ES Journal Archive (2009 - 2010)
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Anticipated the breakout above 1179 and was ready to enter a long, but hesitated when price started moving. Wanted to enter on a pullback that never came. Got emotional. Overtraded. Lost money. Earned money. Lost more money 
How many of you traders use the NYSE TICK and other internals to gauge market strength and potential direction?
Today, when I opened my charts, I initially thought we were seeing a pullback in the down trend and I was anticipating a breakout to the downside from the range between 1179 and 1175.
However, after further analysis, I saw that the NYSE TICK had been below zero for the whole day up to this point, but it had been trending nicely upwards toward zero. The sector ETFs (XLB, XLI, XLY, XLP, XLE, XLV, XLF, XLK) was still in the red, but had regained some of their loss. Suddenly, the financials went slightly above zero. Then materials.
The market was still in a range, but it was moving towards the top of the range and the internals indicated that the market was gaining strength. Now, I had a bias towards an upside breakout.
Of course, probably due to fear and being too early many times before, I did not enter long on the break above 1179 and missed out on the whole move to the upside, but that`s another story.
Curious to hear what you ES-traders think about market internals and if you use them in your trading.
Best regards,
Laissez Faire
Today, when I opened my charts, I initially thought we were seeing a pullback in the down trend and I was anticipating a breakout to the downside from the range between 1179 and 1175.
However, after further analysis, I saw that the NYSE TICK had been below zero for the whole day up to this point, but it had been trending nicely upwards toward zero. The sector ETFs (XLB, XLI, XLY, XLP, XLE, XLV, XLF, XLK) was still in the red, but had regained some of their loss. Suddenly, the financials went slightly above zero. Then materials.
The market was still in a range, but it was moving towards the top of the range and the internals indicated that the market was gaining strength. Now, I had a bias towards an upside breakout.
Of course, probably due to fear and being too early many times before, I did not enter long on the break above 1179 and missed out on the whole move to the upside, but that`s another story.
Curious to hear what you ES-traders think about market internals and if you use them in your trading.
Best regards,
Laissez Faire
I don't use it for trading. But I do reference its weekly patterns. Prior to the flash crash I posted on another forum that it wasn't a good idea to be long equities because weekly TICK pattern was very bearish (second peak in histogram was tiny - a sign of weakness), shortly afterwards there was a flash crash. I don't see sense in observing actual tick, but its weekly histogram is useful to me.
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