I have to leave early so here's my chart for the morning already. Trading was no problem. I was looking for a point three up because of the first three bars on YM (increasing volume). Was this the right thinking? Well, as price went up I guess it was. Does anyone know why price went up so quickly at the 10:05 bar (any news?) The FTT on the 7th bar on YM surprised me somewhat but it was not supported by anything on ES and after this FTT price was just going sideways instead of down. This is something I am learning: there is always conflicting information but we need to use information that has to be in line with other information from the instruments we use. If it's not supported by other information then something is wrong. Interesting stuff. Also today I used a tip that Bundlemaker gave in his video. If you think you see something in bar A wait for bar B to finish. I use it for YM as well as ES. This helped me a lot today and I will continue to do so because I pull the trigger far too easily. Another one of my problems: For example I think I "know" price will go up because of perceived market information. Then when it takes longer than I thought or there is a bit of conflicting information afterwards I give up on the idea instead of waiting for the signal (pt 3). Anyone else has this problem? I guess it has to do with confidence and patience. Occasionally I found stretch / squeeze helpfull but forgot to watch it at times when I should have. regards, Ivo
ivo- Pending Home sales was released at 10:00am today. I look here for my info: http://www.bloomberg.com/markets/ecalendar/index.html Notice today at 4pm - Motor vehicle sales will be released. Something to watch for this afternoon on the ES. -Mike
What a weird day. Managed to miss the pt 3 at 10:30 and then made too many mistakes the rest of the day.
Thank you Mike. I always check yahoo finance but the calendar did not show this one. Anyway I was quick enough to react as it formed a pt 3. I guess everything related to "home" and "housing" and all that has quite some effect on the markets at the moment in the US. regards, Ivo
Hi Spydertrader. I had a quick question on today's ES. You have a 1-3 forming right on my #3 at 11:30am. You didn't have a 1-3 as indicated on the picture starting at 10:30am. I was wondering if that's considered a 1-3 too or is that wrong? Thanks.
Neither way is wrong. We should expect each of us to 'see' things slightly different than another. For me, the market had already shown lateral movement at 11:30, so I felt drawing another up channel wouldn't have provided me any additional information. If you 'see' things differently, and they help you, keep doing them. - Spydertrader