bonem thanks for you reply....if we consider a 'L' move, this seems talking about the (long) losers being forced to liquidate their positions as long as they're realizing that the previous prices/range show an improbable bounce back, i.e. new prices becoming more accepted over time, (until all of the longs are squeezed). vice-versa for shorts.
Salient Point: If you have faded a big move, and you get instant love, then fantastic - the market agrees with you. If you are taking heat and starting to print some bars in there (tic - toc, time is passing by) then the market accepts that price as legit and you'd better cover - or if you have a pair, reverse. Timeframes, and the way I look at and use multiple timeframes, is my biggest edge. Virtually all of the clients who hire me never have looked at the market timeframes the way I do, so it's new ground for them.
Nice webinar series on volume profile from a hedge fund manager. It is hosted by Market Delta (order flow tool). I trade a little differently but well worth the time. http://www.discoverytradinggroup.com/
Here is what I will be looking at for Monday. Some good volume POC fade plays are possible today. 1177 is the line in the sand. Break there and we could go down to the bottom of the previous channel at 1160. Art
Hello, The overnight session found support near the high volume area of 1185.5. I am looking to go long between there and overnight support at 1184.25 The volume POC above at 1193.5 should provide a good fade trade of at least 2 points. The dollar has tested support a few days ago, so it may now test its highs, putting pressure on the ES. We will see. If so, my long trades wil be quick grabs at a few point. What support levels are you looking at? Art
The fade at 1193.5 was a great 5 handle (point) pickup, but my dam data feed went down. 30,000 aggressive sellers came in at 92.75 making it a no brainer. Man I need a real broker. The market stopped at a low volume area at 1187. I missed that one. Was looking for it to go a little lower before a long trade. Todayâs raise makes support at the bottom of the 2 week channel strong. I'm looking for a test of the high in a few days. Any comment? Buler....Buler..... Art
Hello, Major support held this morning in the ES at 1177. Look for a retest of the breakdown in the overnight session @ 1187, giving you a quick short trade. We are at the bottom of the 2 week channel so the bounce down from the overnight breakdown may not be very pronounced. This support also clears the way for a test of the 1216 high as I said earlier. Since no one is interested in any explanation of the charts I uploaded, I just post her for my benefit. Any questions? Just ask.
Davinci Lite, Thank you very much for you great posts, did not ask any questions in regards to your charts because you said explaination to follow. Please go through them and let us know what you were thinking. Regards, email