ES Journal Archive (2006 - 2008)

Status
Not open for further replies.
Hi --
recently switched my trading style from sector trading(10 years exp) to technical SPY/IWM trading. I have been monitoring this thread intra day for a week or so and I like the dialogue.
Would love to join in, if possible...
 
Comment away TraderTigi :) I lurked quietly for a while first too.

Big resistance zone here 81-86... my bad if it already turned, im 10 min behind you guys lol
 
Quote from tommymoose:

Comment away TraderTigi :) I lurked quietly for a while first too.

Big resistance zone here 81-86... my bad if it already turned, im 10 min behind you guys lol
More...

Ya 81 resistance, im short from 80 will be looking to add to short position if we enter back into the 80s.
 
elovemer,
I agree, and if you look at shorter term charts, even when there is an extended move, the price movement attracts volume and it turns into a capitulation. you can see it in the volume spike whether price is moving up or down.

whenever price retests previous highs or lows (highs or lows that were accompanied by volume spikes), and the volume is less, so is the buying (or selling) interest.

Price is king, but volume can monitor interest.

A retest of the price range of the bigger volume bars, but on half or less of the volume often means that it's the other side's turn.

Works in both directions quite often.

I highlighted a couple of events from today's ES 2min chart,

volume spike usually followed by failed retracement unless a well defined bull or bear flag unfolds.

Has to be viewed in the context of the day

in volume measures on chart, (subchart) thin red line is total volume for the bar, in volume histograms, cyan is up volume for bar, red histogram in volume chart is down volume for bar. If you only see cyan in histogram, up volume beigger than down volume (and vice versa).

Volume is important to me
 

Attachments

Quote from vertigo3:

I highlighted a couple of events from today's ES 2min chart,
More...

Very enlightening, thank you.

I only look at volume on charts of 60min or greater (and mostly just daily), but I think I'm going to have to reevaluate.
 
Quote from Spectre2007:

80 dollar oil is good for the economy... woo woo....didn't ya know?

as probability factors shift in ES, 55-58 becomes likely.
More...

Are you still short from around 71 (as per your other journal)? Geesh, I hope not.

I trust $80 oil is good for at least MY economy, as I sold short USO when the October contract hit 79.99. A swing trade, I intend to cover within a week. As for the ES, I don't see a correlation between crude and stocks as much as I used to. If oil keeps going up, I'd expect that to change.
 
Quote from saliva

Well, duh. When you try to push up the market on less than stellar volume like yesterday, no jackass in his right mind (and even the less than stellar ones) will just sit there and not take profit.

Quote from Buy1Sell2:

Volume is an indicator that should be discarded in my view. I classify it as too much information along with being too subjective. --People see what they want to see in volume and the analysis thereof is usually wrong. :)
More...
On a day like yesterday, when the big instititutions push the market around on low volume, especially in lieu of any news, the ensuing rally can only be seen as, well, crapshoot with the emphasis on "crap".

Quote from saliva:

I have a strong feeling that we'll be rangebound for the rest of the session. Just don't quote me on it.
More...
Yup, it looks that way from my vantage point.
 
can't really look at volume in the overnights, (except occassionally after DAX opens (3:00am). I depend on it (or reference it) only during RTH. and 15 minutes is the longest time bar I will reference for volume.

Good trading to all, I really have to go and finish the shower basin liner in my master bath. (I couldn't stay away from the markets ALL day).
 
Status
Not open for further replies.
Back
Top