I have a 10-tick chart available and I used it for a day or two a while back (I believe I called some live trades on CL Redux on the day I used it). I rarely reference it now because I see as much detail inside the 5-min bars as I need to by cross-referencing a 1-min chart. Iâve been working to make trading as relaxing as possible so I can stay focused and allow my trades to reach target without micromanaging; drilling down too low in the time frame makes me nervous. I traded ES actively for a while last year, and I now trade it occasionally after the CL pit close. ES can have some decent moves in the final 30-60 minutes. CL presents so many intraday trading setups that itâs a full time job to trade all of them, and my edge is dependent on me trading all of them, so I donât look at much else during the work day. Thatâs why Iâd like to see some videos of how he trades wide range/chop days. CL can turn and retrace a large move in no time. The videos I watched were nice defined trending moves where you can easily scale in off the HL/HHs or LH/LLs until the trend breaks down. Using trend/channel lines with CL, I can often capture more than the trending move itself because I take off the trade at an S/R level, then get back in at a better re-entry price. Once you do this long enough, it becomes a natural process. I generally use limit orders early in the channel, then wait for confirmation after the channel has held through a couple touches (it takes a few moves to create the channel in the first place). As it matures it will overshoot, and eventually break out, so using limit orders at that point means either wider stops or more failures. I recently sent my friend a video of the price action of ES during a strong trending day. You can gauge the strength of the trend by how brief the period of consolidation is around :32 of the video: http://www.youtube.com/watch?v=vdbSikEtjDQ Thatâs why the guru is a guru! Secret advance knowledge of where trend lines will form! I believe the reason for this is that each time a S/R level (swing high/low, moving average, trend/channel line, ledge, etc.) is tested and holds, the excess supply or demand at the level tends to diminish until a breakout finally occurs. Itâs like pounding a floor or ceiling with a sledgehammer; at some point youâll break through. I think itâs best to analyze as many charts as possible in the instrument(s) you trade and locate clues to its behavior as trends and channels progress. For example, CL often throws a head fake late in a channel/range/triangle formation, just prior to the strong breakout youâve been waiting for. Detailed study and note taking is super helpful in defining your personal strategy for trading trend lines and channels. I prefer confirmation at the S/R level, but will take the first touch when a trend is strong or a channel is young.
Here is a couple of videos http://www.youtube.com/watch?v=Np4KWjIe0iA http://www.youtube.com/watch?v=h3Gquv7n4u8&feature=related
All your channels drawn on several charts by different traders looked just perfect. Would love to trade with them any time, any day, any market and in any country for that matter.... Cheers Would just love to have one or two or all of you to demonstrate on real time charts as to.... how to draw and trade your channels.... as you demonstrated herein.... on the real time euro, gold and crude charts when the market reopens on Tuesday.... Would really love to see some of the more experienced traders in action trading my favorite markets in real time, using either real money or sim.... which does not really matter much at this juncture. Would just love to see how trendlines are affectively drawn on a 3, 5, 15, 30 or 60 minutes chart.... in order to execute almost perfect trades as shown in previous graphics attachments. I am so very envious of your abilities and intelligence to be able to draw such perfect trendlines and to execute such perfect trades.... With all my admiration.
here is 2 YR WKLY SPx.notice the trading ranges of thr upper and lower triangles,the price moved up and down inside each,the lower one til it broke out to the upside,the upper one is where we are currently searching for buyers and sellers within the white price lines denoted,once you know the current extreme parameters,you whittle it down to your current area and look for info you can glean at current price
taking it to smaller timeframe and reading it with tl's drawn and market profile ,you increase your points of s/r to trade off of ,you could add fibs and elliott wave projections or ma's or crossing ma's,whatever you like ,at some point you reach analysis paralysis,i stop at tl's and mp,then apply those same tools(or wharever tools you are proficient at using)to a few other markets,the spx is correlating with the dollar,and djt at the moment so knowing the s/r areas in those and watching how it reacts should keep you in a good trade and keep you from entering bad ones
on above chart tl break in spx from 5/23 to 5/26 was support line in djt,until djt broke down or spx reversed, as opposed to riding a long or short it was a good spot to cover and wait for more info
Thanks for your admiration - we really need it I have already demonstrated trend lines on the weekly chart to catch the top weeks in advance, updated the progress and shown the PA reversal short sell signal before the top weekly bar closed. I trade off the 1 min chart or lower and the technique is exactly the same on any time frame. Now go do it. What's so hard about combining a PA signal with a proven trend line and taking the trade?
,once youve located those price triangles ,and reduce your chart,you look for price rotation, search above and find sellers.. or below,find buyers and return to the mean,the mean is support or resistance depending on which half of the tri you are searching the mean at present is appx 1340-1310,we've just come down from te 1373 area,we could get a bounce at the mean and retest upper part of triangle or break the mean and visit the lower...there is a ledge at te 1340 and the 1310 area,we've bounced off the 1310 and likely will try for 1340 before finding any volume sellers,when using the term likely,thats just what the chart does most of the time,its not a prediction or opinion