Kinda fuzzy math being used.
The Price Action Journal 2
- Thread starter schizo
- Start date
From what I understand for now on, Monday of the week of expiration the CME will roll to next contract (Dec in this case), so change after close today or before Sun evening.
Yes. There was a memo released in the beginning of the year about that. I have not looked for it, but I recall that specific messaging. I might have it in an inbox somewhere, but I just don't care tonight, hehe.
It should roll over before the market opens for pre-market on Sunday night as shown below.
ok good to know . i was wondering if it was pre or regular open roll over
It's the same as US futures. DAX futures expire on 3rd Friday and it rolls over 8 days prior to settlement.
I am a heavy user of TA, where chart indicators such as those that measure volatility, trend direction and momentum are used to set entry and exit prices.
I like reading about Price Action approaches, but am not sure who would be considered the most famous/respected PA traders, writers or instructors today. I’ve read some of Bob Volman’s and Al Brooks’ stuff, but everything else has been pretty general, e.g., from Murphy’s or Pring's or Schwager’s books plus other sources and books on general chart analysis methods.
Are there any writers that Price Action enthusiasts here would recommend, e.g., would Thomas Bulkowski or Dan Zanger fit comfortably into this group?
… and if Al Brooks is putting two moving averages on his charts nowadays (see earlier post in this thread), can he be kicked out of the group, or at least moved into the corner with the other Animal House fraternity pledge rejects sitting beside Pinto and Flounder?*
* I highly recommend the movie Animal House to both PA and TA traders… watch the film with the volume on a high setting; the wife may not get it but that’s okay, she can go watch Bridesmaids or Mean Girls or other foreign language films like those…
Brooks and Volman are okay. Murphy, Pring and Schwager are not okay.
Even with Brooks and Volman, they try too hard to make PA sound more complicated than it actually is, as if it were some voodoo magic that only the initiates can understand.
PA is and should be very simple IMO. It boils down to pattern recognition. All you need are lines: horizontal and diagonal. Other than that, you need only look at a few sample of patterns like 3 bar reversal (higher high/lower low), hammer or inverted hammer, etc.
Lastly, somewhat off topic, but you really need to understand these two important trading concepts. Without it, even PA is useless.
- You don't need to beat the market. You just need to stay ahead of the guy who is dumber than you. This might sound trite on the surface, but take your time and let that sink in for a moment.
- Market doesn't care whether you make money or not on a daily basis. But it will make damn sure that you go broke in the end. How will they do this? They do this by setting up TRAPS. Learn to recognize these traps.
That pretty much sums up today's real-time analysis. Wasn't that beautiful? Went exactly as planned.Moreover, there's nothing fancy or complicated. Just simple price action is all you need.
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You would actually never want to short this action since overall trend is up and within a channel find spots to be long not just wait for pullbacks. Have a plan to add on a pullback instead of using it to get into a trade. Have an exit strategy for example a break out of the channel to the downside could be a stop.