Anek, I would like to add my thanks to those that you have already received. Having only recently even considered daytrading, I'm mindbogglingly lucky to have found your journal. I am truly grateful for what you are sharing.
AHG's methods are right up might my ally, and I am enjoying myself as I continue to learn how to apply them correctly (still sim trading.)
I've been thinking about what you described as the powerful synergy between macro and micro charts. Very interesting. One thing that this analysis will help me do is determine when I should be averaging up vs. simply scalping retracements.
For example, last night I saw your posts on the NQ multiday chart, where you noted the importance of the last swing high/lows (2205/2160), so when the LOD W formed at 2160 I was comfortable averaging up. If it had fallen below that level I would have been shorting and averaging up because it would have been a double top confirmation.
Tonight I see a similar possible opportunity. In charts that show the action of the last 4-6 sessions, it seems the emini markets will open thursday at a particularly bearish point. In the ES and the ER2, there's a trendline test of a downswing, and in the NQ there's a possible bounce in a rectangle. I included a screenshot.
NQ seems to have the most choice as to where to go next. The resistance in the ES and ER2 looks stronger.
I wont do anything that price action doesn't confirm with bearish patterns/bars, and most definitely am not averaging down.
Also, I am VERY interested in Phase II.
Thank you again for what you're sharing. Im still very new, so please anyone tell me if what Im thinking is flawed.
AHG's methods are right up might my ally, and I am enjoying myself as I continue to learn how to apply them correctly (still sim trading.)
I've been thinking about what you described as the powerful synergy between macro and micro charts. Very interesting. One thing that this analysis will help me do is determine when I should be averaging up vs. simply scalping retracements.
For example, last night I saw your posts on the NQ multiday chart, where you noted the importance of the last swing high/lows (2205/2160), so when the LOD W formed at 2160 I was comfortable averaging up. If it had fallen below that level I would have been shorting and averaging up because it would have been a double top confirmation.
Tonight I see a similar possible opportunity. In charts that show the action of the last 4-6 sessions, it seems the emini markets will open thursday at a particularly bearish point. In the ES and the ER2, there's a trendline test of a downswing, and in the NQ there's a possible bounce in a rectangle. I included a screenshot.
NQ seems to have the most choice as to where to go next. The resistance in the ES and ER2 looks stronger.
I wont do anything that price action doesn't confirm with bearish patterns/bars, and most definitely am not averaging down.
Also, I am VERY interested in Phase II.
Thank you again for what you're sharing. Im still very new, so please anyone tell me if what Im thinking is flawed.
