Double bottom --> Test of the daily highs. Starting today, I`m going to begin collecting trading patterns and categorize them to help me internalize price action and tendencies. As mentioned in my previous post, a test of the daily highs would have been an excellent projection after making a double bottom. Notice how it was tested at the tick.
the cxl of the 81 sell was smart,if you watch the uvol vs dvol comparison chart,today we were up all day,at the end of the day watch the ratio ,since 2 pm it was appx 2/1,, at 2:45 it was roughly 2 to 1,for the last half hour you would be smart not to trade,but if you are ,you would watch for this ratio to expand or shrink and wait for the move, whether they are dumping stock or buying,and go with it,if near a trendline,beware of a reversal,here we stopped at the 83 area ,a tl ,you can see the bump in uvol that dwarfed the dvol and changed the ratio to the upside
His motives for posting useless drivel are unclear, however, his credibility leaves much to be desired. When operating this many aliases, one can be confused as to which post was made and where. eudaetool.
Exited SPY before the IB close as soon as ES touched 84.50 just now. In terms of ES about a +12 on 2 cars. Will examine price action as the week unfolds.
^ nice trade We've basically recovered the big drop already. Was funny seeing the bears getting excited on Friday, lol.
Whilst I am able to forecast price action a good portion of the time, and able to trade my forecasts profitably a smaller portion of the time, and able to sometimes, when it suits me, post my forecasts/opinions/philosophy/whatever an even smaller portion of the time, I'm currently unable to supply assholes like you with new personalities. A man has to be aware of his limitations. Are you a wandering wonderer or a wondering wanderer?. Being long from fridays' highs is not cool.:eek:
ES is the most awesome instrument in the world! That drop on Friday is but a distant memory Go Airwaves, Go!!
Very good points. I see your posted chart is 5 Min, do you use a longer one as a leading chart. Are you constantly watching the charts ... this can lead to confusion at times, especially if you have locked onto one pattern and miss the new underlying pattern that is building ... this where a bigger than 5 min bar is very useful. What about walking away from the screen. For example if your lead screen is 15 mins, set an alarm to ring at say 13 mins to bring you back to the screen. It is amazing what you will see in a glance that you may miss if you are constantly watching. Or set the alarm to s&r line breaches if that is your style. The main point being that you are detaching yourself from the screen when there is nothing of interest happening. The danger of constant monitoring is that your mind will go hunting for things to do and therefore you will lead price rather than follow it. Anyway, just a couple of thoughts.