself in if you're not comfortable trading the news.
Anyone else notice hammers on the Dow Sept and the Naz Sept contracts. They should provide support this afternoon.
Chris

 

[chindl]

Nice big gap for the open from the GDP earlier. Will take a while for this to settle sufficiently to see any entries.
Chris

 

[JillyB]

Nice big gap for the open from the GDP earlier. Will take a while for this to settle sufficiently to see any entries.
Chris

I'm not sure that the GDP was the reason there. The Dow pre-open has been moving higher since 8.00am this morning, finding a level at around 12 noon. From there it hasn't altered much until the open.

 

[chindl]

Thanks Jilly for the correction - I do not have access to charts at work anymore apart from ADVFN or delayed and received the MarketWatch notice advising of increased futures prices ahead of the open due to GDP. This was clearly not correct if futures have been up since the open in Europe this morning.

 

[chindl]

Well - nothing taken from the morning session for me so far. There were a couple of entries about the 15:30 mark, but not convinced so stood aside, especially as I had a meeting at four and would not have had the mindset to trade the signal in the best way. Hope to pick something up from the afternoon session. Lots of divergence on the morning session from looking at the chart.
Speak soon
Chris

 

[Slapshot]

Well, what a day on the Dax. Unfortunately due to work being so busy I was only able to get a quick look at the charts early when it bounced off the 100ema. Because I knew I was going to be out and about most of the day and couldn't give the market my time or attention I didn't hit Buy, came back at 2ish to see a 60+ point move that didn't show any sign of stopping

If you do trade the Dax I hope you had a good day.

Chart attached

 

[Slapshot]

No probs Slapshot,

To enable CBOT miniDow feed in the MyTrack software go to:

Functions >> Chat >> Entitlements >> Exchanges.
Then tick cbotLimt and cbotDely near the bottom.
You will have to sign and print a form and post it off to them I think. But they should enable it realtime for two weeks anyway without this confirmation.

To overlay Tick at the bottom (or indeed any other chart) like on my chart earlier:

Open an intraday Tick chart and an intraday Dow chart. Set them to the same timeframe and make sure the start and end time are the same (probably 2.30 - 9.00)

Then from Studies add an Overlay (Bar) study to your Dow chart. In the "Chart number to overlay" box type the number of the Tick chart, e.g 2. You can see the chart numbers in Window. Stick it in Chart Region 2. Set Scale to Independent. The References other Charts box should be ticked. Apply and OK. Reward yourself with a cup of tea cause it's done.

Many Thanks Frugi,

Due to work I'll probably have to wait until the weekend to take a proper look at this, I'll let you know how I get on.

Cheers
S

 

[chindl]

Hope no one's short !