Thank you for that post, Gringo, I copied it long hand into my notebook. I will try to remeber to look back on it when I start to feel disappointed at my being "hard of hearing" with respect to volume. I think I iwll consider posting my premkt prep here next week when I get back to trading. I will at the very least start reporting my EOD plans the night before once that gets started. I have the makings of a plan, but I am not sure if I want to start EOD trading individual stock issues, or an ETF like the QQQ's or another NDX tracking instrument or instruments. I'm open to suggestions, warnings, etc. and so on in this matter. Thank you, 40D
No that was HH in the NQ, not a LH, at the time referenced. That is why you do not take that trade unless you see the failure to make a HH by the ES and YM.
For a few posts there, I thought Fonzie was getting back on his water skis. Nice return to focus here. I also really liked your analogy earlier where you liken the premkt analysis as "circling the field preparing to land on the activity."
I never have any idea what the ES is doing, and I had to look up what the "YM" was. Doesn't it make sense to trade the price activity of the instrument you are in fact trading, rather than trading one instrument by making decisions based on what some other instrument is doing? I'll answer that for myself - Yes. Of course. If I am day trading tulips in Holland, what do I care about the price of tea in China!
I didn't say it was a lower high; I said it was a failed attempt at a higher high. Therefore, that is why the short is taken. What the YM and ES do is not pertinent to this thread.
No, today. Price tried four times to break through and failed on the fifth. Nobody's asking you to trade this way if you don't want to, but if you're going to post here at least make an effort to learn what the thread is about.
DbPhoenix, attached is my attempt at GOOG monthly channel. I'm not sure if it is relevant. But if that were a 1 minute chart, I'd either be or getting ready to test a short trade. Comments, as always, appreciated!
It conveys the same message. On a 2yr chart, price would be at the bottom of its trend channel. GOOG is doing to some degree what gold did. This is not to say that a short of GOOG is a lock, but both the ES and NQ are futzing around with their midpoints, and if GOOG weakens, they will both be affected, given the weighting that GOOG has.