Morning Peeps my targets for today are target low 10601 then moving higher target 10685 and finish 10664 tomorrow I have target high 10677 then moving down target 10585 After the last 3 days action the confidence ratio has lowered on my program so it is possible the time frame may be shortened or extended. As allways these are just my trades and are not an invitation to trade
Good one TS, you really are brilliant at getting the bottoms.
I exited my short at 19:48 - what I thought made a 3 peak divergence on cci and debatable on 2/3 peak on rsi. Didn't have the guts to enter long as I thought it had a possibility of testing maybe 550/520.
I couldn't figure out much from es vol either except that every divergence was followed by divergence in buying also.
Was it the 550 level that made you enter long - V good support?
Ok, I guess that the exit I took at 19:48 wasn't 3 peaks. Thinking back to what CM says that the peaks are usually evenly spaced out or something. Hope I have got that right, if not CM can you correct me please.
Anmo - you do get the odd one where they're not equally spaced, but if you look back, the "bankable ones are thaose that are equal, or thereabouts. Conversely, you can make a decison based on their inequality, as I did on Friday( or was it Thursday)... the time for the third peak resulted in a low in the price, so I held my long.... to good effect.
I can see why Anmo closed his short. Apart from the form not quite looking right, there was no real reason that I can see for not being persuaded that it was time to get out.... ES vol looked divergent too... The plain simple truth is that you are following a set of rules/plan. That will always keep you out of trouble. You don't need ( and most can't) consistently get out at tops/bottoms. And you didn't get tempted into a long to follow, reasoning a test of 550/520. Where did you get those numbers from?
Anyway, The triangle failing to make 640 ( my target too) should have started to make alarm bells ring. I took a long on the break and got out for a miserly two points ... but then had to go out. It looked like a sideways job.
A sort, obviously, but where do you take the entry? take a chance on the D/top T/top at 620? Or wait till 600 goes.? The pullback to 595 seems the logical choice... And the exit? I saw nothing wrong with the PD at 560..... So, it wasn't the bottom, but that really was a reasonable decision. Plus it could be considered as testing 64....
Hi CM, the 550 I got form signalwatch. I tend to have a look at that everyday to get another insight.
THe 520 I noted from the chart below as good support, and also it is a weekly resistance.
Usually I don't pay much attention to these numbers but the 520 looked like a possible triangle support also?