Price went a little bit above the area that I marked out for price to turn down but thankfully, I don't trade without lower TF confirmation.
Price TA Identified The Top Before 500 Point Drop Yesterday..
- Thread starter Scataphagos
- Start date
Globex open break I stopped and reversed.
I wasn't able to post at the time and at this point it is all hindsight.
Below last week's low is very weak.
Still think "Price TA" is bullshit? Yes, I know... I'm being an a-hole for "rubbing your nose in it"... but you deserve it!!
Remeber... all you get to "know" with Price TA is the START of something. (Which is quite a lot and valuable if you think about it). The "starts" on this chart were the arrows. After that, you have to "play it by ear".
Remeber... all you get to "know" with Price TA is the START of something. (Which is quite a lot and valuable if you think about it). The "starts" on this chart were the arrows. After that, you have to "play it by ear".
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I'm long the ES 5110. Price low came within just about 10 points of the aforementioned noted 5070 which is the mid point between the previous ATH and the current ATH.
The levels are just points of potential interest. When actual interest shows up, even temporarily, that is my signal. Yes, I would have bought earlier and lower had I been awake and watching.
No stop in the market. Below today's open and 5100 would get my attention. Below 5094 I'll be looking either to add to my long or cut it completely. It really does depend on how the market gets if it gets to those levels and then how it acts at those levels.
Current high of day is 5120.25. If price gets there and gets sold that too would get my attention.
Once RTH opens, I will also be marking off the high and low of the first 30 minutes IF the market continues to range. A break after 10AM of the low of the first 30 minutes usually has me cut the position in half, whether that means I'm taking a profit or a loss on that half is of no consideration. A break of the low isn't just a few tick or two stop hunt. Does a i minute candle close below that low? A five minute candle? Even if such a candle hasn't closed, but price has broken, attempted to rally, and then made yet a new low, that could be the signal.
TA isn't just levels for me. TA is how does price act when it gets to those levels I've marked off as meaningful for me.
If price gets up and through 5153, which is the mid of yesterday's range, I'd be looking for a strong close today and follow through buying tomorrow.
Below 5070 then my mind opens to the possibility that the market is possibly going to rendezvous with the old ATH near 4800.
The levels are just points of potential interest. When actual interest shows up, even temporarily, that is my signal. Yes, I would have bought earlier and lower had I been awake and watching.
No stop in the market. Below today's open and 5100 would get my attention. Below 5094 I'll be looking either to add to my long or cut it completely. It really does depend on how the market gets if it gets to those levels and then how it acts at those levels.
Current high of day is 5120.25. If price gets there and gets sold that too would get my attention.
Once RTH opens, I will also be marking off the high and low of the first 30 minutes IF the market continues to range. A break after 10AM of the low of the first 30 minutes usually has me cut the position in half, whether that means I'm taking a profit or a loss on that half is of no consideration. A break of the low isn't just a few tick or two stop hunt. Does a i minute candle close below that low? A five minute candle? Even if such a candle hasn't closed, but price has broken, attempted to rally, and then made yet a new low, that could be the signal.
TA isn't just levels for me. TA is how does price act when it gets to those levels I've marked off as meaningful for me.
If price gets up and through 5153, which is the mid of yesterday's range, I'd be looking for a strong close today and follow through buying tomorrow.
Below 5070 then my mind opens to the possibility that the market is possibly going to rendezvous with the old ATH near 4800.
Bring me up to speed. I thought you opened your position on Sunday night. And IIRC you stated you would double down if ES moved lower. Well, it moved lower alright. It cratered on Monday. Did you get out and reentered? Because you can't possibly have a new average at 5100.
How did this play out? Did you hold through with a 150 point counter move or what?
Earlier, you said that "Below last week's low is very weak.", yet it seems like instead of shorting, you kept trying to buy a dip.
ES weekly close above5037.50 would set up a long for next week.
When I'm initiating new swings longs or shorts, I'm using the range of the first 30 minutes and yesterday's low as stopping out points.
Once I'm a few days in the profit then I only look at yesterday's low and today's close.
90% of the time it works 100% of the time, or something like that.
When I'm initiating new swings longs or shorts, I'm using the range of the first 30 minutes and yesterday's low as stopping out points.
Once I'm a few days in the profit then I only look at yesterday's low and today's close.
90% of the time it works 100% of the time, or something like that.