Inverted head and shoulders on the SPX?

Quote from AMT4SWA:

I was a buyer for a scalp LONG trade today at the 692's/691's with a buy signal in the delta I use.......so this was the first sign of some support being built up by decent buying interest so far today. Now we currently have a zone of NET Long Holders in the 694's to the 691's....we will have to see if this level will hold for today with any new selling and test of this zone. :)
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AMT,

With your scalp at 692ish, would you have waited untill it tested to "zone of Net Long holders" at "694's to 691's" and therefore still be in the trade? Or did you take profits at a target and then perhaps reenter at the "694's to 691's?

Thank you for your input.
 
Quote from foreverstudent:

AMT,

With your scalp at 692ish, would you have waited untill it tested to "zone of Net Long holders" at "694's to 691's" and therefore still be in the trade? Or did you take profits at a target and then perhaps reenter at the "694's to 691's?

Thank you for your input.
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I had a good typical intraday BUY signal for the method I use as the market traded below the 693's the first time today......I was able to get entries at 692.00 and 691.50 into the delta changing intrabar bias from negative to positve. I started scaling out positions at 693.00 and then every point or so up to a final scale out at 700.50 level.

Later in the day, the retest of that newly created delta NET Long Holders zones (691's to 694's) from the LOD run did have another intraday BUY signal in the 693's (with the run down to the 692.50 level....I was at lunch then so missed that entry opportunity). This BUY signal would have been a higher probability set up imo as you are buying a scalp at a known area of support......my earlier scalp LONG was not at any known support at the time of entry. Both trade entry signals worked well, but the second LONG scalp opportunity was of a higher probability set up to answer your question. :)

Now we ended the day again with NO delta NET Long Holders zone.......and here we go again, off into the the AH session "suspended in animation"........geithner style! :eek: LOL!!! :D
 
AMT

Looks like the title of this thread has something to do with your high probability setups.

Aren't Head & Shoulders a re-test of an established support/resistance after all?
 
enjoyable thread AMT, could you post another chart when you get a chance. I find it helpful to understand your commentary: good trades by the way, way to ride that wave. :)
 
Quote from AMT4SWA:

The best thing at this point for the current market would be for price to trade down to the area near our current yearly low. A return to the 700.00 area or just below would create the ability for buyers to start layering in new tick levels of newly initiated buy inventory.......then a rally off this new zone would be bullish short term as we would now have a clear zone of buy support (resting held newly initiated buy inventory).

With no real significant buying zone below us at this time it leaves current price trading with no real known support..........would you want to hold new long positions with nothing at your back as defense. We need to return to yesterdays low and bust on through to pricing levels where real commercial buyers are WILLING to buy, or they need to come in and defend the current low and put in some decent sized newly initiated resting buy inventory (create a support zone).

BTW, I do not know of any cumulative delta tools in TS that work properly.......I myself use Ninjatrader for trading and Investor RT for charting (with their cumulative delta tools). :)
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Thanks AMT. I went long nq today at 1074 but was stopped out by 2 ticks before price taking off to globex high. I will be watching the cumulative delta on NT going forward. Too bad TS can't do the job right.

JW
 
Quote from stoneface:

I thought we were going to reverse and go up today.

Did we have a net delta of sellers at 709 in the afternoon today?
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There are pockets of resting sell inventory between 710's and 715's, so yes that was an area to expect some resistance today. That area is still in play going forward and now there is some additional resting sell inventory at 708's and 709's that was layered in with the failure to trade into the 710's today (after we had traded down to the 691's).
 
Quote from fseitun:

AMT

Looks like the title of this thread has something to do with your high probability setups.

Aren't Head & Shoulders a re-test of an established support/resistance after all?
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Yes, with the final shoulder developed as the lower high in a rally mode or as a higher low in a downtrend......this price pattern shows momentum exhaustion.
 
Quote from jfw215:

Thanks AMT. I went long nq today at 1074 but was stopped out by 2 ticks before price taking off to globex high. I will be watching the cumulative delta on NT going forward. Too bad TS can't do the job right.

JW
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I am shocked in all these years that TS has never added something so simple as intrabar and cumulative delta.....I mean the code to plot bid / ask data is not that hard to figure out. :)
 
Quote from AMT4SWA:

I am shocked in all these years that TS has never added something so simple as intrabar and cumulative delta.....I mean the code to plot bid / ask data is not that hard to figure out. :)
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AMT,

I have codes to get it done in TS. I can PM. The problem lies in the fact that TS doesn't aggregate the bid/ask info correctly. Do you know if the buysellvolume in NT works correctly?

Thanks

JW
 
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