Quote from 1contract:
NihabaAshi,
I notice that you have tick volume on your chart (I am guessing this is simply the number of trades executing, regardless of size). Do you think this has advantages over raw volume?
Thanks,
1c
Hi 1contract,
So far, I don't see any advantages for one over the other (Tick Volume vs. Raw Volume) when looking at hindsight charts.
However, I do get a different
feeling of the momentum when I'm reviewing my live-recordings of
QCharts (raw volume) in comparison to my live-recordings of
FutureSource (tick volume).
Simply, the difference I see is that of a feeling...because of such...I prefer tick volume.
Note: It may be a completely different story for scalpers that uses less than 1min chart intervals.
Quote from Kap:
Nihab, I had +ve Div prior to the # @ 10am, what were your reasons for holding long prior/during?
Tia, Kap
Hi Kap,
I don't know what chart interval you were using nor how many contracts you were trading...
However, I trade multiple contracts and scale out as I see supply and demand unfold via candlestick s/r levels.
Under normal conditions (non key economic report reaction) I use the same chart interval for all scale outs.
Yet, due to the key economic reports at 10am est...
I first used the 3min chart and I initially thought I didn't do a great job of managing those first couple of contracts (the ones that pay for the trade regardless to the faith of the remainders)...
I exited @ 1140.50 when I should have exited around 1141.00 based on the after the fact 3min still chart.
Yet, when I reviewed the
live-recording of my realtime charting program and my broker execution platform...
ES got very bouncy for my taste above 1140.75 up til 1141.25...so the exit of 1140.50 was appropriate within that
demand thrust into a candlestick s/r level and still above the profit target 1 (PT1) for those initial contracts.
At this point...I moved my initial stop up into a 1 tick better than breakeven stop for those remainders.
I will only reverse the trade for those remainders via a Bearish Divergence signal (price action only).
My next exit was a complete flop @ 1141.00 and not at any candlestick s/r level.
At this point...I dropped from the 3min chart to the 1min chart interval to better manage my exits for the remaining contracts.
Then I caught the next
demand thrust into a candlestick s/r level between 1009am - 1010am est and dumped one more contract @ 1143.25
At that point...I still have not gotten any Bearish Divergence (price action only) signals nor any candlestick reversal signals.
Market continues higher into that pivot point R1 area because I see some traders talking about it along with seeing a few Shorting it...
The market made a final push and I noticed that the tick volume of the current white candlestick that was now at an intraday high was smaller than the tick volume of the prior candlestick...
So I dumped the remaining contract @ 1146.00 a whole number.
My Long entry was 1138.25
At this time my spouse needed some Ginger Tea due to the sudden increase in her nauseation so at this point I decided to tend to my home doctor duties...deciding to call it quits for the day eventhough I would be checking out the markets throughout the trading day whenever I got a chance.
Summary...my reasons for holding that long as long as I did...scaling out, candlestick s/r levels along with getting
no bearish divergence (price action only) signals during the trade.
P.S. The trade prior to the Long was a Short (smaller sized position) and I was stopped out of it for a 1 point loss.
NihabaAshi