You didn't ask me but anyway... I don't get you. You even started a thread about intraday chartpatterns, where I was the only one who contributed listing my patterns, beside you. Then I post here the pattern in real time with chart and you are still trying to fight it... Then what is the point of getting educated????
Blinded by the TICK 2 trades, 2 losers, -4,5 points for the day. -4,0 points for the week. I was blinded by the NYSE TICK today. Not a big loss though and not a big tragedy. Just not a nice comeback to live trading! Enjoy the weekend!
Few do it seems.... I was planning to get back to you in that thread. Thanks for contributing. My answer is that I can`t blindly trust a pattern that I don`t yet understand, have not tested and that from a person I don`t know (no offense) yet, especially when my own analysis suggested weakness. I`ll be looking at your patterns this weekend. Thanks. LF
If I may, stop using market internals, everything you need to know can be found in price. Particularly in larger timeframes. By using indicators that offer no value you are wasting precious concentration time from what matters the post, price itself. Just trying to help. NAD
Amen. PA PA PA. Channels and trendlines. For a week (if not forever), PLEASE dump the Tick. Dump the sectors. Dump shorting this market. Leave it to the pros. Use an anchor chart like NAD is saying. Pull up a 20-30 day 15 min chart. Buy the pullbacks where the pullback is about half of the previous run up, and especially buy the pullbacks when price reaches a prior LOD or a previous swing high. Now go make some money.
NAD and gkramer, Actually, I have already been thinking of dropping the TICK and the sectors, or at least to use them more selectively (weigh them far less). I believe they can be useful to gauge the direction of a breakout sometimes, but still, I need to see confirmation from price so it might be redundant. I also agree very much on higher time frames. I do use them, but not enough. Actually, when I put on my last short yesterday, I was thinking that we were dangerously close to a certain level on the hourly chart and that it would make sense that we at least test it, but since the TICK looked so weak I thought it would be hard to lift us that high for the day. I was wrong. I believe I need to get better to think on a macro level and perform my main analysis on higher timeframes, like the 15-minute chart as gkramer mentions. Then, I will utilize the day session to get a good execution. Guys, Since you use only price action alone, what else do you exclude? What else is on your charts? Do you watch the other indices, crude oil and euro for instance? Thanks, I appreciate your input
Well, stop doing that and start to use indicators that ads value. How difficult is that? Here are a few: Williams %R: Perfect and usually early signals for entering with the trend. Bollinger bands: For sideways zig-zag timing. RSI: for double top/bottom divergence entries. You can see ease examples for all 3 in the last 2 days....
I appreciate the suggestions, but I deleted indicators off my charts over five years ago. Best trading decision I ever did. NAD
I agree. When you clutter up your mind with many different indicators you will find yourself victim to analysis paralysis. In the end price is what matters and not a derivative of it.
Price price price. Acceptance. Rejection. Momentum.S/R. Trendlines. There are some excellent thread in here and other trading sites that discuss this. LF: Indicators are lagging. They are calculated by PAST price. They tell you what price did, not what price is going to do. How much $ has the TICK and your sector charts netted you? I'd venture to say that have cost you. A lot. Time. $ indecision. Bad info. The S&P and the DOW and the Nazzie are what I watch. Not crude. There's little correlation. Not the 6E. Not the $ Pull up the 3 indices on a 2 min for yesterday. At the LOD, whaT do you notice about the Naz vs the SnP and Dow? The Naz bottomed long before the other two = strong buying in tech at that price area. A rising tide floats all boats. My first thought was that tech was going to lead us higher for the rest of the morning session = strongest momemtum in tech. The market then consolidated, then coiled/compressed like a spring, especially the Naz. It made higher low after higher low = strong BUYing. It finally broke out then pulled back slightly, and I pounced on the NQ (a carpenter has more tools than just a hammer). It blasted up well ahead of the other ndices, confirming my theory. I rode it up until it lost momo and consolidated, then TOOK PROFITS. Then the market consolidated/coiled, but the Naz got the flu = few, if any, buyers at that level for the pm session. That's fine. I also have a saw, and a drill. But there were no signs of sellers, meaning there were no spikes down, no momo to the downside, no lower lows, the most recent support was still intact. We were just drifting down, watching some profit takers. So I'm still looking long, right? Why not? Strong rejection at the LOD. Buy programs clearly doing their thing. We broke out to the upside, and we're at the HOD. We might go sideways for the rest of the day, but I'll do whatever Mr Market tells me to do. My buddy Naz was sick, so I look to see who to play with next. Lo and behold, strong buying in a Dow component/sector causes the Dow to breakout and lead us up. I don't trade the YM, so I grab some ES but keep an eye on the DOW for strength and momo. Looking good so far. My 15 says the buying won't stop until they shut off the lights, but I don't get greedy and take profits at the top of the channel and grab a brewski cuz it's five o clock somewhere and I'm happy with the day.