Take a look at my chart. This was also from my other thread, but i want to start over. Note: I'm using the 3 min as my main chart, but use the 233 tick and 1 min charts to precisely gain entry.
1) Took a short there. Normally, one of my rules is to never go against the trend. Only time I will do it is when 1) we reach a pivot (in this case PP) and we see resistance at the PP, and 2) Stoch is over 80, RSI over 80. This is a high probability set-up for me when we see considerable resistance at the PP in a strong uptrend. Had to exit out of my position early due to platform problems. Would have rode it down another 10-15 pnts. Only took a 9 point gain on it. SShort at 12207 and covered 12198.
2 and 3) Judgement error. Must have looked at the chart wrong. My bad. Lost 14 points here.
4) This is what i was trying to do in 2 and 3. We saw a powerful uptrend followed by some selling off. Expecting no more than 50% retracement. I dont consider this a downtrend, as we're just retracing so I'm looking to scalp out the bottom. Normally, i do not go against the trend.
Okay, back to #4. If you looked at the 233 tick, you'd see about 4 mins worth of 'indecision'. Looked as though some were trying to get a good long entry in. About 6 mins later, you see the 3 min go into the oversold area, and the 233 tick shows some buying. There's my long entry. bought 12192 and sold 12204. Sold after 4 mins b/c I saw some weakness in the 233 tick. Soon as I'm trading more than 1 contract, I'll be able to scale out a bit easier.
5) My yellow line indicates a trend line for the uptrend. You see the 3 min candle strongly break the trend line. I like to look for a short signal here. If you have any brains, your not gonna short right at the break, b/c 1) oscillators were oversold, and 2) you can get whipped around really bad doing that. I like to wait for a dud rally w/ confirmation on the 1 min, and go short. Soon as the 11:21 3 min candle strong moves to the upside, I went to take a shower, figuring more upside was to come. That was dumb of me to assume that, b/c 6 mins later, we see resistance, and a 30 min overbought chart. Short enry would have been right up there. In shower though
Missed it.
6) Demo traded after 12:00. The why's are in my other thread. Demo traded this, but woulda traded it live. EASY pullback entry. RSI and stoch are overbought, you see a pullback where the 1 min and 233 tick are oversold, and gradually see momentum building back up. A buy entry here would have made a nice buck.
7) Almost identical play as #1, except this time we're not dealing with the PP, but R1. I had R1 at 12357. You do see the 3 min break 12357, but its important to note that the rally fails heavily. If you look at volume, it was trailing off as well from the last 15-20 mins. UNFORTUNATELY, i demo traded this. High probability set-up. Doesn't come around too often, and we had 2 in one day. Oh well.
