YM DAILY CHART. I just stopped in and took a look at the market. This is what the YM daily looks like now. It is at a right trendline. Watch ym daily to see how it responds to its R- trendline. Not the best annotated chart, I just keep a watch on it, hope it helps a little. On my way out again, so I wish all of you a great day trading, and I will post an ES DAILY chart this evening.
Thanks for advice Avi 8. Here are my three trades for the day. Trade1: ES PRV showing B2B, with point 3 Enter long. Exit of the break of the FBP. Trade 2: After break out of FBP, ES volume continues show decreasing red. Looking for end of retrace. YM shows FTT on down channel and is heading up on increasing black. Enter long. ES forms FTP, next bar starts heading down and retraces on decreasing PRV. YM as heading up on a lower volume black bar. Possible FTT reverse. Trade 3: Entry was reverse from Trade 2. ES forms another FTP. YM headed down on a low volume par and current YM bar is showing a reversal on increasing black PRV. Decided to go flat. Net: 3.25 points ($148.00). Off to run some errands.
I am having a bad day. Thought I was short midway thru this morning down move and mistakenly was long. Noticed I screwed up at the short LTL and got chopped up several times trying to go long at perceived Long RTL pt 3. About 12 pm I quit. My internal circuit breakers kicked in and I wasn't thinking well. I was too focused on making back my lost. I gave back my last several days of profits. Good teams do not beat themselves. Probably the same can be said about good traders. I don't know I am not a good consistent trader. I would like to hear from GOOD consistent traders, like Spyder and CNMS2 to name a few, about there bad days and in what stage of there development did they learn to accept them or possibly eliminated them. Off to workout ( the best thing that i do for myself everyday ).
Hi Tiki, I don't think the green channel is confirmed yet. We need to lift off its RTL on increasing volume to cement it. Given the price is consolidating after a dominant downward traverse, there is a good chance that we continue to go down once the consolidation finishes. RT
M= annotating, 2 ym, es charts and es 5 min chart, point 2 formed, black volume increasing, price retraciing upwards, anticipating point 3. A= point 3 visible on 2 min ym and es charts, trendline drawn, glanced at MACD, below zero( red), decreasing red volume. D= pt 3, it is ( seen it so many times) stoploss 1471.50. A = sell Exited when price retraced but look what happened
I dont get why you saw this as a point 3 down channel. You have R2R which makes sense but then you have a B2B gaus. Wouldn't that mean change and we no longer have a down channel? I originally saw change from up to down channel with that 15:00 bar but when I saw the B2B on the 15:10 bar I thought ok, we're back in up trend mode... So I'm thinking your pt3 is a FTT and your new pt 1.