Today was an IBGS on decreasing red volume creating a possible point 2. Look for a point 3 to from and another move down is possible. I don't have position but I will be watching for a possible short in the next day or two. Edit: The bar closed at 28.18. There was a trade at 27.45 after the close that got captured when I did the screen capture. <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=1971597">
I got in MELI today very early in the morning. I made some solid profit on it. I have a question that has probably been explored before. When getting into a stock or futures trade, does anyone ever absolutely blind themselves from the profit/loss tracker and trade just on the volume signals. Meaning hit buy not knowing a fill and then basing everything there out on volume, PRV, channels etc...I'm wondering because Ive tried this and I feel it might help with confidence. Looking at P/L during a trade and seeing red is very defeating but a lot of the time it pans out according to the guassians and channels. So essentially, I know its probably been asked or done before but for a beginner/intermediate trader such as myself do you think its a good confidence booster to block out P/L once in my trades. Seeing red P/L on the outset is kinda like looking at the clock during detention and being disappointed because it hasnt moved at all Comments welcome.
Yes, we have discussed this topic numerous times. Not one signal ever materializes from one's P & L Statement. Price and Volume provide the signals from the market. Speaking of which, take care with your MELI trade. Note the annotations on the attached chart. - Spydertrader <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1971889>
Yea I got out of MELI already today. Essentially you have yesterdays black bar as an increasing red bar. ESignal had it has an increasing black. Thus I thought a new Pt 3 was beginning. Is this incorrect because the increased black I have is actually a pennant? Or for other reasons? Either way I thought of it has decreasing black today setting for a BOP of the light pink channel on mine(red RTL on yours) and the bar you have red and I have black is an FTT. And just to confirm, you would suggest it to be a good idea to try and keep an eye off of P/L once a signalled entry occurs?
ES U8 Daily chart June / 25 / 2008 Daily ES bar made a HH and a HL on decreased volume. Today the daily bar formed a non dominant traverse following an FTT from yesterday. Also confirming the FTT of the dominant white traverse, unless price decreases and invalidates the FTT. Range today = 23.25 points Volume = 98% of previous bar. Close of daily bar = 33% of range today.