S/R Emini Journal

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Quote from JimmyJam:

Yeah, tell me about it. :p



Here, take a look for yourself. (hope this thing loads)

Great idea though, speaking of reading, maybe if we read the guys book we'd know how he uses his indicator!:D :D :D
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I'll do some looking at it. right now, gotta admit I don't know what it means.

4re
 
Did anybody get any use out of the chart patterns document I put on here yesterday or is this a waste of time. I will continue to post the charts on here as soon as I see one of these developing. That will be a great way for everyone to start drawing them for yourselves. I am just looking for some Feedback on what I am posting. If it is not productive or too basic, whatever let me know...Also let me know when you guys spot these on your own and then we will start learning the best/safest way to trade them. My favorites are tringles, pennants, and flags.

4re
 
Quote from romik:

I hardly ever read any books on trading any more, I used to, haven't read neither of the authors that you mention. Occasionally I would reference some info on sites and exchange between other traders. I am currently involved in 2 types of trading - breakouts and divergences. I would say breakouts is still my primary system, though divergence studies/research/trades are improving dramatically. My cousins started with futures aggressive trading, look at them now man, what don't they do now? I've passed a call over to them some time ago, they traded it with quite big account size, I got my drink out of them recently :D
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I did that recently, I had a guy PM me about a pennant formation I posted so I told him how to trade it. He sent me another PM and told me he made 8K in about 15 minutes on it. LOL. Why didn't I just trade it myself...

BTW, you probably don't have to keep reading about trading. I do though...
 
Got this in my e-mail just now, this is for you 4RE:

"The QQQQ Report for July 3rd - July 7th, 2006

The QQQQ was able to close above the influential $38.50 level that we've been talking about over the past few weeks, thanks mainly to the Federal Reserve's announcement regarding interest rates. Even though the markets have seen some nice upward momentum over the past week, it may not be the time to turn bullish quite yet. As you can see from the chart below, the 100 DMA is about to cross below the 200 DMA, which may be used as a signal by technical traders to suggest a long-term trend shift. It may be possible to see the upward momentum continue over the next few weeks, but the bulls have a lot of work ahead of them if they want to correct the long-term trend reversal that has been predicted by the upcoming moving average crossover.

For explosive and profitable trading ideas from Chart Advisor"
 

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Quote from romik:

Got this in my e-mail just now, this is for you 4RE:

"The QQQQ Report for July 3rd - July 7th, 2006

The QQQQ was able to close above the influential $38.50 level that we've been talking about over the past few weeks, thanks mainly to the Federal Reserve's announcement regarding interest rates. Even though the markets have seen some nice upward momentum over the past week, it may not be the time to turn bullish quite yet. As you can see from the chart below, the 100 DMA is about to cross below the 200 DMA, which may be used as a signal by technical traders to suggest a long-term trend shift. It may be possible to see the upward momentum continue over the next few weeks, but the bulls have a lot of work ahead of them if they want to correct the long-term trend reversal that has been predicted by the upcoming moving average crossover.

For explosive and profitable trading ideas from Chart Advisor"
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Romik,
Thanks man. I have actually had my eyes on that as well. But what had me a little worried is what if they decide to use the 200 ma as resistance and try to bounce it off of the 200 ma. I am hoping for it to just get down to the 38.50 level right now. Any lower would be a nice bonus though.

Thanks,
4re
 
4re -

Appreciate the reminder tutorial on chart patterns. Can never have enough reminder on these fundamentals that work consistently.

Regarding TRIN, I keep an eye on the direction of the 5 min line chart during the day to confirm the overall direction of the market (consistently rising TRIN is bearish, vice versa for the bulls).

Here's a little TRIN tidbit to take a look at. When it closes (at 4pm) at 2.0 or more, there's high probability (~75%) the market will be higher by 3.0 or more points (ES) sometime by 10AM the next morning. Need about a 3.0 stop on this overnight trade.

It doesn't happen very often, but it happened 3 times in the last 5 weeks.

Enjoy the rest of the long weekend. I get to have all sorts of pyrotechnics fun since we Montanans get to buy and shoot off any fireworks you can think of - legally!

Sandy
 
Quote from sandygray66:

4re -

Appreciate the reminder tutorial on chart patterns. Can never have enough reminder on these fundamentals that work consistently.



Sandy
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Thank you Sandy, I have been keeping this journal open in large part because of people like you. I like to get everyones feedback occaisionally though. And thanks for the info on the TRIN. Do you have any idea of how the use of TRIN would help with my type of trading?

4re
 
4re -

Hmmm.....never thought about TRIN in conjuction with breakout trades.

I suppose that if you're riding the breakout and TRIN is spiking at an extreme and reverses (like above 2.0 or below 0.5), then that would be a good point to get off.

A good example of a TRIN spike indicating the trend is over is the TRIN spike to 3.5+ at 11:50 on 6/8. After dropping 22 points fromt the morning's nigh, the ES reversed for 8+ points after that extreme TRIN reading.

Also, if the breakout is just about to trigger and TRIN isn't at an extreme, that would indicate that the move has some room to go (especially if TRIN has been trending up or down nicely). I would be wary of taking a breakout when the TRIN is already at an extreme level.

Sandy
 
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