Learning to read Price Action with P&F Charting

trackstar · Mar 25, 2008

Quote from HolyGrail:

I'm long three contracts at 1358

I just trade spy. Could be changing soon though as my clearing firm is starting to make it cheaper and cheaper to trade futs.

HolyGrail · Mar 25, 2008

One thing is for sure. If we break through it, it will be a nice move.

trackstar · Mar 25, 2008

Quote from HolyGrail:

One thing is for sure. If we break through it, it will be a nice move.

Yeah, I doubt it will be today though. Check the daily for the decreasing volume on the past 3 up days.

HolyGrail · Mar 25, 2008

All I want is 1361 today. Is that too much to ask?

trackstar · Mar 25, 2008

Going to be interesting to see which way they take this into the close.

HolyGrail · Mar 25, 2008

I know. On the .75 we've had 3 up and 3 down 4 times in a row. We'll probably go 1 box up and then straight down, or vice versa.

staffpro · Mar 25, 2008

when you guys put in orders for the next day do you use buy stop orders or buy stop limit orders? just wondering because i'm papertrading currently

5Pillars · Mar 25, 2008

Quote from trackstar:

I just trade spy. Could be changing soon though as my clearing firm is starting to make it cheaper and cheaper to trade futs.

What firm? Thanks.

HolyGrail · Mar 25, 2008

Well today I got hammered. I still have one trade on but I just broke my 9 day winning streak no matter what the results of the trade. I hate when that happens.

5Pillars · Mar 25, 2008

Quote from HolyGrail:

All I want is 1361 today. Is that too much to ask?

Cumulative delta was showing a build up of "net" short positions as we traded 1356 to 1358 area (several rotatations) before the sell off out of that area to lower prices. Cumulative delta can help you see real breakout or false breakout volume flow (that would be the Volume Breakdown tool within Inv R/T set to Cumulative Delta bars).

http://www.linnsoft.com/tour/techind/vb.htm