Here's an excellent example of "Price TA".. support/resistance

[SimpleMeLike]

Follow up...

In spite of the apparent "false breakout to the upside", 19540 is still holding as of this post. The lesson here... is that "sellers are fighting-back the buyers at this level".. and it means something for now. That's PRICE TA... What do you do with that info??

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Hello Scataphagos,

Do you always use a 10 second chart to trade the NQ market?

Thank you

 

[Sekiyo]

Hello Sekiyo,

What size bars are you trading on NQ and ES?

Thank you

I use a 4-10 points and figures chart for the ES.

4-10 meaning it prints (X or O) every point (4ticks) and create a new bar when price reverses at least 10pts (4x10ticks).

But a 5min chart would do the job.

 

[Businessman]

And yet you dragged your feet and waited another 15 minutes (yes, I actually counted those 10-second bars!!!) until you were absolutely certain the damn price dropped to MAKE YOUR POINT.

Hindsight charting analysis, the oldest trick in the book.

 

[SimpleMeLike]

I use a 4-10 points and figures chart for the ES.

4-10 meaning it prints (X or O) every point (4ticks) and create a new bar when price reverses at least 10pts (4x10ticks).

But a 5min chart would do the job.

Hello Sekiyo,

Thank you for the response.

Not sure I understand the the 4-10 bars.

Thank you for the explaination

 

[wxytrader]

It’s tough to get a solid bias and get a feel for what is high and low when the market (volatility and bias) seems to be constantly changing.

Especially on a small scale.

1 unit change is 10pts for me on the ES. It would be 50pts on the NQ. Anything below this unit is noise to me.

But again, the behavior of one market change over time.

We never step twice in the same river.

ps: Livermore, king of TA, was looking for a ~10% retracement before to take notice.

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I don't know who wrote that but he is crudely describing a pullback. We know how to measure pullbacks.. not only do we know how to measure pullbacks we know how to measure when pullbacks will likely begin. Trading is nothing but statistics and probabilities... There's really no such thing as price action...a term used too loosely that implies price moves in some manner that is not predictable....that you somehow have to react to price after the fact when trading.

 

[schizo]

Hindsight charting analysis, the oldest trick in the book.

Well, I'm a regular on just about all his threads. Yet he doesn't seem to mind one bit since he keep churning out same ol' hindsight analyses.

 

[tony.m]

 

[Wide Tailz]

Follow up...

You're going to ruin it if you keep putting it out there like this.

 

[Gary186]

Follow up...

In spite of the apparent "false breakout to the upside", 19540 is still holding as of this post. The lesson here... is that "sellers are fighting-back the buyers at this level".. and it means something for now. That's PRICE TA... What do you do with that info??

View attachment 349000

I checked the chart, and you are correct, you need to write down the detailed information and your rules. I think it is a wedge first, then a fade broke out, then we can short when pullback. most of the time the price is in a trading range, it is hard to trade on 10 seconds chart.

 

[Scataphagos]

You're going to ruin it if you keep putting it out there like this.

LOL. I've received many replies that I'm a blowhard and a charlatan. This is the first one where someone is concerned that if I keep posting and everybody catches on... it will ruin it and make it stop working. Not much chance of that.