ES Journal - 2017/2018

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CyJackX said:
I went short at the open, holding on. Good luck to the longs...
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They will need more than luck. Even my pretty charts couldn't convince anyone. I put out the warning that price could retrace the entire measured move instead I get hounded about closing vol yada..yada..being unreliable...yada...yada..however, in the context in which I used it it wasn't now was it?
 
pinabetal said:
Is gas in a car tank useless? Volume is activity. Volume is $$. Therefore it shows where money is being put. While it can't be completely trusted ..because of brokers...data feeds...dark pools..etc it can be useful in showing the larger footprints of institutional money. In the end some volume is shown and it is generally good enough to be useful. The real first problem is most traders do not know how to interpret it. The second problem is it can complicate trading on a small TF and cause one to miss a good trade trying to correlate price and volume.
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I have constant volume charts open side-by-side, I like how it evens out moments of high and low activity so you can see clearer patterns by volume; what may look like a quick volume burst on the charts may be sectioned into an orderly move on the volume chart. I've considered only seeing volume, but it's also worth knowing how fast the action happens, and NinjaTrader7 doesn't have a great way to measure time on the volume charts.
 
pinabetal said:
Is gas in a car tank useless? Volume is activity. Volume is $$. Therefore it shows where money is being put. While it can't be completely trusted ..because of brokers...data feeds...dark pools..etc it can be useful in showing the larger footprints of institutional money. In the end some volume is shown and it is generally good enough to be useful. The real first problem is most traders do not know how to interpret it. The second problem is it can complicate trading on a small TF and cause one to miss a good trade trying to correlate price and volume.
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You are correct but the volume that once was is gone for now, and what's left produces more false signals.
 
If price breaks south of yesterdays close longs are in big trouble. If it holds we will probally get BIG ranging behavior today. Good for two legged scalps of 2 to 5 points.....over and over again...
 
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