ES Journal Archive (2011)
- Thread starter Buy1Sell2
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Potential head and shoulder setting up on the 5-minute.
Is the high in for the day, traders?
Is the high in for the day, traders?
Quote from Laissez Faire:
Potential head and shoulder setting up on the 5-minute.
Is the high in for the day, traders?
Short term I would not be going short. Look for good places to buy. But for me Im flat. It is just sitting in the middle. I missed my entry around the 20-22 area so it either needs to move up a lot more before I short or it needs to come back to the 28 area before I go long.
You`re thinking exactly correct here. If one misses a move, one simply needs to show patience and wait for the next setup. That`s where I failed today. Luckily, I`m still ahead for the week, although today ended in the red.
And just as I wrote about the potential H&S, it failed. Done for the day and looking for better opportunities tomorrow
that's a tday short trapQuote from Laissez Faire:
Potential head and shoulder setting up on the 5-minute.
Is the high in for the day, traders?
Quote from bigsnack:
I find it extremely useful. IMO there are relatively clear lines in the sand on the TICK that help with a directional bias for the trading day. For instance, I won't touch shorts if the TICK is closing above +600, and I won't touch longs if the TICK is closing below -600.
Similarly, the lows of pullbacks usually coincide with tests of +600 / -600. If anything, I try to make sure that I am always buying a low TICK (i.e. when the TICK is "hooking" downward) or selling a high TICK (i.e. when the TICK is "hooking" upward). This helps me get really strong entry prices, and allows me to get out with little to no pain when I am wrong on my trade direction. My .02 of course, but check it out and see if those recommendations help any.
EDIT: To clarify, I look at the TICK on a 1 minute bar chart.
Thank you for this, bigsnack. I`ll look it up.
One other use I`ve found for the TICK is that if the market is setting up for a breakout in either direction, the distribution of tick values prior to that may indicate which direction we will eventually break out.
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