I want to play a TRADING GAME with you all....
- Thread starter SoyUnGanador
- Start date
Follow-up to chart.
I don't think there were any clues on the chart that it would drop.
Stopped me right out, lol.
It would be interesting if you could put an RSI on that chart and see if a Failure Swing Pattern had formed prior to open.
I'm going to guess it'll go up.
I'm not sure this game is set up correctly. It's kind of impossible to know what will happen next, especially without lots of higher time frames to check for support and resistance and previous trends. I always feel like I'm guessing. When trading I feel like I'm guessing toobut I have indicators I've gotten to know well, so I follow my rules for them (actually, I just try to follow them, I have the hardest time with following rules when trading....but getting better.) Also, I try to do what price is doing as it's doing it. My projections help some but I follow more of a plan that if this or that happens, then I will enter a trade.
None of that is possible in forecasting the way these charts will go.
Might be better if we did live intra-day charts, although I don't think I'd want to check in here while trading because it's too distracting.
Next 996
The Creek The Jump The Backup
https://www.elitetrader.com/et/thre...t-right-here-baby.335635/page-25#post-5521306
RSI was overbought. The trendlines are what would have helped me if I traded this. This chart is from 2019. I don't know if I traded it or not.
The trendlines were not informative until after the fact, after the open, which was not on the chart at the time that "What's next" was called.View attachment 281927
RSI was overbought. The trendline what would have helped me if I traded this. This chart is from 2019. I don't know if I traded it or not.
In the spirit of the Game, you go with what you see.
In the spirit of Making a Buck, that is Not the way to go. lol
Patience and waiting for your tested setups to come to you, if you're a rules based trader, is the name of THE GAME, lol.
The stop out bar was the same bar that Jumped the Trendline to the downside. So at least the stop was at a good spot, lol.
That same Trendline provided a timely 'Jump Back to the Trendline' or 'Pullback to Resistance' Entry for a very nice ride to the downside when Support became Resistance. Rules based entries occured here - not once, but twice in a row with a pair of Engulfing's at Resistance at the the upper Trendline. (Engulfings, linked below...)
Some call the first 15 minutes of indices 'the killing zone' lol.
If there's a clear cut entry setup trigger extant that may override a rules based trader's general policy to not trade in the killing zone, but to jump into a trade without seeing any clearcut setup / trigger at any time is not prudent, but to do so 'in the killing zone' is not a game, its a recipe for 'the shaft', not the elevator. lol
So at the end of the day, a trader is not be wise to jump into that trade at the What's Next point posed; a gamer, well what the hell, make a call, 2)set your risk(Stop) and 3)reward (Target)zone and take your ride. Again, most importantly imho, when it's for bucks, make sure you have a 1)Setup and Trigger or wait until you do.
So far it looks like there are at least three types of responses to what's next.
a. Responding as a game player to test your skills at risk / reward setting based on situations lacking recognized setuptrigger. Not that the setup ain't there, but if ya can't see it, then it ain't there for all practical purposes for a rules based trader.
b. Responding to a signal/trigger that actually exists and doing your due diligence 1)setuptrigger,2)risk,3)target.
c.Responding as an artistic intuitive trader.
"Trading an Engulfing Candle at Support & Resistance provides greater conviction."
https://elitetrader.com/et/threads/...t-right-here-baby.335635/page-10#post-5014575
What product is this, F.US.EPM?
It's an ES futures chart. Forgot to mention that.
I believe that might be the CFD listing. M(June) is the contract month, and EP is the CFD contract identifier on his data feed.