I think it's not a bad idea. I know you use stops, so what the hey? These hourly divergences have all been good for a few points so far, they just haven't had legs yet. But , they all have been good. In fact the one today on hourly charts was good for about 12 points!! Yours truly didn't take any profit on that--brilliant! Anyway, my plan is for a more extended bounce.
ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
- Start date
- Status
I think it's not a bad idea. I know you use stops, so what the hey? These hourly divergences have all been good for a few points so far, they just haven't had legs yet. But , they all have been good. In fact the one today on hourly charts was good for about 12 points!! Yours truly didn't take any profit on that--brilliant! Anyway, my plan is for a more extended bounce.
it's very consuming and requires to keep the concentration level at its maximum, I am not sure whether this is down to volatility increase, but these divergences are popping out so many times during the day right now and what's interesting most are being taken, so taking a signal off 3 minute chart and NOT noticing a reverse on 1 minute chart could catch a trader off guard and some would then say - divergences work best in hindsight not in real-time situations, etc. I do believe though that these short time frame divergences are not too tradable in a trending market, but at this moment and time they provide solid signals.
That BD on CCI prior to close on 15 min chart provided 5+ points in afterhours so far I believe or at least a couple for some.
Watching 4 timeframes in 1 market brings me much more money than watching 1 timeframe in 4 markets.
In both cases i have to watch 4 screens at the same time.
I can understand where that might make sense in some trading systems. I have looked at doing something like that, but I found that I was getting conflicting signals sometimes ( eg. a 3 min buy signal, but a 15 min sell), and found myself questioning myself. I firmly believe in keeping things simply as possible. For me, thats only looking at one time frame. That works for me, but if multiple time frames works for you, more power to you.
Whatever it takes to make money.-Nick
Still the 5-minute charts. I put the stop initially at a tick below 1232 which was the session low towards the end.
This morning I raised the stop to 1235 so my risk is now locked at .50 for the small position (I tend to have smaller balls in overnight lol
)
1235.50 seems to be the overnight low so if CPI does not kick us down in anywy, I would like to see a run to 1250. Overnight highs are 1238.75 which we are close to now. I would like us to first get above there and push past 1240. I would then raise the stop to 1237.50 and lock in 2 points. Everyone expects a bounce today so lets up that fact does not mean we then crash lol.
This morning I raised the stop to 1235 so my risk is now locked at .50 for the small position (I tend to have smaller balls in overnight lol
)1235.50 seems to be the overnight low so if CPI does not kick us down in anywy, I would like to see a run to 1250
. Overnight highs are 1238.75 which we are close to now. I would like us to first get above there and push past 1240. I would then raise the stop to 1237.50 and lock in 2 points. Everyone expects a bounce today so lets up that fact does not mean we then crash lol.Quote from Trader273:
I can understand where that might make sense in some trading systems. I have looked at doing something like that, but I found that I was getting conflicting signals sometimes ( eg. a 3 min buy signal, but a 15 min sell), and found myself questioning myself. I firmly believe in keeping things simply as possible. For me, thats only looking at one time frame. That works for me, but if multiple time frames works for you, more power to you.
-Nick
1. Each time frame corresponds a specific marekt cycle. By watching mulit-time frames, you can see how these cycles with different lengths interact as market unfolds;
2. When two cycles confirm each other, the cycle with smaller length usually has an extended move;
3. When two cycles conflicts, one needs to have a trend measure to determine if it is a continuation case or a reversal case. In the continuation case, the cycle with smaller length will finish its own pattern but without an extended move, then moves to support the large cycle; so the end result is both of them move forward without breaking their own patterns; In reversal case, the large cycle will catch up the small cycle.
if used properly, muti-time frames can make one atuned to the market flow, and make more accurate anticipation about market move.
Just came upon this web site and forum a couple of days ago and enjoyed reviewing the past posts. Sound like a good group of people.
I primarily trade the current ES (9/06) and am online daily from about 6:30 AM (NY time) till about 5:00 PM. Usually out around noon time for 1 or 2 hrs.
Look forward to keeping in touch.
yvberj
I primarily trade the current ES (9/06) and am online daily from about 6:30 AM (NY time) till about 5:00 PM. Usually out around noon time for 1 or 2 hrs.
Look forward to keeping in touch.
yvberj
- Status