Note: it takes me so long to type, that price may have changed since I started, but here it is anyway I'm going to make another comment on this which pivot calculation is more important, issue. It doesn't matter! There is no better way of this one over that one. The only important part is how well you study, whatever you chose to look at. I think it would be interesting to know, what it is that others look at (as far as price action) that makes this pivot or that pivot important to them at the time of action. BTW, did any one catch how ES, NQ each found S at the top of their PD closing range? at least for now. And why is YM making a new intraday hi, and the other two are not? Sooo many things to look at.
Yep. And as for "so many things to look at", that's why it's so important to define your setups. It's very easy to get caught by what is essentially a counter-trend entry. It's also easy to get caught up in a coil. If you have definite criteria, a lot of what you might otherwise look at becomes irrelevant.
Only "Charting the stock market the Wyckoff method" Jack K. Hutson. Misc. stuff I pick up off the net.
F.Y.I I'm going to be leaving this evening, to go and spend some time on my boat, to get started on some maintenance. Its been a long winter, and cruising season is just around the corner. I'll be back some time next week ( probably late in the week). Back on line then. See ya
On the ES price is currently horizontal to price on Feb. 9/10. On the NQ price is respective to Feb 5/6. On the 20th for the NQ price managed to close above 1/2 of the day's range and volume was greater than previous days. Price closed on the ES just a little below 1/2 of the day's range.
Well, I got back from my week off, and spent the following week catching up on the the price action that took place while I was gone, while attempting to follow along with the current goings ons. Anyway, I've collected enough chart data get back into things now. Before I get into more S/R analysis I'm going to record some of my insights that came to me while I was relaxing on the water. ( Something about being on the anchor, tucked away behind an island, gives it the distinction of the best place to cleanse your mind, and allow clarity of thought.) One thing is I've realized, when it comes to entering a trade, and being in a trade, I get very inpatient, and I think I look for ways to be out of trades, in order to be more comfortable. When I compare these feelings, to those I get when I'm planing for, and preparing for, and going on one of my singlehanded sailing adventures ( days/ weeks at a time ), I believe its much easier for me to risk life and limb 40 miles off shore, by myself, with no chance of recovering from a major screw up, then it is to hold on to a trade for more than about 12 - 15 m's. ( or even enter a trade for that matter) So the question to my self is, why is there a difference? There shouldn't be, but there is. I think the answer is the seriousness in which I approach each endeavor. So, with that in mind, my goal is to spend just as much effort in planing, maintaining, and charting my trades, as I do with my sailing. ( which is a lot, I wont even cast off my dock lines unless I'm sure I checked every thing that I can think of to check at least twice ). The end results, hopefully, will be improved confidence and patience. Here's to an improved mind set, and a more detailed plan of action.
I've spent some time looking at different charts from Fridays action, and I can't seem to shake the idea of Fri. being a mulligan. Price tested both ends of the weekly range, on pretty excited volume, and then ended in the same zone as Thursdays closing range. I've got this picture in my head, of me standing at the T, whacking the ball as hard as I can, and then watching it slice over and thumping into one tree, bouncing off and across the fairway, bouncing off a tree there, and finally the ball coming to rest about 5 ft. in front of me, and I'm standing there wondering if anybody saw me do that. Heres a 60m chart, if we ignore the first 2 hours of Fri. action, we'll see the price came to rest on top of previous support