S/R Emini Journal

[romik]

Quote from JimmyJam:

Long at 1269.50 (not a recommendation).

Yeah 4re, I know I said in an earlier post that I don't initiate positions on divergence trades, but this is just too obvious and juicy to resist.

... and besides despite tremendous selling pressure the market won't fall, I believe my previous analysis is correct and the market works back up to 1281 (eventually), etc., etc.,.

Romik, where are ya when we need ya??#!?

Later,

JJ

Hello JJ,

IMO there is no BLD on your chart (5min) as the price and oscillator are both moving upwards, have another look at it. I must mention here, that I have moved on to longer TF based divergence plays, as I found S/R intraday trades generate better ROI compared to divergences and as I am a one man shop, I haven't got the mental capacity to maintain 2 positions based on short TFs I need a sexy assistant to press some buttons here

EDIT: I have my CCI switched to 20, I found 14 gives premature signals, especially on short TFs like 5 min. I hope the trade works out anyway, all the best man

 

[boro45]

Quote from romik:

Hello JJ,

IMO there is no BLD on your chart (5min) as the price and oscillator are both moving upwards, have another look at it. I must mention here, that I have moved on to longer TF based divergence plays, as I found S/R intraday trades generate better ROI compared to divergences and as I am a one man shop, I haven't got the mental capacity to maintain 2 positions based on short TFs I need a sexy assistant to press some buttons here

Please define BLD. Something 'line divergence?'

That long sure has come in though.

 

[romik]

Quote from boro45:

Please define BLD. Something 'line divergence?'

That long sure has come in though.

BLD=bullish divergence BRD=bearish divergence

 

[JimmyJam]

Quote from romik:

BLD=bullish divergence BRD=bearish divergence

I see.

I'm playing by the rules that 4re and I learned at TI.

The chart has a confirmed Bullish Divergence as follows:

1st bottom 1267.75 (close)

2nd bottom 1268.25 (low)

According to those wacky TI rules, all you need is price action to come within 0.50 pts of the first low and have an indicator that measures divergence to confirm it (stochastics, macd, cci, all are good) to take the trade.

It's all good.

BTW, that's a great move, going to the longer time frame on trades (as per your new thread ). Just implement some good MM rules to take advantage when you catch an early trend and you'll make a lot of dough.

Later,

JJ

P.S. Good luck with that assistant !

 

[romik]

JJ, do us all a favour man...

post a 60 min chart with MACD HIST+RSI+CCI(20). On that chart you would see a BLD that I consider to be tradable ie oscillator making higher lows and price making lower lows.

Cheers

EDIT: As per 60 min chart I would set my PT @ 1277.50

 

[jessop]

Quote from JimmyJam:

Long at 1269.50 (not a recommendation).

Yeah 4re, I know I said in an earlier post that I don't initiate positions on divergence trades, but this is just too obvious and juicy to resist.

... and besides despite tremendous selling pressure the market won't fall, I believe my previous analysis is correct and the market works back up to 1281 (eventually), etc., etc.,.

Romik, where are ya when we need ya??#!?

Later,

JJ

It was very juicy indeed JJ....it helped that there was daily, weekly & monthly pivot support around 1267.50 - I can't believe I only managed to hold for 3 pts (daily S1 target) from 1269.25.

BTW - Nice thread 4RE

Cheers

J

 

[4re]

Quote from romik:

JJ, do us all a favour man...

post a 60 min chart with MACD HIST+RSI+CCI(20). On that chart you would see a BLD that I consider to be tradable ie oscillator making higher lows and price making lower lows.

Cheers

EDIT: As per 60 min chart I would set my PT @ 1277.50

I know I am not JJ but is this what you wanted to see?

 

[JimmyJam]

Quote from romik:

post a 60 min chart with MACD HIST+RSI+CCI(20). On that chart you would see a BLD that I consider to be tradable ie oscillator making higher lows and price making lower lows.

Cheers

EDIT: As per 60 min chart I would set my PT @ 1277.50

Oh, OK.

That's a sweet setup, and here's how it works.

CCI going below 200 shows exhaustion
RSI @ or > 30 for BLD, RSI @ or < 70 for BRD
MACD Histogram show Divergence

Right?

P.S. ... it takes days for this thing to setup, you're tell'in me I can't get this setup on a shorter time-frame?#!?

Best,

JJ

 

[JimmyJam]

uh, chart

 

[romik]

Quote from 4re:

I know I am not JJ but is this what you wanted to see?

thanks Gary, that is not a perfect set-up, though I would still consider it pretty good. CCI basically confirms O/S area below -200 and shooting upwards through -200 and -100, RSI makes double bottom and a sharp W (though not quite as sharp on your chart, due to amount of ticks and settings of the algorythm used by Esignal), HIST is making higher lows.

Very good trade JJ