Noticed that too. Also momentum and volume divergences on the third leg. But alas, I have given up on those kinds of patterns and divergences, although I did close out my long trade at 1325. (Real time results on twitter.)
ES Journal Archive (2011)
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Noticed that too. Also momentum and volume divergences on the third leg. But alas, I have given up on those kinds of patterns and divergences, although I did close out my long trade at 1325. (Real time results on twitter.)
With me, it`s the other way around. I started out being skeptical of chart patterns, much because a guy I had big respect for seemed to dismiss them.
I have however now learned from people in this thread and by my own experience, that they play out quite frequently in the ES. But nothing works all the time
Currently at a turning point here. 1325 is resistance. Price retraced a lot more than I`d like it to, but it seems that 1325 is holding up well. I don`t think 1323,50 will hold on the next test if we go there, and thus 1322 is still in play for the day.
I could take 0,75 points now, but I`ll risk 0,5 points that we get there.
Quote from bigsnack:
Looks like you might get your drift down, but either way the move seems to be coming soon.
OK so I have to ask...I noticed the 133 tick on the CL chart and on this one 512....would you mind sharing the reasons for the difference..thanks
Sure, no problem. I use the 512 on the ES because I feel like that is the lowest tick chart I have available that still allows me to see trendline breaks and support / resistance flips that I am used to seeing. Anything lower than that and the chart gets too noisy, and anything higher and I don't trust the price action because I'm not used to it.
The smaller tick chart on the CL chart is for the same reason. I would use a smaller tick chart if I could, but TOS doesn't offer it.
The reason I closed the trade had to do with the triple tick high you can kind of see on bigsnacks chart.
8:48 (PDT) 662
9:23 703
9:54 890
This is usually a good time to close.
If I like the long, I'd try to reenter, but I did use the pattern and divergences to stay out, not to initiate a trade.
Ok, now I`m pissed
Out @ 1324 on a trail stop.
Sick volatility going into the close. I was considering taking 2 points in profits, but told myself to remain patient. Turns out I should either have taken profits or let my original stop in place and waited for my target to get hit.
It`s just too nerve-wrecking sitting through all those retraces. It`s also in conflict with my rule about never allowing a winner to turn into a loss.
Oh well, slightly in the green today as well. Maybe tomorrow.
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