Hi there Mr Breakout
I have been following your posts for a little while now and find them most informative. I have an enquirey with regard to your long entry yesterday at 105.70. I believe your OR low was 105.74. This level was first compromised at around 12:37est on high volume, which I presume kept you out of a long that time. When it was tested again at 13:11 did you just look to see the state of volume (it was nothing special) and decide to jump in or did you have an order in already to fade it as a matter of course? I presume it was the former but I wanted to confirm that I was reading your technique correctly.
Thanks for your posts, I am really enjoying them and hopefully learning something too.
Cheers
Hi Mickey,
Thanks and i am glad you find my posts informative.
Per my OR, we had an A up- meaning price stayed above 106.20 area for 20 minutes. I tried long at 106.12 area as i expected 106.50 to be taken out. A up turned out be a weak one and price pulled back to 105.70 area and stayed in general area for a long time. I got stopped out of my long.
My set up of long from 105.70 area was on the premise of failed C down. I looked at daily pivot being there, daily pivot range support being there, globex session low in that area but more importantly PRICE not breaking down.
Market makers basically will take price from 105.70 to 105.90 area and bring the price down giving the impression of weakness and luring in lot of people to short. Once they got enough traders locked in with short position and it became worthwhile their effort to clean these shorts out, they took CL 100 ticks higher. Another equally nice set up was short at 106.72 area- which i missed. I hesitated for 2-3 minutes and was more focused on protecting my gains then trading the set up.
106.72 set up is based off the fact that price was taken to that level on huge volume. Thus as a tape reader expectation is price to make new high after some consolidation- 2-4 minutes time. It did not. if it does not go up, it must come down. So, shorts were in order. Chart is attached.
So there were lot of factors for this long. I never know for sure as price could have easily fallen to 104.50. That's why i try to stay away form indicators and focus on market makers thinking , ACD reference point etc..
I have been following your posts for a little while now and find them most informative. I have an enquirey with regard to your long entry yesterday at 105.70. I believe your OR low was 105.74. This level was first compromised at around 12:37est on high volume, which I presume kept you out of a long that time. When it was tested again at 13:11 did you just look to see the state of volume (it was nothing special) and decide to jump in or did you have an order in already to fade it as a matter of course? I presume it was the former but I wanted to confirm that I was reading your technique correctly.
Thanks for your posts, I am really enjoying them and hopefully learning something too.
Cheers
Hi Mickey,
Thanks and i am glad you find my posts informative.
Per my OR, we had an A up- meaning price stayed above 106.20 area for 20 minutes. I tried long at 106.12 area as i expected 106.50 to be taken out. A up turned out be a weak one and price pulled back to 105.70 area and stayed in general area for a long time. I got stopped out of my long.
My set up of long from 105.70 area was on the premise of failed C down. I looked at daily pivot being there, daily pivot range support being there, globex session low in that area but more importantly PRICE not breaking down.
Market makers basically will take price from 105.70 to 105.90 area and bring the price down giving the impression of weakness and luring in lot of people to short. Once they got enough traders locked in with short position and it became worthwhile their effort to clean these shorts out, they took CL 100 ticks higher. Another equally nice set up was short at 106.72 area- which i missed. I hesitated for 2-3 minutes and was more focused on protecting my gains then trading the set up.
106.72 set up is based off the fact that price was taken to that level on huge volume. Thus as a tape reader expectation is price to make new high after some consolidation- 2-4 minutes time. It did not. if it does not go up, it must come down. So, shorts were in order. Chart is attached.
So there were lot of factors for this long. I never know for sure as price could have easily fallen to 104.50. That's why i try to stay away form indicators and focus on market makers thinking , ACD reference point etc..
