2:00 reversal, break out of consolidation?
S/R Emini Journal
- Thread starter 4re
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A perfectly reasonable request as far as I'm concerned. I'll run it by them. You looking for any help, just in case.Quote from 4re:
Man that sux. Go quit your job right now unless the boss will put in a trading desk right next to you.
You know I am joking.
Hello Twink!
Good calls on those flags! Thanks for the charts!
Actually I'm a Western European just having a temporary base here
Long story how I got here! You better PM me! .My apartment is right next to the big river Dniepr flowing through the city.
. Here a link to Wikipedia: http://en.wikipedia.org/wiki/DnieprUS markets open at 4:30 pm which I find very convenient, but I had errands to run today, so I missed all the action. ES close would be at 11:15 pm, again a very good time to quit and rest. When there's lunch time in NYC, I usually have my dinner, so that's convenient too!
Look forward to seeing your county next spring when I am going to Kiev.
Quote from KyivTrader:
Hello Twink!
Good calls on those flags! Thanks for the charts!
Actually I'm a Western European just having a temporary base here
My apartment is right next to the big river Dniepr flowing through the city.
US markets open at 4:30 pm which I find very convenient, but I had errands to run today, so I missed all the action. ES close would be at 11:15 pm, again a very good time to quit and rest. When there's lunch time in NYC, I usually have my dinner, so that's convenient too!
Quote from KyivTrader:
Hello Twink!
Good calls on those flags! Thanks for the charts!
Actually I'm a Western European just having a temporary base here
My apartment is right next to the big river Dniepr flowing through the city.
US markets open at 4:30 pm which I find very convenient, but I had errands to run today, so I missed all the action. ES close would be at 11:15 pm, again a very good time to quit and rest. When there's lunch time in NYC, I usually have my dinner, so that's convenient too!
That sounds like the perfect time frame for me because I tend to be a night person generally. I was looking to make a move to SE Asia for the better hours and low cost of living. Eastern Europe would be incredible but I'm guessing the cost of living would make that plan more challenging.
This is the S/R thread so I will throw out a S/R question.
Let's say you are trading and you think the market will support prices at the 1337.75 level. And therefore you have a breakout entry planned for 2 ticks below at 1337.25 (this was todays trades for me )
As the day started out today, the market showed us it wasn't going to respect the support at 1337.75, however 1336 was soundly rejected. If the price had meandered in the range and then shot lower in the pm, would you want to stick with the 1337.25 entry or listen to the market and move the breakout entry to 1335.50. This is what I am leaning toward but I would be interested in you guys opinions.
twink
Let's say you are trading and you think the market will support prices at the 1337.75 level. And therefore you have a breakout entry planned for 2 ticks below at 1337.25 (this was todays trades for me
)As the day started out today, the market showed us it wasn't going to respect the support at 1337.75, however 1336 was soundly rejected. If the price had meandered in the range and then shot lower in the pm, would you want to stick with the 1337.25 entry or listen to the market and move the breakout entry to 1335.50. This is what I am leaning toward but I would be interested in you guys opinions.
twink
Here's the chart
I charted resistance at 1336.50 and 1335.
I would have shorted from 1334.50 if it broke through the 1335 resistance.
I would have shorted from 1334.50 if it broke through the 1335 resistance.
Quote from TraderTwink:
This is the S/R thread so I will throw out a S/R question.
Let's say you are trading and you think the market will support prices at the 1337.75 level. And therefore you have a breakout entry planned for 2 ticks below at 1337.25 (this was todays trades for me
As the day started out today, the market showed us it wasn't going to respect the support at 1337.75, however 1336 was soundly rejected. If the price had meandered in the range and then shot lower in the pm, would you want to stick with the 1337.25 entry or listen to the market and move the breakout entry to 1335.50. This is what I am leaning toward but I would be interested in you guys opinions.
twink
Twink,
I can pm some info on the cost of living and the situation here, if you like. I must admit, if you have no problem staying awake at night for US market sessions South-East Asia might be a better option.
I'm currently watching this new pattern, but I'm not sure if I got it right.
Bulkowski calls it in his book: "Broadening formations, right-angled and descending".
He says the appearance is a horizontal top with lower lows following a down-sloping trendline. I think that is what I see. At least the horizontal top line seems to be clear.
Of course, he only watched the daily charts of stocks, but still the failure rate of 3 % if waited for downside breakouts out of the trendline is pretty low. It might also be low intraday. The failure rate for upside breakouts would be 19 %, which I find interesting.
The lower end of this formation would be currently around 1343.50. I will watch this level.
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