ES 5 MINUTE CHART JANUARY 28/08
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Iterative Refinement
- Thread starter Spydertrader
- Start date
Quote from TIKITRADER:
ES 5 MINUTE CHART JANUARY 28/08
Tiki,
I am wondering if you are feeling (or would feel) confident taking trades based on EACH of your Point 3's??
I am not questioning their accuracy mind you. I am only asking because I find myself having difficulty (in real time) with some of them today.
Quote from TraderD72:
Tiki,
I am wondering if you are feeling (or would feel) confident taking trades based on EACH of your Point 3's
I am confident in all point 3's. They work every time. Do I have the ability to nail them every time ? I am still working on that. There are times when I don't identify the point 3 till the following bar.
I am sure the market provided all the clues I needed, but miss it on actual bar.
As I had posted already,even when I can identify the point 3 and take the trade, it is my ability to stay with the trade I am working on everyday.
The method has been given in great detail. I find that I need to let the channels play out more, tend to take profits a little quick.
Now based on EACH of my point 3's
To answer you question directly. . . no.
The point 3's were fine, I wasn't . . . hahahaha!
Remember, the market provided all I needed, my skills are still strengthening.
There are many opportunities that surface to take profit.
If I miss the point 3, a flaw may very well form after it, and provides another place to make a trade in the direction of the current trend.
Quote from Spydertrader:
For anyone still interested in the 'M' or 'W' Day puzzle, watch Volume during the day's opening three bars. If the market signals Volume 'drop off' at the Open, watch the 'M' or 'W' form throughout the day.
- Spydertrader
I am quite fascinated by this, particulary having seen it play out time after time!
How can this be? or what can I observe/read/study to better understand this behavior?
Quote from LittleMac:
GLNG had all the right moves today. According to my chart incr black on the daily confirms the breakout of the red down channel. I got in off the Unusual volume table a little after 10:30. When I go down to my 30 min chart I can see the BO in terms of Guassians a lot more clearly. Ive posted my charts. Anyone with critique or comparison charts would be very helpful. The thing I'm having a little trouble with is where the FTT is and where the B2B breakout starts. I'm confident there is a BO but my Guassians don't match up well on the daily.
Good catch. I got in on this too.
You need to work on matching your gaus to price action. Where you had dec black, the price was going DOWN. So this should be dec red, especially since price never BO'd.
There was only 1 good up day, the peak volume day. From there on you should draw dec red. I chose to NOT draw in any black lines since there's no trends.
Also, don't get "married" to your gaus once you write them in. I change mine all the time when new info hits me. IMHO, nothing wrong with that if it matches what's happening.
The FTT is hard to pick out and assign a day to it. More like a "zone" of days to me.
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Quote from LittleMac:
KMGB and VSR also had signals today. But i cant get their charts straight at the moment, especially KMGB which has been in like a volatile lateral movement outside of my current channel. Anyone have an idea??
KMBG is another picture perfect BO.
Dec black as price approached the down RTL, then inc black. If one would have waited until Friday and bought early, you'd be up 15%.
Low avg volume is a little sketchy though. Today was around 116% but still only 70k.
VSR sucks. Avg volume around 50k? No thanks.
Attachments
Quote from Spydertrader:
Note where the DOM wall sits above the high of the VE bar. Watch how Price bounces off this point (or fails to move toward it). Note also how the YM behaves. Know (in your mind0 what sequences to expect for Price to continue in the Non-Dom direction vs continuing in the Dominant direction.
- Spydertrader
I'll work on that. Thank you.
Quote from Avi 8:
Here is another example on today's charts.
Note the clarity the YM provides. A b2b on the 1124 bar. The lack of red volume on the 1126 bar. Followed by increasing black volume.
An interesting example. We have rtl bo at 11:05 on decr vol, requiring an RTL adjust and then bo of this new RTL at 11:15 on incr red, confirming the FTT at 11:10 and a change of dominant direction to short. To me, this looked like the beginning of a new short channel. We have decr vol on ES at 11:20 and what looked like a retrace on decr vol at 11:25, to form the anticipated pt3 short. However, we see incr black at 11:30 and what I assumed to be an FTT then becomes a dip, and we have a new pt3 (11:20 bar) of a wider long channel. I sometimes see incr vol on ym during the retrace to a real pt3 on ES simply due to the fact that it is a faster fractal. Did the dominant direction change at 11:15?