The transition to Futures trading

[pavilion103]

What do you think of one like this Tech?

It's near previous resistance There was an upthrust followed by the circled no demand bar. Then it pushed up a little.

Is this usually enough to try a short on. Or would you wait for another little push up (test) of the high and then short?

A bit more difficult for me to conclude when it didn't top on huge volume.

More for future reference.

 

[kid hustlr]

That woke them up

 

[Caveroute]

short at 6540.5

stop at b/e

Take a look at the 75 Tick chart and compare with the 1 , 3 or 5 min chart.

Can you see anything different ?

Out at 6520.5

Bugger .....

 

[CanOz]

hope y'all had your stops tight on that one

 

[kid hustlr]

Wow was not expecting that last push down.

Nice trade Cave, should have held on!!

 

[Boggo]

That was a fun little play, the equivalent of a whole night of Forex in 45 mins

(click to expand)

 

[Caveroute]

Here is the 75 tick chart

 

[kid hustlr]

3rd or 4th its tested that low around the 6490 in the last week or so. Looks like its holding for now im contemplating a long

 

[Caveroute]

Kid,

with hindsight that last push has the two largest bear bars in the entire move, ergo its a sell climax.

It's also a wedge bottom, so you should get two legs up from there.

Looks like it's panning put that way.

 

[kid hustlr]

Kid,

with hindsight that last push has the two largest bear bars in the entire move, ergo its a sell climax.

It's also a wedge bottom, so you should get two legs up from there.

Looks like it's panning put that way.

I posted some huge reply but then the page expired which is super annoying.

I took a long @ 6512.5 entry was the 8.18 bar, I felt like it tested the lows and rejected pretty quickly.

Initial stop was a little wide for my liking so if this was real cash I'm not sure I would have taken it, interesting to observe what happens now.

EDIT: initial stop was 6495.5 now stop at b/e

 

[tech/a]

Wow
Out for tea and boom!

Oh PAV
Go short!

 

[kid hustlr]

Stopped.

 

[Caveroute]

Yes, interesting.

It was a double bottom from way back.

A wedge bottom from tonight.

A Sell Climax which equals exhaustion - end of trend

You have a trend line break and two higher lows

The only thing missing was a higher higher high and a real re-test of the 6490 level.

So, looking pretty good all in all, nothing is perfect.

Looks like its coming back to test your entry !!

 

[Caveroute]

I know you guys probably aren't into this , yawn.

But if you look at that chart I posted earlier, and start with those 3 turquoise lines in the middle and look right, do a little experimentation and you will see it's full of regular text book measured move patterns containing each of the pivot points.

Which of course provides potential profit targets.

I;ll shut up now.

 

[CanOz]

I know you guys probably aren't into this , yawn.

But if you look at that chart I posted earlier, and start with those 3 turquoise lines in the middle and look right, do a little experimentation and you will see it's full of regular text book measured move patterns containing each of the pivot points.

Which of course provides potential profit targets.

I;ll shut up now.

Nice to see a tick chart Caveroute

Actually, nice to Ninja represented too...heaps of issues with the historical data server tonight...Z is not affected.

 

[Caveroute]

I know you guys probably aren't into this , yawn.

But if you look at that chart I posted earlier, and start with those 3 turquoise lines in the middle and look right, do a little experimentation and you will see it's full of regular text book measured move patterns containing each of the pivot points.

Which of course provides potential profit targets.

I;ll shut up now.

Maybe it's just a coincidence, again.

 

[CanOz]

Hey, i'm hearing ya...price is always in a channel, i use 60m charts and channels, look for confluence.

Al Brooks stuff...basic price action

 

[pavilion103]

Just got home. Dam that big spike at the top and dam the fact I had to head out just before I could re-enter.

This has been a week of frustration so far. Need to keep being patient and wait for the next one now tomorrow hopefully!

 

[kid hustlr]

Bit of a triangle top there before the rush down, Pav if you are trading I'm guessing you might have got a piece of that. Hope so. Volume didn't really diminish as the pattern formed so I let it go by, wish I had sold it now!

 

[Trembling Hand]

Bit of a triangle top there before the rush down, Pav if you are trading I'm guessing you might have got a piece of that. Hope so. Volume didn't really diminish as the pattern formed so I let it go by, wish I had sold it now!

Just another perspective. I rarely give a toss about volume. I personally have never seen a bar complete and considering the action and market position gone "gee that was a surprise" or gee that was a signal I missed.

I actually think it is just another lagging indicator.