volente you've been telling me for a week 1480 by friday. you keep moving your thrust price down. all i knwo is i got the steak house picked out when you come to town and IT WON'T BE CHEAP
Anyone hear of measured moves before? 1566.25 (all-time high) MINUS 1432.75 (prevous support) =133.5 1510.5 (swing high) MINUS 133.5 = 1377 14097 (YM all-time high) MINUS 13111 (previous support) = 986 13740 (swing high) MINUS 986 = 12754 Just under a 10% drop. I will not be able to daytrade for the next two weeks or so, so I will not be able to watch price action, but if the price touches those levels, I will be buying for an intermediate-term trade (5-15 days out). Not that anyone cares, nor should they. I hate missing these wonderful waves of price action, but it is out of my control. I envy the rest of you. I generally do not like trying to catch falling knives, as I hate drawdowns, but the VIX is over 30, historically a pretty decent level to consider countertrend buying--slowly, and patiently, since the VIX could easily go to 35 or 40. I have powder that I have been waiting to use. I may be wrong, and I often am, but I have been around for many previous bear raids, and I am starting to smell a rally...
Does anyone ever use closing prices for this? Close of High bar = 1560 Close of Low bar after drop = 1455 1560-1455 = 105 Close of swing high = 1505 1505 - 105 = 1400 ... which is right around where trendline, fib, and february high support will be for Dow aswell.
Short from 1414.25 in AH. Closed at 1404.25 for (rule of) +10 Exit was a little premature, as bottom turned out to be 1400.25. Looks like tommymoose had it nailed in his calculations an hour and a half before it happened...nice job!
mbush nice Fn trade man... I was watching that but didnt want to short just before the 15 min close... I wanted that entry but decided to pass. 1400 as you know was my next major support level. Taking a look at the dow, nq and es/spx charts... This is it. As volente says, major rally is high, high odds. Its just a matter of when they want to hit these credit spread sellers who have been making money the past 5 years... one more decline into expiration and these guys will be wiped out. However, I just trade the zones I leave my brainstorming for just that.... not my trading plan. We should see minimum 1416 off this 1400 low overnight and even 1422. I just took my firt AH entry in awhile long from 1401.25 stop at 1399.50 targets 1415 and 1420 third target will be trailed for a massive move.
Here is an update on the YM pattern that I was looking for... just beautiful to see this progress. It just hit the first major support zone today at the close. First Post... http://elitetrader.com/vb/attachment.php?s=&postid=1542833 Second Post.... http://elitetrader.com/vb/attachment.php?s=&postid=1565910 Third....
Amazing! I went long from 1400.75 with a 1-point stop. Last paint 1405. I haven't decided whether I'm expecting a normal little retracement here (scalp trade) or a full-blown re-test of 1422 resistance. I'm gonna keep watching until I'm ready to hit the sack, and then tighten my stop so I can't get hurt too badly if the market turns south while I'm in the arms of Morpheus. Lately there have been some remarkable moves in AH. It's not just your grandpa's Globex anymore. But it does move a lot closer to the speed that my little pea-brain works. I have to be honest that things changed too rapidly in Wednesday RTH for me to catch the flick, and so while I ended in the green, I gave up a disgusting amount of unrealized profits. "Trade what you see, not what you think" is a lot harder than it looks sometimes.
Here is a visualization of the AH trade.... R:R is 8 to 1 on the first target 11 to 1 on the second target third is 20 to 1 minimum