A simple price action approach
- Thread starter metal
- Start date
Let's get back to price action, shall we?
on the ES, I'll be looking for resistance up around 78 evens. Until then, I'll be watching for bearish TL breaks, along with volume confirmation and NYSE TICK confirmation.
To summarize, I'm bullish up to 78's unless we blast through and then I don't know where the covering will stop, maybe 1305.75?
If we trade and hold below 67.25's I'll wear the bear hat again.
on the ES, I'll be looking for resistance up around 78 evens. Until then, I'll be watching for bearish TL breaks, along with volume confirmation and NYSE TICK confirmation.
To summarize, I'm bullish up to 78's unless we blast through and then I don't know where the covering will stop, maybe 1305.75?
If we trade and hold below 67.25's I'll wear the bear hat again.
6B practice trade for this method initiated this morning.
I find that the trades I have taken at least allow me to get breakeven so I like that. Just like poker, you can fold alot and still come ahead with that one nice pot.
Side question, How do I embed pictures on the actual forum instead of having the link? Like bigsnack does.
I find that the trades I have taken at least allow me to get breakeven so I like that. Just like poker, you can fold alot and still come ahead with that one nice pot.
Side question, How do I embed pictures on the actual forum instead of having the link? Like bigsnack does.
I think it goes like this:
After you post your message. Read it and your image will be available as a link. Click on that link and copy that link location.
Go back and edit your message again and put the link that you just copied in "ET codes" for URLs (or was it images).
Save the message again. Now it should be displayed directly when somebody looks at your post.
Thanks NoDoji for the responses yesterday - much appreciated.
Here is what I have been seeing in ES today.
I consider the 7am touch of the 5-min lower channel limit a buy because it coincided with the 1-hr lower channel limit.
After the 9:30 low, I drew in the up channel shown on the 5-min chart.
The next trade idea I had was to go long when the pink counter-trend line was broken to the upside and price broke back into the channel at 11:55 on this chart.
The rejection of the previous high on the 12:05 bar called the long into question. I would have sold when price broke back below the lower channel line, or on a close below the 20ema (in the latter case I could still be holding long).
I've drawn on a second smaller channel (yellow) as it appears the angle of ascent is decreasing.
Just putting this out there. This is what I saw in real time on ES.
Here is what I have been seeing in ES today.
I consider the 7am touch of the 5-min lower channel limit a buy because it coincided with the 1-hr lower channel limit.
After the 9:30 low, I drew in the up channel shown on the 5-min chart.
The next trade idea I had was to go long when the pink counter-trend line was broken to the upside and price broke back into the channel at 11:55 on this chart.
The rejection of the previous high on the 12:05 bar called the long into question. I would have sold when price broke back below the lower channel line, or on a close below the 20ema (in the latter case I could still be holding long).
I've drawn on a second smaller channel (yellow) as it appears the angle of ascent is decreasing.
Just putting this out there. This is what I saw in real time on ES.
Thought I would provide an update on the 4hr chart posted yesterday.
Price has a few hurdles that should only stall it for a while on its way to the channel target. These stall points, once traversed, could also be used as add opportunities.
It has been a slow day today but price has not faltered on its way upwards.
Sniper
Price has a few hurdles that should only stall it for a while on its way to the channel target. These stall points, once traversed, could also be used as add opportunities.
It has been a slow day today but price has not faltered on its way upwards.
Sniper
Quote from dv4632:
Thanks NoDoji for the responses yesterday - much appreciated.
Here is what I have been seeing in ES today.
I consider the 7am touch of the 5-min lower channel limit a buy because it coincided with the 1-hr lower channel limit.
That is excellent.
Look at the attached and consider adding minor doubles when warranted. You missed a major swing and misplaced a line.