I got confused with Soy Beans today. I got a failed WADn confirmation but also knew that we have a confirmed MADn and QADn. I didn't prepare well enough because I should have known that I should be looking for failures of the shorter term A's in the direction of the larger trend but for a while I pondered over it and found myself confused long enough to miss it all. In the end, the ID failed AUp proved to be the trade to be in. And as Maverick noted earlier, Soy Beans have been very true to ACD. What a trade it would have been. Its still a good learning experience watching everything unfold tick by tick.
Picture perfect day in Soybeans. Bounced off 3 A levels. But yes, you are correct, you are looking for the short here, not the long.
I read earlier in the thread that by keeping it relative you want to chose the same opening range and times (similar to keeping all the currencies on london open), but I am having trouble reconciling that with the different markets/products. For example, I like to use 8:30am ET for the ES, but the sectors (XLF, XLB, etc.) don't open until 9:30am ET - in my case would you push the open of ES to 9:30 am ET to coincide for relative purposes, but keep it at 8:30am ET for trading purposes? Or is that also confusing matters because ES is a future and should I instead use SPY for relative purposes and the 9:30am ET open time, but trade ES based on my preferred opening time (8:30am ET) using the relative analysis of SPY to inform my ES trading strategy? Sorry if this makes no sense. Any insights would be appreciated. Thanks
I personally use 8:30 central time for ES futures. Why? Because that is when the stocks open that make up that index.