ES PAST Price Action help me with this chart

Quote from speres:

Hi wiseman

With my wonderful hindsight :) what jumps out immediately is that you have a nice impulse swing A-B from the day before so price in that context retraces overnight back to around the 78.6 fib level, 108 area and into that area of structure and rejects quite strongly. the 1min tf would have got you quite close to the action.more than enough reason to get long

The other area of interest that we could have projected for price to react would have been 108.60 but because it traded thru overnight in a thin market our next projection would have been 108

So, it isnt the fact that the market had strength off the open, but more of were price is or was
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thank you. That has actually helped a lot :)
 
Quote from wiesman02:

thank you for your spectacular contribution.
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Many times when we hear what we don't want to hear, we get defensive, so I understand where you are coming from.

You see, a "Hindsight Expert" will have a multiple ways of telling you how and what you should have done when something moved.

Problem is not trading something that moved, problem is trading something that did not.

For instance, something that gave a buy signal, then a short signal, then a buy signal, you get the idea; funny enough something very common and very frequent that happens in their beloved 1min-5min charts.

Trick is not being able to read up or down, trick is only trading clarity, avoiding consolidation, and so forth; but a "Hindsight Expert does not need to worry about this, because typically what's given to them to analyze, is something that moved well, which is the essence of profitable trading.

Most in ET, in fact the great majority, discuss how to enter, how to exit, but very few discuss how to determine what's worth trading or not, the moment you see such lack of essential discussion, run like the wind.
 
Quote from Trader.Fighter:

Many times when we hear what we don't want to hear, we get defensive, so I understand where you are coming from.

You see, a "Hindsight Expert" will have a multiple ways of telling you how and what you should have done when something moved.

Problem is not trading something that moved, problem is trading something that did not.

For instance, something that gave a buy signal, then a short signal, then a buy signal, you get the idea; funny enough something very common and very frequent that happens in their beloved 1min-5min charts.

Trick is not being able to read up or down, trick is only trading clarity, avoiding consolidation, and so forth; but a "Hindsight Expert does not need to worry about this, because typically what's given to them to analyze, is something that moved well, which is the essence of profitable trading.

Most in ET, in fact the great majority, discuss how to enter, how to exit, but very few discuss how to determine what's worth trading or not, the moment you see such lack of essential discussion, run like the wind.
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You have to understand that in order to research new ideas, one must backtest. In order to backtest, you must use hindsight. Hence my defensiveness at your reply.

That being said, you are completely right. When NOT to trade is often the hardest part of trading. Getting in on EVERY move is a fools move. I'm completely aware of the fact that I will not capture every move. But I'm also aware of my systems weakness, and I will do everything I can make it more efficient.

There's three parts to a successful trade (long-side trade for instance): This helps prevent your so called "whats worth trading" area

1) identifying strength, 2) identifying supply-side dry up, 3) momentum back up.

You can have #1 and #2 happen, and #3 does not. So you see chop. Traders get caught up in this, so called "chop" and they lose b/c they want to get in 'early'. Getting in early comes at a price !


I thought this past September and October was a great test of that for me. I will admit, I failed rather miserably by taking shit trades and forcing things. Was on pace for my first 6 figure year and blew it rather memorably.
 
Quote from wiesman02:

You have to understand that in order to research new ideas, one must backtest. In order to backtest, you must use hindsight. Hence my defensiveness at your reply.

That being said, you are completely right. When NOT to trade is often the hardest part of trading. Getting in on EVERY move is a fools move. I'm completely aware of the fact that I will not capture every move. But I'm also aware of my systems weakness, and I will do everything I can make it more efficient.

There's three parts to a successful trade (long-side trade for instance): This helps prevent your so called "whats worth trading" area

1) identifying strength, 2) identifying supply-side dry up, 3) momentum back up.

You can have #1 and #2 happen, and #3 does not. So you see chop. Traders get caught up in this, so called "chop" and they lose b/c they want to get in 'early'. Getting in early comes at a price !


I thought this past September and October was a great test of that for me. I will admit, I failed rather miserably by taking shit trades and forcing things. Was on pace for my first 6 figure year and blew it rather memorably.
More...

ET needs less of how to trade and more of what and when.

That would be my contribution to your question.

Happy new year.
 
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