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S/R Emini Journal
- Thread starter 4re
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This is for GNX5150 and anybody else who might have not seen it. I have not posted this in a while and since we have some new traders in here I thought it would be a good time to re post it. I plagerized this from the Disciplined Trader by Mark Douglas. If you guys think I am advertising for him well I guess I am guilty. But I am not doing it for money I am doing it because I credit this book for helping me be better everytime I read it.
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OK... I was not able to post yesterday but here is how things worked out for today.
The 15min chart shows the sell zone (thick red line) along with the entry and exit points.
The 1 min chart shows the brief consolidation in the sell zone before the push lower.
The entry was not bad today however I pulled the trigger a little soon on the exit. I could have reached the target price or very close with a little more patience but I was not willing to let the trade turn into a loser.
Todays entry was much better than Fridays in that I did not enter on a spike down. Volume picked in the sell zone as should be expected and the trade ended up working fairly well.
The 15min chart shows the sell zone (thick red line) along with the entry and exit points.
The 1 min chart shows the brief consolidation in the sell zone before the push lower.
The entry was not bad today however I pulled the trigger a little soon on the exit. I could have reached the target price or very close with a little more patience but I was not willing to let the trade turn into a loser.
Todays entry was much better than Fridays in that I did not enter on a spike down. Volume picked in the sell zone as should be expected and the trade ended up working fairly well.
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Quote from YMZ:
OK... I was not able to post yesterday but here is how things worked out for today.
The 15min chart shows the sell zone (thick red line) along with the entry and exit points.
The 1 min chart shows the brief consolidation in the sell zone before the push lower.
The entry was not bad today however I pulled the trigger a little soon on the exit. I could have reached the target price or very close with a little more patience but I was not willing to let the trade turn into a loser.
Todays entry was much better than Fridays in that I did not enter on a spike down. Volume picked in the sell zone as should be expected and the trade ended up working fairly well.
YMZ,
How are you figuring your S/R levels? Just curious? If you could please post a chart in the evening and I'll do one on the YM so we can compare.
Quote from 4re:
YMZ,
How are you figuring your S/R levels? Just curious? If you could please post a chart in the evening and I'll do one on the YM so we can compare.
4re,
I have been working on looking at the areas where support or resistance might come in and then comparing them to the charts you have posted for ES. I would say I am relying on the levels you post for ES more than anything else...the correlation is so high that the patterns are basically the same. Once I practice for a while longer I will try and post before you post your levels to see where I might be right or wrong.
There is also a "Volume at Price" indicator on Qcharts that frequently seems to confirm where important levels might come in.
Yesterday's bounce, well, well, well. I got burnt on that one. There are a couple of reasons why I did and I would like to mention them. Have a look at the blue line on the chart posted previously here:
http://www.elitetrader.com/vb/showthread.php?s=&threadid=69230&perpage=40&pagenumber=88
And now have a look at this chart, same blue line. Basically, I am saying that I should have been very cautious shorting with a PT near that level (1295), which coincided with the FOMC, which has provided enough optimism in its statement to kick start buying, we should not forget what business we are - it is of highly speculative nature (in principle). I have also forgotten about that meeting all together when going short. The last trade resulted in a loss due to me overlooking the above 2 points, though TA based the trade was good.
EDIT: Wrong chart, changed
http://www.elitetrader.com/vb/showthread.php?s=&threadid=69230&perpage=40&pagenumber=88
And now have a look at this chart, same blue line. Basically, I am saying that I should have been very cautious shorting with a PT near that level (1295), which coincided with the FOMC, which has provided enough optimism in its statement to kick start buying, we should not forget what business we are - it is of highly speculative nature (in principle). I have also forgotten about that meeting all together when going short. The last trade resulted in a loss due to me overlooking the above 2 points, though TA based the trade was good.
EDIT: Wrong chart, changed
Attachments
Quote from romik:
Yesterday's bounce, well, well, well. I got burnt on that one. There are a couple of reasons why I did and I would like to mention them. Have a look at the blue line on the chart posted previously here:
http://www.elitetrader.com/vb/showthread.php?s=&threadid=69230&perpage=40&pagenumber=88
And now have a look at this chart, same blue line. Basically, I am saying that I should have been very cautious shorting with a PT near that level (1295), which coincided with the FOMC, which has provided enough optimism in its statement to kick start buying, we should not forget what business we are - it is of highly speculative nature (in principle). I have also forgotten about that meeting all together when going short. The last trade resulted in a loss due to me overlooking the above 2 points, though TA based the trade was good.
EDIT: Wrong chart, changed
Just as a historical note, the reactions to FOMC minutes during 2005-6 have usually had a strong upward or long bias. I would be very careful about shorting around this report.
Always take great note of the market moving reports coming out, especially when there is a big reaction to that report.
If you need an economic calendar let me know and I will post a link.
Cheers.
Quote from LondonUSTrader:
Just as a historical note, the reactions to FOMC minutes during 2005-6 have usually had a strong upward or long bias. I would be very careful about shorting around this report.
Always take great note of the market moving reports coming out, especially when there is a big reaction to that report.
If you need an economic calendar let me know and I will post a link.
Cheers.
Thanks, I have it. You are right, if I haven't forgotten at the time of deciding to open a trade, I doubt I would have gone for it due to possible high volatility.
Quote from YMZ:
4re,
I have been working on looking at the areas where support or resistance might come in and then comparing them to the charts you have posted for ES. I would say I am relying on the levels you post for ES more than anything else...the correlation is so high that the patterns are basically the same. Once I practice for a while longer I will try and post before you post your levels to see where I might be right or wrong.
There is also a "Volume at Price" indicator on Qcharts that frequently seems to confirm where important levels might come in.
Cool, if you have any that you see on your chart that aren't in line with the ES just post your chart and we can make adjustments to it. I have found that it is a lot easier for me to see these levels on my profit charts than on any other chart. It is hard to explain but I just can't seem to find these levels as easy on E-signal for some reason.
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