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YM Traders
- Thread starter volente_00
- Start date
You must be sitting on the bid or the ask in line. As I stated a long time ago, I NEVER show my hand in this game. I always hit the bid or the ask when trading YM. I have always traded this way going back to my level II days in nasdaq. I firmly believe there is an edge by never showing your intentions because if you do others will follow and then you have a hard time getting filled.
Quote from JMowery1987:
First thing I thought when I fired up the chart.
I love these kinds of days. If I was here all day long trading 2 contracts, a profit around 2k just might have been very possible if executed right.
Although I probably would have taken profits earlier on at least one contract, so at least 1k without question for gains today.
Just makes me dislike school even more when I miss out on these opprotunities.
Please help me out here, I have been studing these charts and just cannot see the support so clearly. What is the support and how do you identify this ? Based on earlier days trading ?
nothingyet,
I like the way he identifies support and resistance on the intraday charts. I have also been doing this for years for the ES intraday charts.
This is what I do:
1. Look for areas of Consolidation that take at least 30 minutes to form (rectangles).
2. The tops and bottoms of the rectangles are pivot points, which also form support and resistance lines.
3. Notice how the market dances around these pivot points or support/resistance lines. These are points where the market will typically either bounce or breakthrough, depending on the overall strength or weakness of the market and overall trend.
Charles
I like the way he identifies support and resistance on the intraday charts. I have also been doing this for years for the ES intraday charts.
This is what I do:
1. Look for areas of Consolidation that take at least 30 minutes to form (rectangles).
2. The tops and bottoms of the rectangles are pivot points, which also form support and resistance lines.
3. Notice how the market dances around these pivot points or support/resistance lines. These are points where the market will typically either bounce or breakthrough, depending on the overall strength or weakness of the market and overall trend.
Charles
Attachments
Quote from CharlesTrader:
nothingyet,
I like the way he identifies support and resistance on the intraday charts. I have also been doing this for years for the ES intraday charts.
This is what I do:
1. Look for areas of Consolidation that take at least 30 minutes to form (rectangles).
2. The tops and bottoms of the rectangles are pivot points, which also form support and resistance lines.
3. Notice how the market dances around these pivot points or support/resistance lines. These are points where the market will typically either bounce or breakthrough, depending on the overall strength or weakness of the market and overall trend.
Charles
Charles--do you always wait for consolidation to confirm support or do you sometimes enter after a steep decline and maybe at the first reversal sign ( i.e: bull engulf. patt./ hammer, positive price action )?
In this case by placing tight stops if I you are wrong you will know it immediately and wait for cons. to give you another entry and if you are right you'll capture quite big moves.
Nice chart by the way.
The attached chart is what I typically look at during the day. I like using TICK indications for strength or weakness. I trade just a few times per day when I feel that I have a good trading opportunity.
I don't use candle formations much anymore. Nothing wrong with them, I just don't use them much.
If I feel that the market is weak, I will fade the high pivot. If I'm wrong, loss is small. If I'm right, profit is much larger than loss.
Also notice the peak price move just after 1000 ET. Market price made a new high, but the TICK made a lower high. A good price/TICK divergence, which I sometimes trade if I feel adventurous.
Charles
I don't use candle formations much anymore. Nothing wrong with them, I just don't use them much.
If I feel that the market is weak, I will fade the high pivot. If I'm wrong, loss is small. If I'm right, profit is much larger than loss.
Also notice the peak price move just after 1000 ET. Market price made a new high, but the TICK made a lower high. A good price/TICK divergence, which I sometimes trade if I feel adventurous.
Charles
Attachments
I'll add that I like to see the market show some sign that it will continue the trend after the pivot has been tested. I good place to place the trade is the high or low of the test bar body. If the market moves in your direction, it will be after the test bar is complete.
Charles
Charles
Charles--like your approach and I trade also off SR and pivots, fading them on weak days.
Our techniques are pretty similar but I'll have to admit it's pretty easy to see pivots and SR with insight and trading off SR can be easier said than done.
On the other hand I think this is the way to go with indices: forget stochastic, Boll. bands and RSI; a lot of indicators can cloud our mind and many of them are just useless IMO.
As I already mentioned in other previous posts I sometimes trade only price, occasionally dumping charts altogether, although these trades are more experimental than anything.
looking forward to see other charts and hear what you have to say.
Our techniques are pretty similar but I'll have to admit it's pretty easy to see pivots and SR with insight and trading off SR can be easier said than done.
On the other hand I think this is the way to go with indices: forget stochastic, Boll. bands and RSI; a lot of indicators can cloud our mind and many of them are just useless IMO.
As I already mentioned in other previous posts I sometimes trade only price, occasionally dumping charts altogether, although these trades are more experimental than anything.
looking forward to see other charts and hear what you have to say.
Quote from CharlesTrader:
I'll add that I like to see the market show some sign that it will continue the trend after the pivot has been tested. I good place to place the trade is the high or low of the test bar body. If the market moves in your direction, it will be after the test bar is complete.
Charles
That is a problem sometimes for me, I am not extremely accurate with my entries and sometimes I don't wait for a retest of the first test bar/candle.
Am I always to give for granted that that price will be retested?
Or do you mean you want to enter during the formation of first test bar?