Sirlosealot
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barjon said:
Bear in mind that Sharescope is still showing double volume in July.
Gerard
Bear in mind that Sharescope is still showing double volume in July.
Gerard
barjon
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sulong
Well, I'm a babe in arms when it comes to volume interpretation so the price action takes precedence. To me (rightly or wrongly) the volume /2 helped confirm the importance of the resistance level and the /3 helped confirm the (apparent) strength of the breakout.
regards
jon
Well, I'm a babe in arms when it comes to volume interpretation so the price action takes precedence. To me (rightly or wrongly) the volume /2 helped confirm the importance of the resistance level and the /3 helped confirm the (apparent) strength of the breakout.
regards
jon
barjon said:
The reason for my specific questions to you, was to get you to commit to your exact conditions.
Some how, I think you need to get rid of "helped confirm", and change it to "did confirm".
And eliminate "apparent" all together.
Do you see what I'm getting at?
You have to be exact enough to be able to recognise the setup every time it shows up, and say to yourself, yep, that's it exactly.
PS. Remember, I'm no expert, I'm just trying my best to stay focused on the job at hand.
barjon
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sulong said:
sulong
Yes, I'm with you. Goes along with my view of a trading plan being taut enough that any reader would identify the set up and do the same thing at the same time.
I was trying to say that this set up would be attractive to me without the volume bars. I would need to be far more expert in volume interpretation (either by understanding or seeing constant repetition) before volume would be a primary condition of trade. As I said before, it's not my style of trade, but it does sit with the thread I think.
jon
dbp
At best I would have to say "randomly", albeit with what I feel is at least an eye to price action. At worst I would say, in an undisciplined and often self-destructing manner!
I continually carry out pattern study in an effort to find the confidence to develop a set of tested and defined entry rules. I hope these will take over from the current collection of ideas, which might include - sell a double top, buy a double bottom, enter against any tweezer tops/bottoms, look for reversal patterns at key price levels, attempt to identify S/R as an aid to entries, attempt to enter at pullbacks after breakouts.
I am well aware of my problems, and am attempting to put them right. The main obstacle I currently have is a psychological one which prevents holding winning trades due to the level of drawdown I have experienced on my futures account. Any profit has to be grabbed before it vanishes!
I'm just answering your question as candidly as I can - not in effort to gain sympathy, but hopefully as an aid to my own metamorphosis!
I spent the best part of the day today studying the 5min NQ chart, and I feel a lot better than the last time I did this, which seemed to confuse me further, by simply highlighting the random nature of the charts! I am looking to identify a single pattern which I can work with, and I believe I may be onto something.
Time as ever will tell.
I hope this answers you question.
Q
At best I would have to say "randomly", albeit with what I feel is at least an eye to price action. At worst I would say, in an undisciplined and often self-destructing manner!
I continually carry out pattern study in an effort to find the confidence to develop a set of tested and defined entry rules. I hope these will take over from the current collection of ideas, which might include - sell a double top, buy a double bottom, enter against any tweezer tops/bottoms, look for reversal patterns at key price levels, attempt to identify S/R as an aid to entries, attempt to enter at pullbacks after breakouts.
I am well aware of my problems, and am attempting to put them right. The main obstacle I currently have is a psychological one which prevents holding winning trades due to the level of drawdown I have experienced on my futures account. Any profit has to be grabbed before it vanishes!
I'm just answering your question as candidly as I can - not in effort to gain sympathy, but hopefully as an aid to my own metamorphosis!
I spent the best part of the day today studying the 5min NQ chart, and I feel a lot better than the last time I did this, which seemed to confuse me further, by simply highlighting the random nature of the charts! I am looking to identify a single pattern which I can work with, and I believe I may be onto something.
Time as ever will tell.
I hope this answers you question.
Q
TheBramble
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barjon - well done for stepping up to the plate and posting a live one.
It's all well and good saying (as some have) that each trader needs to discover things for themselves and make their own definitions of what is a trend, a reversal, a pullback etc., but for those who do have the experience it is appropriate to give our definitions and how we trade if only as a start point for further investigation for those asking.
If the purpose of this thread is to 'discover' the various interpretations us traders have of the same charts I'll gladly add my 2p-worth.
For me AUN has been in a 640-690 channel for a few months. (One person's channel is another's trend I know). It has broken top-side on unspectacular volume. It could be nothing or it could be well managed accumulation.
If I were going to trade it I'd wait for a pullback to the 690 old (current?) resistance and see what happens. If it takes out 705 on volume I'd go Long with a stop of 685 and first target of 745 bringing my stop up to trail very tight (10pts).
It's all well and good saying (as some have) that each trader needs to discover things for themselves and make their own definitions of what is a trend, a reversal, a pullback etc., but for those who do have the experience it is appropriate to give our definitions and how we trade if only as a start point for further investigation for those asking.
If the purpose of this thread is to 'discover' the various interpretations us traders have of the same charts I'll gladly add my 2p-worth.
For me AUN has been in a 640-690 channel for a few months. (One person's channel is another's trend I know). It has broken top-side on unspectacular volume. It could be nothing or it could be well managed accumulation.
If I were going to trade it I'd wait for a pullback to the 690 old (current?) resistance and see what happens. If it takes out 705 on volume I'd go Long with a stop of 685 and first target of 745 bringing my stop up to trail very tight (10pts).
Quercus,
Getting a good entry, for me thats what a pullback's all about.
As I think dbp advises, pick one setup, and become a master of this setup.
(I could go on about my pet subject of the importance of understanding why a setup works, which for me always comes down to market manipulation, but another thread discusses this area).
I used to think there wasn't much to 1 setup, in our out thats it, until I considered the mistakes I knew I'd make along the way:
- Enter too early
- Enter too late
- Miss the entry
- Stop out too early
- Not take a stop
- Mis-read the entry
- Take the trade at wrong times of the day
- Mis-read the trend
- Not consider when news is due out
- Not consider dodgy days, eg options expiry
- Incorrectly choose potential S / R
- Set targets incorrectly
etc.
Every time I get into the market I make at least one of the above mistakes, but don't beat myself up about them either knowing I'll never play the perfect piece, although its the challenge to do this that makes it interesting.
Porks
Getting a good entry, for me thats what a pullback's all about.
As I think dbp advises, pick one setup, and become a master of this setup.
(I could go on about my pet subject of the importance of understanding why a setup works, which for me always comes down to market manipulation, but another thread discusses this area).
I used to think there wasn't much to 1 setup, in our out thats it, until I considered the mistakes I knew I'd make along the way:
- Enter too early
- Enter too late
- Miss the entry
- Stop out too early
- Not take a stop
- Mis-read the entry
- Take the trade at wrong times of the day
- Mis-read the trend
- Not consider when news is due out
- Not consider dodgy days, eg options expiry
- Incorrectly choose potential S / R
- Set targets incorrectly
etc.
Every time I get into the market I make at least one of the above mistakes, but don't beat myself up about them either knowing I'll never play the perfect piece, although its the challenge to do this that makes it interesting.
Porks
Last edited:
Porks,Porks said:
You'er absolutely right. I count 12 possible problems in your list , can you imagine the difficulty one would have in dealing with this list * 3 or 4 or 6 different setups? Not to mention the frequency some set ups can take place.
That barrier, that that person sets up for himself is almost unsurmountable.
With any luck, some barrier's will not get put up in the first place, and others will get torn down.
dbphoenix
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Quercus said:dbp
At best I would have to say "randomly", albeit with what I feel is at least an eye to price action. At worst I would say, in an undisciplined and often self-destructing manner!
I continually carry out pattern study in an effort to find the confidence to develop a set of tested and defined entry rules. I hope these will take over from the current collection of ideas, which might include - sell a double top, buy a double bottom, enter against any tweezer tops/bottoms, look for reversal patterns at key price levels, attempt to identify S/R as an aid to entries, attempt to enter at pullbacks after breakouts.
I am well aware of my problems, and am attempting to put them right. The main obstacle I currently have is a psychological one which prevents holding winning trades due to the level of drawdown I have experienced on my futures account. Any profit has to be grabbed before it vanishes!
I'm just answering your question as candidly as I can - not in effort to gain sympathy, but hopefully as an aid to my own metamorphosis!
I spent the best part of the day today studying the 5min NQ chart, and I feel a lot better than the last time I did this, which seemed to confuse me further, by simply highlighting the random nature of the charts! I am looking to identify a single pattern which I can work with, and I believe I may be onto something.
Time as ever will tell.
I hope this answers you question.
Q
Most likely your "psychological" problem is the result of having a plan that's too soft because you haven't defined your setups.
Look over posts 176 and 177 again. Do you have graphic illustrations, i.e., chart examples, of "pullbacks" that aid you in knowing what to look for in real time?
Just re-read those posts again, and #177 is most certainly very clear!
Yes I am looking to identify graphically the image of my set-up. When looking back over the charts, I actually draw these patterns in long hand, in order to help the brain to identify them! I have found this very useful, if not enlightening in the past. What I am now endeavouring to do is remove any mist from the set-up in order that I can clearly see it developing in real time, and prepare myself for the entry.
It would seem that I am at least on the right track, as so far today I have been able to see only what I would call "indecision", what others may call a difference of opinion.
I am happy with my pullback pattern, it is the clearly defined period of trend before the pullback, that needs some work. I believe this will be a continuous process of development, hopefully with gradual improvements along the way. I certainly feel this might be my "distinguished road"!
Cheers, and thanks for the input.
Q
Yes I am looking to identify graphically the image of my set-up. When looking back over the charts, I actually draw these patterns in long hand, in order to help the brain to identify them! I have found this very useful, if not enlightening in the past. What I am now endeavouring to do is remove any mist from the set-up in order that I can clearly see it developing in real time, and prepare myself for the entry.
It would seem that I am at least on the right track, as so far today I have been able to see only what I would call "indecision", what others may call a difference of opinion.
I am happy with my pullback pattern, it is the clearly defined period of trend before the pullback, that needs some work. I believe this will be a continuous process of development, hopefully with gradual improvements along the way. I certainly feel this might be my "distinguished road"!
Cheers, and thanks for the input.
Q
What I've started to work with is based on a two bar pullback within a short term trend on the 5min NQ chart. This is a work in progress, but the initial rules are to enter on the break of the second counter trend bar and use the other extreme of the bar as the stop, plus a tick. If the third bar does not comply with this pattern then the trade is not taken. Here is an example:
Please remember that my dates are a day ahead, so this was really the 15th Nov.
Cheers
Q
Please remember that my dates are a day ahead, so this was really the 15th Nov.
Cheers
Q
