ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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I understand what you are trying to achieve, I am sure this opportunity will come soon, my approach is different as you know, I try to accumulate small amount of points during each trading day, as I do not have a system in place to go after larger swings. It's looking interesting at the moment on 5 minute chart, shorts are trying to break Fridays close, though it's not quite happening so far, good sign for long position. Fingers crossed.
There is no question that the 5 minute chart has an upward bias to it. I notice there are two bars in succession with a high at 29.75. A buy stop for a short player using the 5 minute chart would be advantageous above that number. The bounce of of 1328 is a bit weak at the moment. Longer term plays would have different stops set of course.
I'm sorry but this kind of thought process in futures is faulty, there are very few s&r and buyers or sellers gunning closes , to decrease this noise you need to look much further then a 5 min chart
Nothing looks interesting at the 5 min, you try entering now, it'll look completely off next 5 minutes.
Considering today tomorrow ahead of fed will be chop heaven, it cements that nothing interesting will ever happen from now till then, all random "spurts" and movements generated from hedging.
I have abandoned my 3 minute chart analysis as being too busy. I am still looking at the 12, but more emphasis is being placed on the hourly. My technicals work better on the hourly in terms of catching bigger moves. I have been flip flopping back and forth from time frame to time frame--first the 3 , then 12, then 60 and back again etc. It's a learning process intraday--nothing like position trading etc. Gradually, I am getting there.
Nice trade Romik, well executed.
Steve46 makes some more comments on DDF here for those interested. http://www.elitetrader.com/vb/showthread.php?s=&threadid=41103&perpage=6&pagenumber=130
Thank you. I do have a link for people interested in DDF, here it is: http://www.clayburg.com/TradeStatio...World_Las_Vegas_files/frame.htm#slide0007.htm
With all due respect I see nothing wrong with my comment, as you and I probably use different trading methods something that would attract my attention might have very little meaning to yourself. If you go back a couple of posts and check time of entry and analyse it with something like Slow/Fast Stochastic (not to mention other ones) you might see sense being present in that position. The commentary regarding "interesting", well it's just what I was observing on 5 min charts at the time of posting while being in a trade. I can't remember exactly, but I seem to remember that there were 5-6 bars closing at same level, though their lows kept trying to break previous day's close. Therefore, that continuous action has suggested that buying activity is more probable around 2pm EST. That was based on my understanding of what was happening at the time, I must repeat - while already being in a trade. I do use multiple time frames, but being a scalper I do have to reference short time frame charts as much as longer ones. I hope you would be able to understand where I am coming from.
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