I'm here sitting with my Stout(s) and my ES charts considering 610 tick charts as working area for next week with a 4x anchor chart for meaningful S/R areas to avoid congestion and understand the big picture. Any suggestions related to chart size and/or ES characteristics this would be the time. My experience with ES is usually limited to swing trades. Thank you. Anek
Just studied the daily ES chart to get familiar with what's going on in this "new" territory. The actual trend is 100% down no doubt about it. Low of Friday looks like minor support from 03/07. How and if it bounces from here will be interesting to watch. If we get more downside the next support area is very much important, 1400 + psychological. If we get down there I expect some consolidation, highly doubt that gives up without a massive bull fight. Now, if that breaks and support becomes resistance it could get very ugly for the market. No bias just doing homework. Anek
bmw, I think Stealth Trader said he is using constant tick bars and from looking at the chart, it looks to be the ES 10,000 contracts per bar. It's something ensign software does, but apparently very few other packages. To whoever was asking about similarities with Proflogic's methods, constant volume bars is something he espouses I believe. Someone correct me if I'm wrong. Anek, great great thread. I am an avid reader and fan.
X, Thanks. Here is a screenshot of 10,000 volume bars for ES in Tradestation; I must say, not bad! Look at that massive downtrend during the second half of the trading day. That was free money, free free free Anek
Here is a HYPOTHETICAL chart of how I would have traded ES on Friday using my rules. Arrow direction = Short or Long Yellow Cross = Stopped out Last short prob a BE, too close to tell. Anek
interesting..interesting....very good...i am studying SPY with 200K share constant volume... i have quote tracker with etrade feed... will like to move..shat would be a good suggestion for action replay..i watch live markets for 3 hrs daily... any software which does market replay... whats your thought on market delta..if not why not..need to get into your brain..why you reject it... Dr Brett contantly approves of this ask/bid and delta shift theory also why not look for market internals
I did the trial on Market Delta awhile back but could not see any real advantage to it that is above and beyond what you see on DOM but I know a couple of people who seem to like it. Sometimes I think it is counterproductive to look at too much. If you have traded for awhile and absorbed losses over a period of time the mind starts looking for an excuse not to act and the more you look at the more excuses you can come up with. At least this has been my experience. I have gradually pared down my data to the bare minimum.
B, I agree with Gary, I like to keep things simple to be able to concentrate on what really matters, price. Anek
Upon closer examination and a bit less Stouts in my blood stream that last short would had reached target based on the "cover before next support rules". Anek