Techniques for Day Trading the ES, NQ, YM, MES, MNQ, and MYM
- Thread starter volpri
- Start date
Where are your entries and exits? Did you short or go long?
My logic was. The price has risen a lot since day 10, so soon there must be a reversion. When the price was below the wma of 20 it immediately operated short. Maybe the problem has been my impatience, should I have expected more confirmation? Don't watch the news either, another bug ...
Publication 124, the hourly price starts falling to finally end up, how can one know how an hour-long candle will end? Publication 126, exactly the same, begins falling to finally continue to rise.
Here is an analysis of the one hour chart. Study the three charts I marked up and the comments. IF were placing trades off the 60 minute chart I would NOT EVEN short that big last bear bar until I saw a test of the previous and that test fail then one or more FT bars and then a pb from the FT that has a gap holding below the BO point. Then I would think about going short because the trend is still strong in spite of that big red bear bar at the end. Now if I am placing trades off the 5 minute chart some would end up on that big red bar at the end on the 60 min chart.
If trading off a one hour chart i don’t see a single short trade setup I would take. Gaps equal urgency. Look at those gaps...Regardless, of what any useless overbought/oversold indicator says. The channel up is way too tight..hardly any PB’s and those that are end up being failures as the bulls continue to overwhelm the bears. I would trade the direction I see the pressures pushing price and if anything I would be averaging down long on multiple contracts on PB’s.
The very same principles apply if this were a 5 min chart.
I am not sure what happened after your last big red bar. So..what happended?
If trading off a one hour chart i don’t see a single short trade setup I would take. Gaps equal urgency. Look at those gaps...Regardless, of what any useless overbought/oversold indicator says. The channel up is way too tight..hardly any PB’s and those that are end up being failures as the bulls continue to overwhelm the bears. I would trade the direction I see the pressures pushing price and if anything I would be averaging down long on multiple contracts on PB’s.
The very same principles apply if this were a 5 min chart.
I am not sure what happened after your last big red bar. So..what happended?
In the face of such strong bullish PA I would not be shorting on down bars or PB’s but I would be going long or adding long on the PB’s. Were you watching overbought/oversold indicators?
There will be a reversal and reversion at some point but price action will indicate it. The only indication of a possible reversion in the form of a reversal is that last bar on your hourly chart but even that is not enough to start shorting on the hourly chart. I would want more info given by more bars before I would even consider shorting even on that last bar area. If I were trading off your 60 min chart.
I don't know, it was the end of the session