A brief description of the way I trade, the targets I post are based on the cash price unless otherwise stated this is done to keep consistancy but I do trade futures aswell and alter entry or exit price accordingly.
So for today it was short down to target ( didnt quite get there ) then jump on the futures as it was late in day.
For the rest of the targets I expect 360 to come early tomorrow and bounce around for most of the day with 253 coming late tomorrow early wednesday then hopefully 395 but I NEVER HOLD OVER THE WEEKEND
These targets are not EOD prices they are intraday turning points produced by my strategy they are not intended as an invitation to trade
Gapped out straight through 360 and beyond..... nice if you took a long overnight from the closing set-up. RS switch in the making - and if it works, should deliver to resistance at 450.Plenty of room in RSI and CCI to get there too.
If the RS switch doesn't go, you can be safe in the knowledge that it will provide support as RSI drops down the support slope towards O/S. The point A failure tells you it isn't going to "fly", but you should track down RSI as it moves down the slope. Easy out on the ND bump top- named because the second peak in the price OR RSI produces a 'bump' in the post analysis. You can't know this is what it is going to turn out to be, until after the event!. In the case of the RSI bump, it's much harder to catch the ND top because the 2nd peak does not qualify the setup for an ND top - there is a higher high in price AND RSI. It's only on the 3rd peak that the setup can be seen to complete. You have to be quick to spot it and close. The bump setup in the price is much easier as the 2nd peak has the classic set-up for the 3 pk ND top.
I read with great interest the 'Dark Siders', but wonder if they are able to find an exit with such precision as one can with the divergent tops and bottoms....
CM, A question re yesterday's 1 min if you don't mind.
I took the 2nd + 3rd peaks of your bump top as a short (in conjunction with an ES dbl top and tick div)
1845 - 1930 produced a 3 pk pos div for an out and 35 pts. Unfortunately this proved not to be the bottom.
Would you see this as one of the few occasions when the 3 pk doesn't give the best exit, or am I missing something obvious?
Hampy You're right, it didn't work. Coming off RSI 20 one could reasonably expect the PD to do the biz. I don't think you missed anything, especially as the price came off the 3rd peak quite quickly. Probably , like most 'bad' calls, had you waited just one more tick, you may well have stayed in.... All I would say is that you covered for a profit ( I presume) so that's good. IF I were looking to go long on a PD, I would look for confirmation with divergent ES volume. Reason? It could turn into a losing tradeas in this case. I think it's better to take the known setups, than chance holding in for a little longer and losing some hard earned profit. Nothing works all the time, unfortunately. :cheesy:
Tricky day, with low volatility... getting in long early would have netted a few points, staying with the 100MA. What about the ND though at 18:00? And at 19:35? today, a definite losing strategy! Can't remember the last time I saw that, if ever......