'No indicators' revisited

A messy day for me today :confused:
Missed some key points but thats trading..This is how I played it today on the 5min ES04H..warts and all ;) I've kept the geo to a minimum :cheesy:
It's just for some general info don't take the entry's/exits to seriously..as some are not the best.. but I though it would be something different to look at rather than measured moves & ratio's :rolleyes: :cheesy:

CJ
 

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Lovely chart a320 - almost exactly the way I'd play it too, but without all those fibs.

A couple of interesting things: The cup and handle (12:15 to 13:30 on a320's chart above) failed; I can't remember when the last one worked. There was also one the previous day, from memory, which failed too. I actually don't bother to use cup and handles, but treat them as triple tops, as a320 does. But they do work quite well as inverted cups and handles on ES.

The low at 10:00 looks like a V bottom, but it isn't. It's actually a double bottom. The tiny pullback at 11:30 is its second leg, but the bulls were just too strong to allow it down to the 10:00 low, so like a spring off it goes upwards.
 
Thank you skim :cool:

Yes the cup and handle is and unusual one..I just labelled it as a triple because its more common as you say.. The ratios provided some targets especially the high @ 1126.75.. Not a PD/ND insight :cheesy:


CJ
 
I've yet to see a real C&H and doubt they ever occur, as per the text book.... I think it's a case of the indicies ( that we are interested in) just don't have that characteristic.....
 
I've got the feeling that this is a really dumb question - but here goes anyway.

I thought that ES is a 24 hour market. So why do a320's charts only show candles from 0930 to 1600 ?

TIA

Regards,
 
If we can hold the neckline of this inverted H&S the target should be 1030.
 

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Most charting packages allow you to select the " market time". Some prefer to see all 24hrs of ES action, some prefer to see just the " normal trading hours", like A320.
 
Ivorm,

Hope you're well! :cheesy:

You are right that ES trades 24 hours (well, almost, apart from a short admin period) but the overnight trading is thin, illiquid and spurious to the requirements of most daytraders. Those of us looking at multi day patterns on, say, a 10 min chart do not want this overnight data to distort our pretty TA. After all it makes sense to only trade ES and look at data which are produced when the main market is open, i.e. 2.30 to 9.00 our time, which is why most of us mainly ignore the overnight data.

Someone will answer this with more clarity I expect :D

PS Ignoring overnight data also gives rise to the joy of the gap trade!
 
Well okay he's a pretty ugly H&S now!

Bit of Mr Elliot creeping in today though?
 

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An update for the chat room boys :D
Yes very messy..the geometry was spot on the high...it was the 200% measured move...32*200%=64+1066.25 =1130.25 :D

ES04h 5mins

CJ
 

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Just me homework...grade D for sure :confused:
But at least I turned a profit today. Such rare victories must be savoured :cheesy:
 

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The measured moves again :confused: ;) :cheesy:

ES04H 60mins

CJ
 

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On a sideways day I find it easier to trade off the 5 min rather than the 10 min. There was one very easy to spot 5-wave Elliott which would have got you out at the top:
 

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How did you play it today Skim :?:

Did you ride the 5 waves or did some scalping come into play :?: :?: :D

I bet you played it better than I :( :cheesy:

Cheers CJ
 
Frugi A favour please, when you post again, don't use dark blue on a black back ground.... Those of us that are colour blind can't read the text. :( :(
 
a320:

I had some distractions here, so I only managed three trades today. Positive for the day, but a shame really, because sideways days like today are easier for me to trade than those dreadful trending days. :cheesy:
 
5 minute Skim? A mite noisy I find ;)

But the newly acquired Darth Vader helmet filters it out rather well :D

Thanks for the encouragement folks. :cool:

Remember that second grade of suckers in "Reminiscences of a Stock Operator"? The ones who study at length what people say about the market but, crucially, fail to scrutinise the market itself in any depth at all? Sure, they can repeat a torrent of trading aphorisms to make them feel secure and superior to rank beginners, and they'll always use stops, oh yes, but because they never actually bother to study the market itself, with all the pain, discipline, visual acuity, memory and persistence that takes, they last in her clutches perhaps three dismal years, during which their optimism fades and their capital dies an inexorable death of 1000 cuts.

That used to be me. Well, perhaps the wine exaggerates, but consistent profitability has been, shall we say, sporadic in the Frugi household. :rolleyes: But thanks to the copious pearls of guidance I have found nestling in seemingly ordinary threads on t2w, I am at last starting to form a meaningful relationship with the market. We don't like each other one bit of course, but there is at least a growing sense of equality. I have read a metre of trading books in my time but this hands on dark side stuff (and the odd divergence, pretty please!) is by far and away the business.

Chartman - Sorry I'll be more considerate with my palette next time. I can barely read it myself for what it's worth! And I do of course include your good self in the above clumsy eulogy, despite your conversion to the dark side being consummated a mere week ago :cheesy:

Skim - Ranges rule, trends aren't cool - I'm with yuo there (oops my keyring has suddenly spawned a sharp instrument...)

Even the boss likes the dark side... :D
 

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Frugi,
nice post......amazing how all of a sudden things can just click into place,without even knowing you are making progress...over time a subconcious "feel" for the market can be developed,gained only through experience and continual watching of price action.......
You cannot find the system.....the system will find you..be it light or dark!!

cheers
 
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