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The ACD Method
- Thread starter sbrowne126
- Start date
TIP new all time high today. Breaking out.
Quote from dv4632:
During all the up move this month a very common theme was market attempts to move lower in the morning and is rejected, and reverses and goes higher rest of the day. I mean tries to take out lows of prior days and fails.
I kept thinking to myself I need to see this pattern reverse before I start to think a pullback is happening.
Both Thursday and today, the market attempts to go higher first thing and reverses sharply lower.
Is the market sending a message here? I really don't know and wonder what others think of this.
EDIT - also add ES made A downs both of these two days and it hadn't made an A down in over a month. Only A's in January were a few A ups.
I am tot sure about message market is sending. Based off 30 days number line of 10 for Emini, I just trade OR. Longs of A down level and short into failed A ups. I will be looking for shorts on bounces once ES closes below 1294.75.
Pre open chart for ES.
Attachments
Quote from mfbreakout:
I am tot sure about message market is sending. Based off 30 days number line of 10 for Emini, I just trade OR. Longs of A down level and short into failed A ups. I will be looking for shorts on bounces once ES closes below 1294.75.
Pre open chart for ES.
and here is the trade. Once maverick74 mentioned ES gives more failed A down and A up set ups than any other, i been all over it. Month of January has given about 84 handles off failed A down and A up set ups.
I do not why it keeps on doing it and I had not had time to go back and look at last year data to see how VALID it is.
Successful set ups give confidence so i just keep on taking them . Like maverick74 said, risk 3 points to make 8 or more.
also, I could not believe when maverick74 said forget about market internals look at how man y ETF are making A down or A up. Every time , I took failed A down market internals looked pretty SICK and by the time market internals turned positive , ES was up 4 points.
So, i just take the trade and do not do anything till OR high or low is hit.
Thanks maverick74.
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Quote from Shanb:
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SPY is chopping around the A-up, i wouldn't want to be fading with that type of action.
Yeah, agreed. If I had to "guess" (and I'm not, and this means NOTHING) I'd say it has a better chance of confirming than failing. Remember, we've confirmed the weekly, so you shouldn't be trying to get short. Not that you should be long either, but don't be short.
Quote from Quon:
Yeah, agreed. If I had to "guess" (and I'm not, and this means NOTHING) I'd say it has a better chance of confirming than failing. Remember, we've confirmed the weekly, so you shouldn't be trying to get short. Not that you should be long either, but don't be short.
You watching GS here Quon...this thing has been strong as hell today!