Friday's market was so bearish that it's hard to imagine that move is all but forgotten. I'll await the close today to see what bodes. Gold on ASX towards the end of the day indicated today's USA Mkt bounce as it gave up much of its gains.
I'm only showing a portion of 1/30 ES trades as it was a very volatile day and it would scrunch up the charts too much to show everything. My trades are called 930's, a term coined by a friend and mentor by the name of Mike Bruns and they can be formed on any of my three time frames but the filters will vary correspondingly. The signal is a close or at least half the bar above the 9 EMA in a downtrend for a short and vice versa. The entry is on the bar takeout of the signal pivot and the initial stop over/under the low/high of the pivot. I employ targets based on maximum favorable excursion based on current volatility....currently it's 12 ticks. There appear to be more entries on the two charts I am showing but they would have been negated by my filters, eg, price touching or close to touching the 9 EMA on the next higher time frame or divergence on the next higher time frame. I have more qualifiers but I am not interested in pissing in the wind explaining a trade plan I have shown and explained in detail through the months and years. I have no problem with helping those diligent and of good will but I don't like wasting my time. I don't get paid nor do I have any interest in getting paid for giving advice, ideas or direction to a developing trader. These are simply examples of trades on the day in question in a likely vain attempt to explain to the OP where trades (signals) appear in what may appear to him, simply random "noise". As stated prior, it was a good day for me with 9 wins, 3 losers and one scratch. The day had 7 winners in a row which is uncommon for me but not as uncommon as 7 losers in a row but both will occur from time to time. The arrows show entries both long and short, the only losses on the charts are the triangle. As I stated, this is likely a waste of time but you never know and I said I would do it. I have no interest in arguing with trolls and critics, so save your negativity for your fellows. This is what works for me and everyone has to find their own path. There are as many trade plans as there are traders.
Evidently I saved them in duplicate...there are only two charts. I don't have the best trade plan in the world but it works for me. Good luck in finding something which works for you other than trying to convince yourself and others that it can't be done or that it is so esoteric that only institutional savants can survive, that's bullshit. I will also post this in the OP's other redundant thread.
Ya, Asian markets up today. Anyhow they're damned if they do and damned if they don't regarding below. Last week I read they had previously locked up people in China who were using social media to advise about the spread of the virus. Coronavirus outbreak China penalizes 400 local officials as public ire mounts Party acknowledges missteps in handling coronavirus TSUKASA HADANO, Nikkei staff writer February 04, 2020 02:57 JST Chinese Premier Li Keqiang, center, speaks to medical workers during a visit to a hospital in Wuhan on Jan. 27. © Reuters BEIJING -- The Chinese Communist Party has acknowledged "shortcomings" in the response to the coronavirus and has punished hundreds of local officials in a bid to defuse public anger toward the party for failing to nip the outbreak in the bud. The Politburo Standing Committee, China's top decision-making body, concluded in a meeting Monday that the nation's emergency management system must be improved, Xinhua reported. More than 400 local officials had been removed or otherwise penalized over poor handling of the outbreak as of Monday, media reports show. https://asia.nikkei.com/Spotlight/C...izes-400-local-officials-as-public-ire-mounts
Here you have the reason for market moves! As you can see, the market is bouncing, it all makes perfect sense. What the heck is the problem? If you can't make money trading it's because you don't know it goes up for any one of a million reasons. Today the markets are rising because the world is gripped in virus fear, we're all gonna die, so may as well make money on the way out. Dow rallies 400 points as stock market extends rebound from coronavirus selloff By Chris Matthews and Mark DeCambre Published: Feb 4, 2020 10:18 a.m. ET Wall Street is trying to shake off coronavirus worries
,,Unfortunately, I don't have time to watch charts at all." - farmerjohn1324 Man states this in page 2. How da hell topic has 34 pages. I made this mistake for few years, where i was trying to help people, who didn't want to change. Pure waste of personal time/energy. Meanwhile, losers make excuses.
Yes , TA at the simplest form is how well you can measure the percentage and probability of something going from point A to point B before it goes to C after it does X movement(whatever X move would be this is just an example obviously) This is literally what every signal and every type of trading is derived from, whether people want to admit or understand it is a completely different discussion. Further explanation there's certain movement in stocks, futures ANYTHING that makes it an automatic buy and an extremely difficult short until it moves back below a certain deviation. So, while your average person sees a move as overbought or too extended, it's actually the opposite the move has attracted enough buyers that the odds of a follow through extension move is pretty high. Not to mention this is also when retail and even some big fund managers will short thinking "it can't possibly go higher" this is exactly why one of the reasons it will go higher because those shorts will now become buyers. So, some of the people who think "this can't go higher it makes no sense" or "who would be buying up here" are some of the exact people who will be buying the highs as they are forced out of their shorts.
I'm only casually following the news, but as far as I know - nothing is really resolved on the coronavirus? How then do the believers of news explaining price movement explain this recent rally which takes us back up to ATHs (and most likely beyond by end of this week)? You guys are as clueless as the financial media and everyone else as to WHY price moves where it does. Don't feel bad about that. The only thing that matters is HOW. F**k the WHY and embrace the HOW.
It's just beating a dead horse at this point. If someone doesn't want to get it, they will get exactly what they want. I mean I am doing it too so not casting stones at you, but it's just almost unbelievable. I even offered to travel to where this OP of the thread is, show him TA setups and to top it off trade them in front of him the next day live.