The white lines and little numbers, does that refer to contracts? It looks like you shorted 7, and hence why it says -7, and then say 0 after you exit. Then you went long, and once again, shorted on the last trade? Is this correct? If so, that is some pretty good trading! It barely went against you and you timed in perfectly. My instinct is that the highs and lows will initially provide support or resistance depending on which direction they come from, but that essentially, these levels will be rejected, so as it came down towards the previous day high, it would bounce, and not break.
Do you use Pivot Points and High and Low of Day S and R areas?
- Thread starter oraclewizard77
- Start date
Trade station shows -7 for a short entry.. 7 for long entry... I think high/low area can have good moves around them... A break up/down tends to follow thru and is good trading if you use the right Size stops and good trade management
I tried to look at the area that you show on your chart myself, but I can't for the life of me find anything that matches what you have. I don't have any day this week that has a high of day at 17986, nor can I find an area that goes up to 18016, which is the highest point on your chart that spans an hour.
No matter though... but just looking at your entries, you seem to have very little to go on to make you decide to go short or go long. Do you have a complicated entry signal or are you just waiting to see weakness or strength? For the first short, it looks like there are 3 green bars, so it tried to bounce, but then after several red bars, you went short. For the long, there might be a micro double bottom before you took a position. And for that last short, it looks like it double bottom at the previous day high, but then after coming back down again, you entered you short and it broke through. That is some pretty quick decision making there!
you seem to have very little to go on to make you decide to go short or go long
that was an example of trading up/down when price gets close to the high of yesterday. my high/low of yesterday is derived from using a 24 hour chart, not just usa trading hours.
Do you have a complicated entry signal or are you just waiting to see weakness or strength?
the setup on each of these 3 trades was just a pullback against the current trend and entry was when price continued with the trend. i think of the line as a range where the pullback can be small/large and before/after the line. in each trade, there was a trend, then pullback, then trend continuation. you can see the first trade had a small pullback, the second one a little larger and the last the biggest of all three.
hope that helps
toucan
I finally figured out what you are calling the high of yesterday. For me, I call this the overnight high. If we use Eastern Time as our time zone, stocks stop trading at 4pm, and everything shuts down for an hour at 5pm. From 6pm, they technically call this already the next day. So anything from 6pm the previous day to 9:30am eastern time is what I call the overnight session.
Anyway... thanks for showing the trades and the charts! I follow a 5 second chart, so its quite similar to your 150tick chart. There was another dip down at 7:40 on your chart below the 18162 level... were you not inspired to try long again since this level only slightly poked?
Most recent chart, and I goofed, I meant 7:24 not 7:40. It dipped again to your black line, slightly poked, but rallied again. I'm just curious about your trigger to enter a trade. It seems you just need to see a couple of green bars at a key area. It's of course often better to be early than waiting for too much confirmation.