ES Journal Archive (2011)
- Thread starter Buy1Sell2
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I`m thinking that 46,25 should be the 1st stop above if higher from here.
If there are sellers in this market that wants to take us lower by end of day, they certainly took a long lunch. Not saying they may not come back though.
If there are sellers in this market that wants to take us lower by end of day, they certainly took a long lunch. Not saying they may not come back though.
i want 1245, but i'll take less if i have too.
so saith the shepherd, so saith the flock
so saith the shepherd, so saith the flock
Am I the only one here who is a little skeptical towards channels and trend lines?
I do use them myself, but at times they are just too damn subjective and give conflicting signals. For example, do you draw the lines on the body? Why? Why not the wicks? When is it broken? Was the break real or do you draw a new trend line on the new swing high/low?
There are certain times when one can draw a perfect channel and trend line. I tend to trust those more, although they may be as random as the others. They do say something about the sentiment in the market (dips being bought, rallies being sold), but for accurate entry and exit signals I`m a little undecided.
With certain set-ups, like the break of a very clean trend line, it is often enough to give me a sell signal, but I prefer some confluence and confirmation beyond that.
Horizontal S/R is far more objective, so I prefer those. Not judging here, since I use trend lines and channels.
Just thinking out loud here while I`m waiting for a set-up.
I do use them myself, but at times they are just too damn subjective and give conflicting signals. For example, do you draw the lines on the body? Why? Why not the wicks? When is it broken? Was the break real or do you draw a new trend line on the new swing high/low?
There are certain times when one can draw a perfect channel and trend line. I tend to trust those more, although they may be as random as the others. They do say something about the sentiment in the market (dips being bought, rallies being sold), but for accurate entry and exit signals I`m a little undecided.
With certain set-ups, like the break of a very clean trend line, it is often enough to give me a sell signal, but I prefer some confluence and confirmation beyond that.
Horizontal S/R is far more objective, so I prefer those. Not judging here, since I use trend lines and channels.
Just thinking out loud here while I`m waiting for a set-up.
Quote from Laissez Faire:
Am I the only one here who is a little skeptical towards channels and trend lines?
I do use them myself, but at times they are just too damn subjective and give conflicting signals. For example, do you draw the lines on the body? Why? Why not the wicks? When is it broken? Was the break real or do you draw a new trend line on the new swing high/low?
There are certain times when one can draw a perfect channel and trend line. I tend to trust those more, although they may be as random as the others. They do say something about the sentiment in the market (dips being bought, rallies being sold), but for accurate entry and exit signals I`m a little undecided.
With certain set-ups, like the break of a very clean trend line, it is often enough to give me a sell signal, but I prefer some confluence and confirmation beyond that.
Horizontal S/R is far more objective, so I prefer those. Not judging here, since I use trend lines and channels.
Just thinking out loud here while I`m waiting for a set-up.
You have been just thinking loud in this post, but smart guys (like me
haha) will file this post and take it to heart beacause in my experience there is so much truth in this post.Only thing I will like to add is break of either a trendline or a channel if followed by powerful momentum is one of those confluence signals you talked about, in my experience primarily with ccys. In my limited experience with ES, I have more often than not noticed that these kinds of price actions in ES are similar to that in ccys.
44 is a nip here,lf,along with your tl question,there are the different time frames,while you are watching all this stuff,think of em like your 5 senses when any one of them gives your brain a warning it reacts,they are just guides,not meant to be the sole reason for the decision,you know intuitively when to take a trade,take a loss,ride a profit,these are just clues for confidence or confirmation while fine tuning your discipline
i don't like this, all out even.
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