ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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my weekly chart.....
....the blue diagonal line crossing entire screen is upper wall of my long-term bull channel
... we are currently above it....
....important thing to notice is that the low corresponds with a bullish divergence on RSI.....
....also notice that the decline from the high is a 3 wave decline...
.... if we were to make a new low... it would be a 5 wave decline... confirming a bear trend.
....also... notice that although macd did not get too low on this correction.... stochastic and rsi did......
.... again.... if this is a crap chart for you... my apologies... please disregard it.
respect...
....the blue diagonal line crossing entire screen is upper wall of my long-term bull channel
... we are currently above it....
....important thing to notice is that the low corresponds with a bullish divergence on RSI.....
....also notice that the decline from the high is a 3 wave decline...
.... if we were to make a new low... it would be a 5 wave decline... confirming a bear trend.
....also... notice that although macd did not get too low on this correction.... stochastic and rsi did......
.... again.... if this is a crap chart for you... my apologies... please disregard it.
respect...
my daily chart....
basically.... same as weekly but you notice here the downtrend channel .. and [possible] new uptrend channel
...also channel entry kissed 50 day ema...
...2 more kisses one before one after the low...
...again... important thing to notice is that the low corresponds with bullish divergence on RSI....
... on this chart you can see the 3 wave decline more clearly.....
...within the [possible] new uptrend channel......
you can see 3 waves.... we are in the 3rd one....
IF we are beginning a new uptrend.... ...then we are in either the 3rd wave of 5 waves up... or
...the 3rd wave of the 1st of 5 waves up.....
if we are in the 3rd of 5 waves up... then the 3rd wave should exceed the range of the 1st wave... which was about 109 points....1432+109>=1541
...also notice that stochastic was overbought at the high... now it isn't
....also notice that daily macd has crossed over
...again... if my chart is crap... just disregard it....
respect....
basically.... same as weekly but you notice here the downtrend channel .. and [possible] new uptrend channel
...also channel entry kissed 50 day ema...
...2 more kisses one before one after the low...
...again... important thing to notice is that the low corresponds with bullish divergence on RSI....
... on this chart you can see the 3 wave decline more clearly.....
...within the [possible] new uptrend channel......
you can see 3 waves.... we are in the 3rd one....
IF we are beginning a new uptrend.... ...then we are in either the 3rd wave of 5 waves up... or
...the 3rd wave of the 1st of 5 waves up.....
if we are in the 3rd of 5 waves up... then the 3rd wave should exceed the range of the 1st wave... which was about 109 points....1432+109>=1541
...also notice that stochastic was overbought at the high... now it isn't
....also notice that daily macd has crossed over
...again... if my chart is crap... just disregard it....
respect....
last chart is 2 hour chart
...
same deal here.... but important thing to notice i think is the [possible] coming cross on macd for spx cash.....bullish
..especially if you are ALREADY with the trend when it crosses...
.... possible crossing point can also turn into a non-cross which might lead to a new low being made.....
... in which case.... i feel the bear trend would be confirmed....
...again... if my charts seem amateurish to anyone ... please disregard them... i dont mean to clutter the board.....just want to contribute something....
respect....
...
same deal here.... but important thing to notice i think is the [possible] coming cross on macd for spx cash.....bullish
..especially if you are ALREADY with the trend when it crosses...
.... possible crossing point can also turn into a non-cross which might lead to a new low being made.....
... in which case.... i feel the bear trend would be confirmed....
...again... if my charts seem amateurish to anyone ... please disregard them... i dont mean to clutter the board.....just want to contribute something....
respect....
....i hope i can contribute something.... i think i have learned a lot from you and most everyone on this board....
......also thanks to the guy who posted about the market correction video on youtube.com.....
...i was watching volume during 12-2pm today to help me trade with the trend outside this time and i think it really made my day today....because of that video...thanks...
in any market, if you can find a inefficiency, its like finding gold in them hills, inefficiency is result of market dynamics that are beyond the control of the market participants, secondary to liquidity/positioning dynamics, and the need to prove a point.
if price moves up in a straight line or down in a straight line its a inefficiency.
if price ranges in 50 point grid thats a inefficiency.
if price has a tendency to trend the 2nd half of trading session, thats a inefficiency.
if price moves 'coast to coast', thats a inefficiency.
if price moves thats a inefficiency.
if price bounces off support and resistance zones, thats a inefficiency.
basically any characteristic that is peculiar to that market, that occurs repetitively.
market participants basically game the failure of one inefficiency over another.
Obviously, the intraday longer term trend changed during the day today. The point though is that you trade with the trend on fresh signals. For example, if the trend is down, you only enter trades on fresh short signals--which there weren't any of today. I stopped myself out of my 1473 short at 1449.75, but did not enter a new long there, so I missed a lot of upside today. No excuse for not entering long--I have just been busy and missed the significance of the hourly signal.
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