Without my retro charts in front of me, I'm not exactly sure where we are... but 1360 Seems to stand out from what I can remember. So far I would have looked to buy declines after bull trend bars had been established after the 1360 level held. Possible in @ 1365 Long and out 1370. No sim trades taken yet... Currently it looks like we are in cosolidation. Longs @ 1368 with exists @ 1370. If there is retro resistance, then make sure you are scalping and not swinging. Where was ur stop on this one?
Took a while, AAPL spectacular once again. 1376 on the tape! nice last trade masterm1ne, way to sniff out the tape direction.
When I got home last night, I looked at my longer term charts (Retro). 1360 is a price level that has served as previous S/R many times. After we bounced off of the 1360 level yesterday, longs would be optimal. The larger price swings were clearly bullish. I will post a more charts when I get home just so I can show what I'm basing my trades off of. I will put up at least one 'retro' and I'm figuring out my 'micro' and 'macro' still. But I don't mind sharing what I have so far. I like tick/share/range based charts so most likely I will have a smaller and larger time frame for intra day trades (I'm playing with 1000 and 10000 tick charts currently). Below are some of the larger price swings I saw yesterday, and see right now.
"4. IT IS ABSOLUTELY NECESSARY TO HAVE AN EDGE You can't win without an edge, even with the world's greatest discipline and money management skills. If you could, then it would be possible to win at roulette (over the long run) using perfect discipline and risk control. Of course, that is an impossible task because of the laws of probability. If you don't have an edge, all that money management and discipline will do for you is to guarantee that you will gradually bleed to death. Incidentally, if you don't know what your edge is, you don't have one." -Jack Schwager Had to put this here to remind myself of what happened recently.
Retro We are at a very decisive point here. The ~1388 level has been rejected and supported many times in the previous months. Depending on price action tomorrow, sell rallies, or buy declines. If the market PA is weak overnight, sell rallies, and cover @ 1383 unless a strong trend develops. Remember you can almost always re-enter a strong trend. If we rally to 1392 and have strong bull trend bars closing well above 1388, buy declines. Failure of the tight ascending bull channel will further support selling rallies AFTER good bear swings are completed and the trend is resumed.
Micro/Macro As far as where I envision actually placing trades, I'm considering 5000 tick chart. I plot relevant S/R levels on the tick chart, but will reference the larger picture. For my purposes I think Micro/Macro could be combined. The optimal current open position would have been long from approx 1361. In the Retro picture from the 23rd, we had likely strong support in that zone, but we need to always wait for valid price action to confirm our support zone (an overall bullish swing). Your risk would have been anywhere from $140 - $80 dollars per contract to catch a 26 ( $1,300 per contract ) point move...
Here is a perfect short entry. We have strong retro resistance, and a pullback in a downtrend. After all the stops were run up to 1392, price reversed quickly. Short 1385, SL 1388. I just noticed we are close to an ascending bull TL. Unfortunately, I might have to bail quickly if we take too much time sitting at this point, or if price doesn't move down further. Retro S/R also @ 1383!!! SIM account P&L (~15.00 pts)