Thanks mark, Everything makes perfect sense to me. Not sure if you've mentioned this before, but is there a reason you prefer a 1 min chart over the 5000 share chart or tick charts? The 5000 share chart posted by fishoilfan is slightly different than yours. Yours makes the lid formation a little more clear on this particular setup/day.
This is a chart I posted friday in the chat. Here you can see a box/lid I tried to enter, unfortunately, my stop limit buy was skipped by the MKT, so no trade. As you see here a good confluence of signals made a very good setup: uptrend, hh hl hh, mini Double bottom, lid. JACK, answering your question about chart types I use Vol , Time and even Range charts, i frequently switch between them to find a pattern, I switch time and volume fractal as well. Even though I like the smoothness of volume charts, IMHO for a pattern trader, watching also a time based chart is good for 2 reasons -Most traders still use time charts, and as you know patterns work, not only because of recurrent mkt behavior (people behavior), but also because of the so said "self fullfilling prophecy", so when you have a clear pattern on a time chart and not so clear on a volume chart are you going to miss the trade? - Volume chart is very good for a realtime reading of the market, but somehow you can miss critical information, like for example a climax selling/buying bar. Take for example a 5 minute chart where you see a wide range bar with 3 times the volume of the previous bar, considered in the appropriate context (for example a prolonged trend), that bar may signal a trend exaustion, very important info then. On a volume chart the same bar will probably be diveded into several bars, now I'm not sayng you can't spot a climax on a Volume chart, sure you can, but to me it's much easier to see on a time chart the same phenomenon, expecially when you are watching the chart later. Another aspect, take a look at the chart I just posted, and focus on the volume during the box formation, do you see how easy is to spot a dry up volume period? The volume dries up right before the price/volume explode on the upside, that's a pretty good indicator to me. Anyway, what I want to be clear here is that I listen to everything Anek teaches here, I learn, I test but in the end , I'm the trader, I use the tools that fit my style. Hope it makes sense and it's not confusing for beginners.
Mark, Thank you very much for your insight and posting the chart! Again, everything makes sense to me.
This is friday afternoon dead zone = you gotta be kidding me , you were trading that crap? Yup , me trader, me need to trade anything that moves, now give me my bananas and STFU Here i want to highlight the need to quickly react and sieze the opportunity behind a failed pattern Sorry I have no time to post all my trades as promised in the chat, hope you'll find these interesting
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Would be interesting to see what a volume chart looks like on these occasions.
Does anyone know where I can find a bunch of old charts that are basically "naked" with no indicators or trend lines or anything written on them? I have gone through all of the charts posted by everyone in the thread already. I like to look at different setups and patterns and draw my own trend lines and look at possible entries, exits, etc. Basically just wanting to get old charts and do my own analysis on them. Is there a place to download old data or does anyone have any charts saved that they can email me in a zip file or something? I just signed up for Amp Futures free demo account with ninja trader because I know the charting is free, but my account isn't activated yet. thanks for any help!
I think you can activate an account with opentick http://www.opentick.com and use their historical and realtime quotes with Ninja. The account activation is free and immediate for eminis
Mark thanks for all the sharing you have been doing. Your willingness to share you detail thinking is a great teaching tool for all of us. Anek started this but he has brought out the best in several successful traders. Many thanks to All of you. Anek, Piscuey, Mark etal
Anek, etal. I'd like your thoughts on a setup I have been watching. It probably has a name already that I am not aware of. I like plays where support is broken and price returns to test it, or visa versa. When price does not make it all the way back, it seems to suggest enough pressure that a break out of the last low may be a good play. Attached is a couple from friday. For myself I call them S/R gap failures.