stoploss please
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And the other one
Here is number 2.
Here is number 2.
Skim, what do you think of this?
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What volume chart was that? It wasn't ES - well, it's certainly nothing like my ES volume chart!
Today's not a good day - the spread between high and low of the day so far is a measly 5.75 ES points, and less than 50 Dow points. When you have a big drop like we did yesterday it's rather like she's fallen down the stairs, and therefore after a fall, she sits at the bottom all dazed. That's what the market is doing now, recovering from the fall.
As the action is sideways, there's nothing much you can tell from the volume today.
On your first chart, you see that the price bars out of the starting gate were sideways, which is always tricky. Your short entry was ideal though, but for a short-term trade you should have exited on the first HH. For a longer-term hold you would have exited when you saw the right shoulder of the inverted head & shoulders.
But today is tricky, so far. I've not made a trade yet; just sitting here knitting and reading a book until there's some sort of pattern to trade off. I thought the inverse h&s might be good - it was nicely formed on ES, but had lower peaks on the Dow (not a good sign).
You can 'feel' that there is a move coming up - lull before the storm, etc.
The big picture head & shoulders we spoke about yesterday has now formed the right shoulder, and so you would expect a downwards movement to complete it. The price today looks as if it is a bear flag - easier to see on 30 min ES, so we might get a nice movement before the close of play today. If not, we'll get it Monday.
Today's not a good day - the spread between high and low of the day so far is a measly 5.75 ES points, and less than 50 Dow points. When you have a big drop like we did yesterday it's rather like she's fallen down the stairs, and therefore after a fall, she sits at the bottom all dazed. That's what the market is doing now, recovering from the fall.
As the action is sideways, there's nothing much you can tell from the volume today.
On your first chart, you see that the price bars out of the starting gate were sideways, which is always tricky. Your short entry was ideal though, but for a short-term trade you should have exited on the first HH. For a longer-term hold you would have exited when you saw the right shoulder of the inverted head & shoulders.
But today is tricky, so far. I've not made a trade yet; just sitting here knitting and reading a book until there's some sort of pattern to trade off. I thought the inverse h&s might be good - it was nicely formed on ES, but had lower peaks on the Dow (not a good sign).
You can 'feel' that there is a move coming up - lull before the storm, etc.
The big picture head & shoulders we spoke about yesterday has now formed the right shoulder, and so you would expect a downwards movement to complete it. The price today looks as if it is a bear flag - easier to see on 30 min ES, so we might get a nice movement before the close of play today. If not, we'll get it Monday.
Skim, it's a vertically expanded DOW volume.... It is possible, just, in Sierra Charts, to fudge the vol so that you cut off the bottom 90%, and get left withe the important detail- even so, I felt it was still a tad unhelpful. That was when I switched to ES and ES Vol on your excellent advice.
Stop loss..... Is there a reason why you dont take up an ES live feed? I don't think it costs a lot, I pay 10$ a month on MyTrack.... I'm convinced you'll really benefit, especially as you seem to have found that volume analysis suits you.
Stop loss..... Is there a reason why you dont take up an ES live feed? I don't think it costs a lot, I pay 10$ a month on MyTrack.... I'm convinced you'll really benefit, especially as you seem to have found that volume analysis suits you.
stoploss please
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Hi Chartman,
I could never understand what was going on with volume as I could not see any correlation between Dow volume and price.
This is why I discarded it and spent a lot of effort trying to develop an understanding of the RSI. I think that this was time well spent as it has given me another string to my bow.
On hearing both you and Skim telling me to ignore Dow volume and look at ES, I today had a look at the S&P 500 futures less the cash spread to see if I could read it . I will be speaking to ESignal to obtain a live ES feed.
Skim and Chartman
If the volume I posted was ES, have I read it correctly or am I still missing something.
Thanks again, I owe you guys lots of beers at the next event that is hosted.
Skim
I love your analysis but not sure about your knitting.
Cheers
Andy
I could never understand what was going on with volume as I could not see any correlation between Dow volume and price.
This is why I discarded it and spent a lot of effort trying to develop an understanding of the RSI. I think that this was time well spent as it has given me another string to my bow.
On hearing both you and Skim telling me to ignore Dow volume and look at ES, I today had a look at the S&P 500 futures less the cash spread to see if I could read it . I will be speaking to ESignal to obtain a live ES feed.
Skim and Chartman
If the volume I posted was ES, have I read it correctly or am I still missing something.
Thanks again, I owe you guys lots of beers at the next event that is hosted.
Skim
I love your analysis but not sure about your knitting.
Cheers
Andy
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You'll have to ignore the volume today - the price is sideways, the volume therefore is not able to tell you anything much.
stoploss please
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Hi
I have managed to get hold of the S&P 500 E mini futures - Globex.
Is that the right one.
Cheers
Andy
I have managed to get hold of the S&P 500 E mini futures - Globex.
Is that the right one.
Cheers
Andy
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Yes.
stoploss please
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Ou Ah, your a star
stoploss please
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Short entry
MMA
I originally would have entered on the completion of my RSI set up. Please see the new attachment and my original posting. This was in the area of 9750. I spread bet so I never get the best prices and my RSI set up is probably a bit unorthodox but now that I have discovered volume, I will not be relying on it so much.
My attachment shows were I probably should have entered.
I have a short at 9752
Generous stop at 9760
Cover in the area of 9650
A risk reward of 1 : 12.75
Would I have closed out at the first consolidation. I am not sure.
I hope this answers your questions
Cheers
Andy
MMA
I originally would have entered on the completion of my RSI set up. Please see the new attachment and my original posting. This was in the area of 9750. I spread bet so I never get the best prices and my RSI set up is probably a bit unorthodox but now that I have discovered volume, I will not be relying on it so much.
My attachment shows were I probably should have entered.
I have a short at 9752
Generous stop at 9760
Cover in the area of 9650
A risk reward of 1 : 12.75
Would I have closed out at the first consolidation. I am not sure.
I hope this answers your questions
Cheers
Andy
stoploss please
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Hi dsmodi
How do I do that.
ESignal dow seem to let me cut and paste.
Cheers
Andy
How do I do that.
ESignal dow seem to let me cut and paste.
Cheers
Andy
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Hi Andy
Right click the image and use the Send Image To Local File option. Then just upload the file in the normal way.
HTH
Right click the image and use the Send Image To Local File option. Then just upload the file in the normal way.
HTH
a SL of 8 pts is realistic ?? I don't think any SB will even allow that tight a stop .
did you actually do this trade or is this just conjecture ?
and I ask these out of curiousity and suspicion that these are only academic trades you are putting up, so do NOT take my questions as an excuse to flatter yourself that I might be interested in your trading method .
sorry , have to say this - can't have anyone falsely flaterring themselves can we ?
har har har .
did you actually do this trade or is this just conjecture ?
and I ask these out of curiousity and suspicion that these are only academic trades you are putting up, so do NOT take my questions as an excuse to flatter yourself that I might be interested in your trading method .
sorry , have to say this - can't have anyone falsely flaterring themselves can we ?
har har har .
stoploss please
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mma
As I said
"My attachment shows were I probably should have entered".
I do trade on most days but not on this one. I was busy researching my plan.
As for an academic entry. On such a chart pattern, this is where you should place your SL. Any where else and the reason for the original entry becomes invalid.
When I trade, I try not to let the spread price influence me as this may cause a premature exit from a profitable trade. However, I am not blind to where the spread price is being quoted.
These postings are very much a training tool and helps me reinforce my tactics. The interaction with other forum members tells me if I am going down the right road and allows other newbees to access to my experiences and therefore I hope be of benifit to them.
If you want me to stop posting I will.
Kind regards
Andy
As I said
"My attachment shows were I probably should have entered".
I do trade on most days but not on this one. I was busy researching my plan.
As for an academic entry. On such a chart pattern, this is where you should place your SL. Any where else and the reason for the original entry becomes invalid.
When I trade, I try not to let the spread price influence me as this may cause a premature exit from a profitable trade. However, I am not blind to where the spread price is being quoted.
These postings are very much a training tool and helps me reinforce my tactics. The interaction with other forum members tells me if I am going down the right road and allows other newbees to access to my experiences and therefore I hope be of benifit to them.
If you want me to stop posting I will.
Kind regards
Andy
Keep going Andy. I have found the trade entry point after a lower low very difficult to locate and probably would be looking to take a trade when the lower low was breached. I think your entry point on the attached trade makes more sense as a lesser stop loss can be used. Do other traders wait for confirmation that the lower low has been taken out?
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That's actually a difficult question to answer, because a lot of it depends on the formation of the bar.
There are two options; exit when the bar is breached, or wait until the close of the breaching bar and exit at the close. The only problem with the former is that sometimes the price will rise one tick above the bar before reversing. That's why it's so much easier if you see the bar forming, and you can tell whether there's any hesitancy around the breaching point, or whether she just sails straight through it. That, unfortunately, is only practice, practice, and more practice, and something that just cannot be taught to you, you have to teach yourself.
You also need to take into account the volume of the bar, and whether those are longs or shorts. And also take into account the length of the preceeding bar - if it's long there's momentum, if it's short there's hesitation.
With an answer like that, do you think I would make a good politician? :cheesy:
There are two options; exit when the bar is breached, or wait until the close of the breaching bar and exit at the close. The only problem with the former is that sometimes the price will rise one tick above the bar before reversing. That's why it's so much easier if you see the bar forming, and you can tell whether there's any hesitancy around the breaching point, or whether she just sails straight through it. That, unfortunately, is only practice, practice, and more practice, and something that just cannot be taught to you, you have to teach yourself.
You also need to take into account the volume of the bar, and whether those are longs or shorts. And also take into account the length of the preceeding bar - if it's long there's momentum, if it's short there's hesitation.
With an answer like that, do you think I would make a good politician? :cheesy:
stoploss please
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Here you go Lamb Chops. This is how I see it.
FTSE Beater. Not sure what I am doing wrong but I cannot seem
to post the image. I must be a dumbass.
I will try and sort it out.
Cheers
Andy
FTSE Beater. Not sure what I am doing wrong but I cannot seem
to post the image. I must be a dumbass.
I will try and sort it out.
Cheers
Andy
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Stoploss:
The answer may be that you are attaching an Excel file, ie with a .xls extension. For uploading as a graphic in a post you need valid file extensions: gif jpg png txt zip bmp jpeg doc pdf xls htm html mp3 wma mnd swf.
So if you attach a Word document (.doc) or an Excel document (.xls) it will appear as a downloadable file, not a graphic in a post.
So if you can save your file as dowchart1.jpg or dowchart1.bmp then it should (fingers crossed) work. But I'm a thicky when it comes to stuff like this, so I could be barking up the wrong tree. Or just barking.
The answer may be that you are attaching an Excel file, ie with a .xls extension. For uploading as a graphic in a post you need valid file extensions: gif jpg png txt zip bmp jpeg doc pdf xls htm html mp3 wma mnd swf.
So if you attach a Word document (.doc) or an Excel document (.xls) it will appear as a downloadable file, not a graphic in a post.
So if you can save your file as dowchart1.jpg or dowchart1.bmp then it should (fingers crossed) work. But I'm a thicky when it comes to stuff like this, so I could be barking up the wrong tree. Or just barking.
