Ok Bricks I guesss the real question boils down to how do we define a strong market so we can buy or sell pullbacks or a sideways market to fade...I've seen many plus and minus 1000 tick readings that keep going up or down....so what additional filters can we throw at this to fiqure out if it is new buying or selling being initiated or if we have just run out of steam
Great stuff...any chance of you sending us a few charts looking at these various concepts..so far it seems ( and I agree) that the Ticks need to be put in context....like using the market internals ( Trin, Put/call etc)..I would also add to see what the compx and YM are trying to do...especially if you are trading the emini...find out which one is the leader
I've read from Raschke that some watch the Tiki's ( i have tried too) and if you see a high Tick reading but the Tiki's are only pushing up at a plus 20 for example then there still may be more room on the upside...so it would be best to see a high tick with a high ( Plus 26 or more) reading in Tiki's...my suspictions are that that this might work better for the YM traders out there...obviously the reverse would be true for the short side
I'd have to disagree with you on this one as there can be many scalp trades that work out into longer term trades...I like to trade multiples so I would think if someone can effectively scalp with Tick extremes then they should have enough contracts on IN CASE the tick extreme is signifying that the trend is out of ammo and there additional contracts can capture more profits......obviously this assumes that one is a successful scalper with tick extremes and has enough confidence to play multiple contracts
I like what I see ( I think) with this setup....is there any chance you can seperate out the days in the examples? I'm having some challenges lining up the time frames like this...It seems that some could draw trendlines so if the ticks are breaking out to upside of a channel and the market looks like it is bottoming then it is time to enter long and reverse for short trades but again the common theme seems to be that the Ticks are always the secondary or maybe even the last thing many use to confirm there trade....
Some additional ideas that I like to use when I am trading outside the first 90 minutes ( which isn't often): These dovetail into market profile concepts so I want take a lot of time to go down that path here...but I find that after a trend day down the first hours high is a good sell point...especially with high ticks and many donot realize just how often we will come back to test the first 60 minutes high or low after it is broken...It is as if the market participants are saying " hey was that 60 minute breakout real?" so they go back and check it out to see if the same people who bought or sold at those levels will step up again...I beleive you can do very well understanding this principle without having to learn all about Market Profile...although it is a great tool////
One last thing for now...If the $ticks are based on the Nyse then why don't we hear more about people keying off a price chart of the NYSE....never tried it myself but seems like it might be a good idea especially for those who follow the Trin too which allows a volume component to come into the equation.....
i MAY HAVE BEEN A LITTLE UNCLEAR IN MY LAST REPLY ..I just think it may make for abetter visual if we could see each day blown up a bit more....I understand your circled areas perfectly...I don't use manu indicators but what settings are you using for the CCI? Thanks
PitBull, I gave up trading the first 30 Minutes several years ago. Many people claim to do well in this time period, but I never did. I look for the three part wave setups (Swing Wave - Retest - Impulse Wave) after 1000 ET. In addition to the Moving Averages of the TICK, I also have a similar indicator for the NYSE Up/Down Volume Spread Ratio. If the TICK and Volume indicators are pointing in the same direction and the ADX is strong, I look to trade the Impulse Wave (see Attached Chart). If I do not get a high probability setup in the morning, I will wait until the afternoon session for a trade. If the day is a narrow range day, indicated by a low ADX, I will not trade that day. Charles
I just started to look at TICK last ~ 5 days and managed it now to include it in my TS on friday. I coded some study from my observations, here a TICK scalper on 1 min YM, signals taken only from TICK extremes, 10 point target and stop, timestop after 15 min, this is just meant as a study not a tradeable system, but such play seems to work in lower volume rangebased marked, of course I expect other rules in trend/momentum...