S/R Emini Journal

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4re and princessa,

If you rely pretty heavily on time and sales (besides chart), IB data may not be enough as they 'bundle their ticks' together ie its not really tick by tick data. Thus, you will still need a data provider.

I'm also sick of paying esignal:( but my current broker does not provide time and sale. I'm wondering if MB Trading's time and sale and level II is ok. Will have to check it out one of these days.

4re,
I think what princessa means is that you will have to sign up with one of the chart providers such as Ensign, Sierra Chart, Investor R/T or Qcharts (usually they start from $30+ onwards). IB do have charts but heard they are not good.

Best of luck
 
Quote from belavia:

Gary or Romik, I know it was a tough day, but if you have some free time today or tomorrow can you please tell me what you think of the chart.
I had a pennant at the beginning and what I would call two channels. In all three cases the breaking of the line would have been a profitable trade for me. Of course, I dont trade with real money yet, but what do you think.:)
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Belavia,
Thanks for the IB info. Here is a critique of your chart. And let me say Bravo for doing it and looking for these. This is the way you learn to spot and trade these patterns. That being said here are the problems with it. When you have a flag I really like a bigger movement than than this with a very short flag (maybe 3-5 candles). The flag pole will tell you about how much price should move after the breakout. The breakout doesn't happen until it breaks from the peak of the flag pole not just when it breaks from the lines that are drawn. So technically they all failed. But if traded properly you would not have been in the trade so no money lost. Here is your chart that I drew on for you. Good job and keep it up.

Gary
 

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So trading pretty much sucked for most here today including myself. I took one trade for -1 point. Didn't have enough time to lose 2 points this morning. I am going to be very carefull the reast of this dreadful week. Here are my numbers for tomorrow.

Long 1309.25 - 1312.25

Short 1301.25 - 1297.00

Good trading to all tomorrow,

Gary
 

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Quote from 4re:

Belavia,
Thanks for the IB info. Here is a critique of your chart. And let me say Bravo for doing it and looking for these. This is the way you learn to spot and trade these patterns. That being said here are the problems with it. When you have a flag I really like a bigger movement than than this with a very short flag (maybe 3-5 candles). The flag pole will tell you about how much price should move after the breakout. The breakout doesn't happen until it breaks from the peak of the flag pole not just when it breaks from the lines that are drawn. So technically they all failed. But if traded properly you would not have been in the trade so no money lost. Here is your chart that I drew on for you. Good job and keep it up.

Gary
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Thanks a lot for the help! When you mean that the triangle breakout needs to break the lowest point of formation, do you mean at 1304.50?
 
Quote from 4re:

If you don't mind me asking. How much does IB charge for their chart service. I am tired of paying 139.00 for e-signal
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Hi Gary,

You might want to check out my broker as well. I will PM you the info if you want (so I don't upset the moderators by promoting a non sponsor). This week they introduced free real time charts. These charts are good enough for me that I am thinking of dispensing with my paid chart service. Although, they don't have fib tools on the charts which may be a drawback for some.

They also have the best customer service I have ever come across in a futures broker and a really nice order entry platform (unlike IB IMHO).

Anyway, couldn't be happier with them and I will never leave as long as they keep doing what they are doing.

Cheers.
 
Quote from belavia:

Thanks a lot for the help! When you mean that the triangle breakout needs to break the lowest point of formation, do you mean at 1304.50?
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Actually I made a mistake on that pattern. When trading a triangle price should break towards the horizontal so it should have gone up past the flat line. Sorry about that. Do you have a copy of the flag documant I posted about a month ago. If not here it is.
 

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Quote from LondonUSTrader:

Hi Gary,

You might want to check out my broker as well. I will PM you the info if you want (so I don't upset the moderators by promoting a non sponsor). This week they introduced free real time charts. These charts are good enough for me that I am thinking of dispensing with my paid chart service. Although, they don't have fib tools on the charts which may be a drawback for some.

They also have the best customer service I have ever come across in a futures broker and a really nice order entry platform (unlike IB IMHO).

Anyway, couldn't be happier with them and I will never leave as long as they keep doing what they are doing.

Cheers.
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Yes could you PM me on this I would appreciate it. Also I would like to thank you for the kind words about our journal to Maria.

Thank You,
Gary
 
Gary,

While we're talking about flag/pennant patterns I thought I'd share one from a couple days ago that I thought was just perfect. There's a big gap down at the open of the day which creates the "virtual" pole and then the pennant forms in the channel that I outlined. A short would be entered on the breakdown of that channel. There was also a nice dropoff in volume during the pennant formation. Would this be a good pennant trade in your eyes? Thanks!

Jeff
 

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Quote from 4re:

Yes could you PM me on this I would appreciate it. Also I would like to thank you for the kind words about our journal to Maria.

Thank You,
Gary
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No problem. I just call it as I see it.

ET is a fantastic research resource, yet people often don't see it.

They focus on the negative. Whereas for me when I see a poster who seems to be a good trader I just search and read all their posts. I have learnt a lot over the years by doing that.

As for her criticisms of Grob. I don't think I have ever understood a single post of his. Not smart enough I guess. LOL.

It is no coincidence I always try to read your thread and the ES journal as well. Quality stuff.
 
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