will post a chart before the open tomorrow AM with my thoughts on how the day will go. Didn't do it today as I had a feeling we were going to have some chop for the day that was good for nothing more than a scalp.
To help clean the charts up, maybe turn off the grid lines on your OEC charts. Quite a few lines on there and those grid lines just interfere.
Okay, throwing in a chart here, and will do another one in the AM. About to go see Iron Man 2 here in 15 mins so I'm bored in the meantime. The black lines are my S / R areas that will have major shifts in accumulation and distribution. In my calculations, price movements above the 1168-1173 area and below the 1123- 1135 area will resort in shifts of A / D. My A/D areas are how I can gather further info regarding premarket action and how it corresponds to RTH trading. If the market happens to gap up or down, somewhere near these levels, we could be in for an easy day trading wise ( at least for me). My green lines are regular old S/R lines. Nothing important. But they could be good for a scalp. Those black areas though, I guarantee will be important. Oh, and the faint dotted lines are pivots. notice how they're inbetween my A/D areas. That further strengthens those areas. Will throw in another chart tomorrow AM with my analysis of the after hours / pre-market with the hopes of providing some good trading ideas for Tuesday RTH.
How about this? To avoid wasting anyone's time, and to go ahead and prove that your analysis is worth spending hours and days of reading and that every one will gain something by this practice, why not show us? Could you please make a post about what you read pre market on Monday and how it relates to Monday? I mean why do you have to go all the way back to the middle of April to find an example when we're in May?
Seriously though, I'm really not trying to be negative, and if you have something great to share, then I'm very interested too, but I can smell shit from far away, I've got a good nose. For example, rule # 3 is that if x does this, and y does this, then this will happen. Unless, r did this, then x what do this, on those days you have to see where the nearest support is. Also, if the 200 sma does e, but doesn't do f, then disregard rule #3 entirely for that day. Welcome to the Jack Hershey bullshit. IMO, anything worth learning about in the markets can be taught in 2 sentences or less.
Let me translate the above post.... Have you ever used any of your aftermarket analysis to actually make yourself money? That's why we are all here after all..
getting up 30 mins earlier just isn't happening, lol. Just a few words of wisdom. 1) Joe, get the hell out of my thread. 2) pre-market showed a lot of strength today. We are going to be bullish in the AM. First target 1168-1172. Then we'll see Thats all I got. Refer to last nights chart. We couldn't push down from the 1144 support line so we developed a good base for pushing up.
Well look at the last chart I posted as it has more S/R areas. Apparently, that 1144 area that I had was more use to us than I thought. When a market tries to push down pre-market and it can't do so, we obviously go up. Look at the 2 arrows I have showing hte bullish candles. They couldnt push down and that 1143-1144 support area holds. Bullish for the day. might have been a little optimistic about 1168. So far this PA isn't as strong as I'd like, and I'd prefer a 30 min pullback.
Dear Joe: If I'm such an idiot, then I guess my pre-market analysis this AM was just me being damn lucky. Read what I wrote. My 1168 level got hit, and I was long all the way up. Not tooting my own horn, just saying... Now I certainly didn't predict this reversal, but I hinted that the 1168-1172 was an accumulation / Distribution area. Need to break that for this market to move bullish. We hit it, and bounced down. thats telling me that there's still lower prices in our future
in consideration of this whole discussion...I've heard that one of the most important things to look at when trading the ES is simply the previous days volume on the SPY. The thought is that is where the real cash is going...look for volume up,down, spikes and abnormal volume either way...do you look at SPY volume?