It is so you don't have to show if you are swinging a big um what you mucall it, or a little one. It could get embarrassing. Know what i mean?
So since he's stated he's trading YM and he's in the US so none of that CFD BS is in play a unit must be a minimum of 1 YM futures contract?
I guess you could ask surfy but i would think so. One unit could be 10 contracts and if he says he is trading 10 units then that would a 100 contracts at a time.
I see several interesting facts in the chart and not just your finger bar. For me there is no such thing as noise in a chart. Everything that happens happens for a reason. That said. I see a small b.o. (Your finger bar) of a range that ended in a doji bar closing near it's low thus indicating that by the close of said doji some sellers came and the b.o. failed and price went back into the range. The next bar was a bear bar and a good signal bar for shorting for a scalp towards the bottom of the range however the range is tight so just a few points scalp. The next two bars are doji's. The first of these doji's traded was a b.o. out of the bottom of the range but by the close of the the bar had traded back up to the top of the range. This is TYPICAL range behaviour. Bigger range bar...increased volatility. The next bar after this doji was also a doji that had a LOWER high by its close. It traded down to the bottom of the range then back up towards the top of the range by the close. Again typical range behaviour with some volatility increasing as opposed to many of the previous bars in the range (volatility indicated by the increase in the size..not much ...but some). The next bar was a decent bear bar showing selling and closing on its low AND breaking out of the bottom of the range. There was a gap between its close and the prev bars close indicating price wants to go somewhere in a hurry. This was therefore a signal bar for a short that I would take IF the NEXT bar went lower. The next bar did go lower and that bar would have been my entry bar. For two legs down and the measured move. Your "finger bar" was also a bar that trapped bulls who thought a successful b.o. of the range was coming after seeing the two prev green bull bars sandwiched by another doji. Traders were thinking a b.o. to the upside was coming. The finger bar showed the b.o had no follow thru thus was a failed b.o. After your finger bar any bull should immediately exit at BE because this bar closed low and a doji and at the top of a range thus being a failed b.o. It also trapped out bears from being short in the succeeding decline as the were waiting to short near the previous highs before the range formed. I could care less of any news that came out on the "finger bar". No need to know about it nor does it help me, nor does it matter. At all. Period. All i need to know is on the chart. Before readers of this post have a hissy fit I call any bar a doji bar that has a body less than 1/2 the bar height. All doji's are range bars and show a balance of sellers and buyers, however, one side can be a bit stronger and that is indicated by the close. Low close..sellers win the range bar. High close buyers win the range bar.
Looks like the lunatic TA fringe cult has taken over the surf report. We are holding shorts here and feel confident in the position. Out of here for the weekend.
I agree that much of what passes for TA is indeed magical bullshit. But oftentimes by the time you figure out why price moved the way it did, you may be late to the party. You often hear stories of noted fundamentalists who have constructed all manner of elaborate theories of why a market should move a certain way based on their considered and experienced assessment of any number of variables they may be juggling at the time. And then when the market doesn't comply or perhaps does the the exact opposite they immediately turn tail and reverse their position. The "why" is a nice-to-have. The "what" is the need-to-have.
Exactly! Not the news, but the impact on the market is important. Sometimes good news is not "good enough" and causes an opposite move from what you expected. You can only tell what impact the news has on you, but you should know hat the impact is on the market, not on you. You trade against the market. So the only place to see what the market will do is the market! On top of that the market is always right. I NEVER care about any news. I watch the market go when the news is public.
Not necessarily. It varies. The market is not a perfect and instantaneous discounting mechanism. Sometimes the move gets underway well before the underlying reason becomes news. Other times, the market continues for a time after the "news."