Monthly A down getting tested here in the ES. I should note that late monthly breaks are heavily discounted in my opinion. But it's an important level to watch none the less.
I know there is no ''B" per se, but he does speak of it - referred to as his stop. What I don't follow is: - that his stop (on Aup) is a tick below the low of the OPENING range, and vice versa for (Adown) If pivot range is above opening range (& Aup is located within it) and mkt trades in that range, then his system increases size and places a tighter stop - 1 tick lower than the bottom of the PIVOT range. I understand his premise, I just think sometimes the mkt will still try to weed out the weak hands, and a stop at bottom of the OPENING range might be a better plan, but you cant load up at Aup either and sustain that big of a pain....I guess. Anybody care to develop on that, mainly the use/placement of his stops. Also, I understand that you don't get long AT Aup, rather it sets a long bias and you could trade it accordingly. But in some of his examples, it's as though he's describing getting long AT Aup.... Makes it that much harder to discern when his system tells him to get long at a certain level or it tells you to have a long bias. maybe i'm over complicating it and i'm not understand it correctly
You are over complicating it. It's all about price action. When we get an A up, you have a long bias. You can use the pivot "if" the pivot appears to be holding the price. If it's not, the pivot might not matter. As I've said before on this thread, different products have different characteristics. Crude oil does not behave the same way as the Euro or ES or Bonds or AAPL for that matter. You need to pick your spots. You need to use time stops. You need to watch the price action of all related assets. There is a lot of work involved. As there should be.
ES touched the support zone of weekly and monthly A down levels at 1166.50 - 1167.50 already a few times so far today.
ES holding the monthly A down so far after the successful test over night. Bonds also failed at the monthly A up almost to the tick. You do NOT want to see the market re-test these levels.
looks like we are through that monthly A-down fellas....what kind of confirmation do you look for there? Time, Close of a Bar??
One full trading session for me. And this late in the month, the signal is not a short signal. I should also add that bonds and the VIX are not really confirming the weakness. i think a lot of this is fund liquidation and low volume liquidity issues. This is really where watching spreads, even if you don't trade spreads, helps to read price action. My comments are not meant to mean we are not going lower. There is very little volume here and we could easily fall out of bed here as liquidity dries up.
My weekly A down in the SPY was 117.56, and we've confirmed that. I wonder how much this matters though given it's Wednesday of a short week? Since we're sitting right at/below the monthly it's tough to imagine we're going to resume to the upside. I'm interested in seeing what happens next week, it seems like we're at some key levels here.
Mav, With respect to time zones, where would you say you get a majority of your signals to enter into trades? Is it relatively similar or do you say... get more of your signals around the European session? Seems like we get a majority of volatile moves around the London session and coming into the US open!