ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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One small tactical note.
You need observe it on 1 tick chart live.
If NQ is Cascading down and it leaves 1 tick gap up to 2-4th cascade /if more cascades it is more dangerous it can be exhausting/ the move is nearly always suprisingly strong. /dont stops on Boolinger or something like that/.
ES leaves usually indirect gaps. 1 tick gap on ES is usually not in fact gap, because there is tick on chart but from this tick price went up 3-4 ticks and on the way down gapped over it. If you see this by typical cascading down /gap is in fact bellow cascade step/ than usually is not late invite yourself to party from top of cascade above that is gap.
As minimum it will retest the bottom of the step. I always put stop on breakeven + 1 tick, if stopped, stopped but situation very rarely jumps back in face.
Do not count gap in first cascade, this can be just "kicked out" of the congestion. It often jumps back.
1 tick charts have some advantages
You need observe it on 1 tick chart live.
If NQ is Cascading down and it leaves 1 tick gap up to 2-4th cascade /if more cascades it is more dangerous it can be exhausting/ the move is nearly always suprisingly strong. /dont stops on Boolinger or something like that/.
ES leaves usually indirect gaps. 1 tick gap on ES is usually not in fact gap, because there is tick on chart but from this tick price went up 3-4 ticks and on the way down gapped over it. If you see this by typical cascading down /gap is in fact bellow cascade step/ than usually is not late invite yourself to party from top of cascade above that is gap.
As minimum it will retest the bottom of the step. I always put stop on breakeven + 1 tick, if stopped, stopped but situation very rarely jumps back in face.
Do not count gap in first cascade, this can be just "kicked out" of the congestion. It often jumps back.
1 tick charts have some advantages
Long 1845 stop 1844 off 1-min div... target 1852
very counter-trend but a good R/R setup.
:stopped for -1... setup still valid:
very counter-trend but a good R/R setup.
:stopped for -1... setup still valid:
Hehe... went there anyway after hitting 2-ticks under my stop.... cant win em all I guess. Wrapping it up here... I dont have much of a bias in either direction at this level so I'd rather not churn the account.
What a day... NET +21.5 NQ points... coulda made that if I just held from my initial short instead of trading around, but ohwell... gotta pay the broker
Looking forward to May - June... summer classes end at noon and fridays off... lotsa trading time.
What a day... NET +21.5 NQ points... coulda made that if I just held from my initial short instead of trading around, but ohwell... gotta pay the broker
Looking forward to May - June... summer classes end at noon and fridays off... lotsa trading time.
Thanks ammo
/sells to close ES 1300 puts -0.88 avg all out
Here is again the 2 charts comparison between the 5 minutes and the daily frame. The similarities are erie, the last 20 days we basicly copied the price action on March 10th. I put the 2 charts next to each other, so it is easier to see:
After almost reaching the upper BB the market sells off (8-9 candles) and doublebottoms. From the 2nd bottom on the daily it took only 1 giant candle, 4 on the 5 mins. Then it pulls back to the SMA 9, from where it promptly bounces. A little doji signals the higher high. We fall back again, this time overshoting the SMA 9 on both charts, and from that low we arrive at our current high, reaching the upper BB and finishing it with a doji (today).
From here the 5 mins chart sold off for the next 6-7 candles and later NEW LOWS came.... We shall see...
After almost reaching the upper BB the market sells off (8-9 candles) and doublebottoms. From the 2nd bottom on the daily it took only 1 giant candle, 4 on the 5 mins. Then it pulls back to the SMA 9, from where it promptly bounces. A little doji signals the higher high. We fall back again, this time overshoting the SMA 9 on both charts, and from that low we arrive at our current high, reaching the upper BB and finishing it with a doji (today).
From here the 5 mins chart sold off for the next 6-7 candles and later NEW LOWS came.... We shall see...
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