Jack, many thanks for the narrative and the "fix". I will DO a) through i) every morning - great checklist for the toolbox. Bundle, thanks for your thoughts. Cheers, Vorzo
My personality type is entj. Patience is something I have to REALLY work at. There is thread loose in my seamless trading, but since I entered this thread, life has gotten a lot better when I see lateral trending. Here are my questions. When we hit vdu, we go the 1 min chart, got that. Do we tape the MACD? How wide should the tape be? Do we just trade the crossovers as long as they are outside the MACD tape? If we are watching the stoc, should we enter on a 50 crossover? Should we use the slow line for going in and the fast for going out? I don't seem to be able to comprehend just exactly we should be looking for during the midday slolom. It must be a block. I have even gone so far as to isolate jack's posts in this thread and print them out, I now have a 200+ page binder of this thread, and I still can't find it. Somebody, I need to be fixed, badly. Regards Oddi
Before open look at the picture. NC means no change a. do 5 min chart viewing. Mine is two screens wide and I see all of tues, weds,thurs and Fri. four plateau connected by trends. we look to be in evne harmonic land. I see that the top of the graph os almost 1000 and the bottom is 975. dropping Tues is NC. yesterdaywas a step all day at the R of S/R. Still have 975. Extend channel lines into am. b. Volume is scalloped and not very regular for each day. This means the days are not uniform and they look light and anemic. IT DOeS NOT TAKE MUCH VOLUME TO GET BOS. LOW volume is EXTREMELY LOW. I see volume yester day as more flat and 10,000 for 5 min was the rule. On 15 there is no scallop to speak of. Look for 20,000 as indication of a day that could have a trend c. last four opens are all different. BUT ONLY ONE GAP. NC. d. The rockets, if any are short ones and I need to go to 15 for stretching them out a little. This is the big issue. Patience is my focus. If I cannot get abord a rocket I will wash if beginner. This is a test day for intermediates to hang in there. after hanging in for 10 days you will be good at it. Do stop log and see no new stops as a signal for end of points 1,2,3. e. Icebergs stink. There is no hustle anywhere to allow me to stay in icebrgs. NC f. 11:00 for last few days means midday shut down. NC g. 13:00. I can make a buck everyday on a BO around 13:00 plus. Bracket time for sure every day. NC H Slaloms. Count on slaloming. Slalom out of sync on brackets. Be prepared to slalom on the pm BO's (See g.) NC i EOD let broker take me out as usual. NC NC means no change.
Dow jones futures is up 30 and is at cash value. Easy no gap open coming up. All markets are uniformly positive. Bid ask on my contrarian is down confirming "long orientation We are riding on the Resistance.
it is sync time. the oustanding observation is that there is NO volume to drive this market. The relavtavistic indicator STOC cannot get oput of the tape ,even. you cannot enter on sync, there is NO action whatsoever.
Either you traded the spike or not doesn't matter After Labor Day, we would be trading off the 50% line. If you had the 5,2,3, running your would get the earlier entry for a rocket. If you did the prorata as a way to look for volume on the 5 min,you saw the 10:00 bar from scratch. Oddiduro asked about if he could go in as he sees the STOC 50 crossed and a divergence on the lines. This happened ahead of the announcement but only 4 minutes before. What happens to people who miss spikes is that they get hesitant after that event. What is better is to do the mechanical thing. a rocket was signalled, all the indications came and an entry was called for. The end of the rocket made better than flat or wash trade. Everyone got to do the long rocket; You had point 1,2,3 drawn before it took off. Icebergs went to 14:00. Experts should be using VDU and the MACD sequences in addition to the above. FWIW, if you have point 1, you look for point 2. then you know (if you are not in and you won't be at first) that a point 3 is a good entry. If you have point 2 and guts you enter the travrese away from point2 and then reverse on point 3 and GO BACK TO "continuation modus". This is catch up tuff which is always possible. Always reason things out. If you find out where you are in a sequence play it straight from that point on. I will begin to recommend that ice bergers link trades from now on. and we will take the tape off soon. you are asking "under the tape" questions.
This is the best thread on ET, IMO. I'm in catch-up mode with the material (also reading related Toolbox and Tomorrow's News threads) and should have completed a careful read-through within a couple of days. It'll take longer than that to absorb it all, I know. But alot of this stuff already makes sense to me (as far as I can tell anyway). I'm currently trading a similar strategy to iceburgs with linked trades, and it's working for me (I'm in a world of worry-free trading, and I'm consistently ending up with points on the ES), but I know I'm rough around the edges, and can learn some refinements here. I'm leaving way too much money on the table as it is. Today, for example, I caught the initial BO down, and then got shaken out of position by the subsequent pop-and-drop and ended up losing much of the profit from the BO. In retrospect, I would have been better off just holding my position. I think this an experience issue; next time hopefully I'll be better prepared. Anyway, thanks to all who contribute here. I'm finding all of the comments and questions extremely helpful.
Okay, after even some preliminary reading, I see that had I been REALLY following the iceburg scenario, I could never have been knocked out of position by the quick up-and-down after the first BO down. Instead, I would have been in the trade until the first iceburg appeared on the other side. That would have saved me some points...