ES Journal Archive (2006 - 2008)

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Quote from osorico:

No problem. Here's a 2m chart I posted a few days ago. That was 2m, this time it's 15m, so slightly different entrys... the difference being to use 2nd 15m bar after the inital break for confirm. (2m doesn't get this luxury). I use the close of the initial break bar. An open below is my confirm. From there, depending on the exact action, above the flag trendline is usually a safe stop. Or high of the actual break bar if not too far away.

Osorico :)

ATTACHED CHART IS *NOT* TODAY!!
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what do you use as targets? I trade flags but before they form... I get in at the top and ride it down offering a large risk-reward but of course a lower probability of reaching the targets.
 
Quote from apex82:

what do you use as targets? I trade flags but before they form... I get in at the top and ride it down offering a large risk-reward but of course a lower probability of reaching the targets.
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Since I am a scalper (or some version of), I don't really use targets per-se. I do look for confluence with pre-determined price levels, however for flags, an eyeball, vertically equal to the horizontal distance of flag itself can be used as a pattern fulfillment level.

Osorico :)
 
Rico

I like the idea of using the SPX

As long as you are using it to indicate trend, take a look at this
development as price tries to auction up out of the current downtrend.

There are a couple of ways to play it if you are bullish. One is to take a position and wait for volume to confirm a long. The other, the one I like, is to wait for volume to pick up and buy the first pullback. Again I compare current volume (and $ADD) to average volume for the last 90 days.
 

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Quote from osorico:

...for flags, an eyeball, vertically equal to the horizontal distance of flag itself can be used as a pattern fulfillment level.

Osorico :)
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How would that work (uness you mean PnF charts)? Doesn't the horizontal distance depand on the particular bar width you're using? How do you translate x bars horizontally into an equivalent price movement vertically? There's something you've not told us. :confused:
 
Quote from mbusch:

How would that work (uness you mean PnF charts)? Doesn't the horizontal distance depand on the particular bar width you're using? How do you translate x bars horizontally into an equivalent price movement vertically? There's something you've not told us. :confused:
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No I'm not talking PnF. Just the same concept. An eyeball distance in pixels, or measurement of your choice. LOL

Osorico :)
 
One of several old floor trader's tricks is to measure from the low of the flag to the current bar and extrapolate up

By my eye, a long scalp using that profit target would be about
2 - 2.5 points.

One interesting attribute of the method Osorico suggests is that the long price stays in consolidation, the bigger the profit target gets. This corresponds pretty well with reality. In general the longer price consolidates, the bigger the move when it finally breaks one way or the other.
 
Quote from JimmyJam:

That trade was stopped out at -3pts, but the market still has a very strong underlying bullish tone to it with the TRIN holding below 0.85, even though everything else is still in the grey zone.

L @ 1535.75, PS @ 1532.75.

Now that we have gap closure lets see what tone the market will set going into the weekend.

JJ
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Out @ 1538.00, +1.25 on day.

Anticipating retracement and another move up.

Let's see if we get it.

Jimmy J
 
Quote from steve46:

Rico

I like the idea of using the SPX

As long as you are using it to indicate trend, take a look at this
development as price tries to auction up out of the current downtrend.

There are a couple of ways to play it if you are bullish. One is to take a position and wait for volume to confirm a long. The other, the one I like, is to wait for volume to pick up and buy the first pullback. Again I compare current volume (and $ADD) to average volume for the last 90 days.
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Not so much using it for trend as confirmation of futures action. Last week there were some significant divergences that kept me out of the market until futs or cash got back in line with the other, which usually takes only a few minutes. :)

As a scalper, I change direction multiple times per day. And I hammer in that direction. Average volume is not a factor for me. I want it now, or very very soon! Only occasionally do I take counter moves (Unless Im totally wrong! LOL). Utimately everything depends on action for me.

Osorico :)
 
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