S/R Emini Journal
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Oh yeah. Everybody will spend the weekend speculating what the market will do next week. We will hear so many goofy off the wall stories and theories about where the market is heading. I am just going to stay neutral and see where it goes.
I gotta take off again. I just stopped by the house to grab some lunch. See ya'll after while.
We have now spent two days digesting the earlier upmove.
This is a great set-up for Gary's break-out trade, as it will also combine with his "flag buy" per his video..
If we get above 1351, we shouldn't have much of a problem moving up to the upper 1350's.
The tough part may be all of the economic numbers between 8:30a est and 10a est on Friday. If we don't break-out today, we could blow through our buy trigger before the market opens tomorrow (before 9:30a est).
As always, nobody knows....I'll just take my signals as they come.
Keep in mind, Friday is the last day of the quarter and there are literally hundreds of millions of dollars in fees riding on a positive close.
I can't see the charts right now because I am not home but I love it when price comes up and stops right before my entry and then goes into a flag pattern. I am always positive on those trades that I will make my money. It is a combination breakout of S/R and a flag. When this happens I have been known to let it ride a little more and capture extra steak money. Good catch Don.
Back as promised. I know all of you have been waiting with baited breath for my perals of wisdom.
I don't want to labor to much over my bonehead trade this morning. Safe to say it was a total breakdown of discipline. I followed none of my system indicators. Just felt the need to make a trade. Has more to do with trying to get the most out of the very few hours I have available to trade. That head problem is better placed in another thread.
As to the question of how am I coming up with the S/R points I posted last night. After giving it some thought and comparing to Garys chart I see the big difference is he uses the enitre candle, needles and all to find his areas of S/R and I use the body only. This is where the difference comes in.
Let me stop right here and state for the record I am in no way challengeing Gary or anyone else. I am almost embarassed to even be posting anything but questions. But I am trying to learn and I do believe one learns best by presenting what they themselves have found and then put it up for critique. I am the student, Gary is the teacher.
Attached is the chart I posted yesterday with todays action included. You can easily see where I use the body of the candle as opposed to what Gary uses. I would argue that the body of the candle carrys more weight that the entire candle. That's my reasoning and for now I'm sticking with it. Subject to change upon hearing arguements for something different. Next post will cover the system I use other that the S/R.
I don't want to labor to much over my bonehead trade this morning. Safe to say it was a total breakdown of discipline. I followed none of my system indicators. Just felt the need to make a trade. Has more to do with trying to get the most out of the very few hours I have available to trade. That head problem is better placed in another thread.
As to the question of how am I coming up with the S/R points I posted last night. After giving it some thought and comparing to Garys chart I see the big difference is he uses the enitre candle, needles and all to find his areas of S/R and I use the body only. This is where the difference comes in.
Let me stop right here and state for the record I am in no way challengeing Gary or anyone else. I am almost embarassed to even be posting anything but questions. But I am trying to learn and I do believe one learns best by presenting what they themselves have found and then put it up for critique. I am the student, Gary is the teacher.
Attached is the chart I posted yesterday with todays action included. You can easily see where I use the body of the candle as opposed to what Gary uses. I would argue that the body of the candle carrys more weight that the entire candle. That's my reasoning and for now I'm sticking with it. Subject to change upon hearing arguements for something different. Next post will cover the system I use other that the S/R.
CaptainObvious,
Can you tell me a little bit about the charting program you use ...
I'm in the market for a charting program; yours looks nice.
I'm looking at the genesisft website; but not sure about it ... ie I like the way your chart looks ie doesnt look the same on the website.
little info please
Can you tell me a little bit about the charting program you use ...
I'm in the market for a charting program; yours looks nice.
I'm looking at the genesisft website; but not sure about it ... ie I like the way your chart looks ie doesnt look the same on the website.
little info please
This chart shows the sytem I use primarily. It is somehting I purchased and I'm not here to do a commercial for them. I have made over 200 paper trades using a trade playback I have with Genesis Software charting I have and have traded it live for about 2 months now. It has been right about 55% in real time with real cash with a 3/2 point per contract win/loss ratio. Why I'm trying to tweak it has more to do with the number of trades it presents per month than the profitability. It's profitable, but only shows about 20 trades per month. I can only trade about 6-8 hours per week so I miss many of those setups. I don't want to clutter up this thread with these issues, but I need to find a way to trade more often, or find a system that presents more trades. That's why I'm tweaking.
The S/R levels are caculated by the software and appear to be rather close to what Gary comes up with, more so than my brillant spots. Easy enough to figure out who the smart guy is, eh? It ain't me. :eek:
Without going into too much deatil about how to read the system I will make some notes on the chart. Like I said, I'm not here to promote this software. It's just what I use. Or maybe I should say what I use when I don't have my head in the clouds.
The S/R levels are caculated by the software and appear to be rather close to what Gary comes up with, more so than my brillant spots. Easy enough to figure out who the smart guy is, eh? It ain't me. :eek:
Without going into too much deatil about how to read the system I will make some notes on the chart. Like I said, I'm not here to promote this software. It's just what I use. Or maybe I should say what I use when I don't have my head in the clouds.
PM me and I'll give you the info. I don't want to be accused of spamming.
CO,
I appreciate the nice words but in no way am I some trading guru or anything. The one thing I have always said in here is for everybody to trade their own way. I just try to help when necessary, this is not a dictatorship by any means. And also if someone asks what company you use for brokerage or charting or good books to read I believe it is ok to answer without it being considered spam. I have always said that I use e-signal charts and Global Futures and I love Mark Douglas' books. If that is spam and someone doesn't like it then this isn't the place for that person. This is just my opinion. I feel like I gave up my right to have an opinion for 12 years while I was in the Army and Navy. I deserve to have one now. So do you.
That being said here is my reasoning for why the needles are the most important part of the candle. You need to think about the psychology behind the move. Lets say we are looking at a 15 minute chart. Price is moving up. The start of the candle is at 1300 during this candle price moves up to 1304.50 in about 2 minutes and reverses and slowly moves back down and at the end of 15 minutes closes at 1301.25. Then then the next candle starts at 1301.25 and keeps moving down. What happened is that first candle the only reason the body is even there is because it ran out of time. What is important for traders is where did the price get to before it reversed . It made it the 1304.50 that is the important price not 1301.25. So the next time price starts coming back up 1301.25 is not a significant price it just happens to be on area we go through but when we start getting close to 1304.25 that is where we start wondering if we will penetrate and keep going up. I hope I make sense with all this rambling. But this also goes for drawing trend lines as well the needles are the most important part of the candle. The longer the better and more significant IMHO...Ya'll have a good night and I'll post my numbers in the morning, been a long day for me.
Gary
I appreciate the nice words but in no way am I some trading guru or anything. The one thing I have always said in here is for everybody to trade their own way. I just try to help when necessary, this is not a dictatorship by any means. And also if someone asks what company you use for brokerage or charting or good books to read I believe it is ok to answer without it being considered spam. I have always said that I use e-signal charts and Global Futures and I love Mark Douglas' books. If that is spam and someone doesn't like it then this isn't the place for that person. This is just my opinion. I feel like I gave up my right to have an opinion for 12 years while I was in the Army and Navy. I deserve to have one now. So do you.
That being said here is my reasoning for why the needles are the most important part of the candle. You need to think about the psychology behind the move. Lets say we are looking at a 15 minute chart. Price is moving up. The start of the candle is at 1300 during this candle price moves up to 1304.50 in about 2 minutes and reverses and slowly moves back down and at the end of 15 minutes closes at 1301.25. Then then the next candle starts at 1301.25 and keeps moving down. What happened is that first candle the only reason the body is even there is because it ran out of time. What is important for traders is where did the price get to before it reversed . It made it the 1304.50 that is the important price not 1301.25. So the next time price starts coming back up 1301.25 is not a significant price it just happens to be on area we go through but when we start getting close to 1304.25 that is where we start wondering if we will penetrate and keep going up. I hope I make sense with all this rambling. But this also goes for drawing trend lines as well the needles are the most important part of the candle. The longer the better and more significant IMHO...Ya'll have a good night and I'll post my numbers in the morning, been a long day for me.
Gary
For tomorrow, again we have 1353.25 and 1357.25 as market profile levels plus here is the last 17 trade days.....
http://www.charthub.com/images/2006/09/28/MP_2.png
You can see the prominent levels;
1347.25
1343.50
1336.75
1332.00
1324.25
Good hunting tomorrow!
http://www.charthub.com/images/2006/09/28/MP_2.png
You can see the prominent levels;
1347.25
1343.50
1336.75
1332.00
1324.25
Good hunting tomorrow!
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