Mini Dow daytrading

[viclondon]

Thanks Candles. I know you are a much more experienced trader than me and I would really like to get input from other traders on the mini dow

 

[viclondon]

Not much happening ATM, price trapped amongst different MA in a sort of no man's land.
Definetely the best chance of the day was to short that triple top at 14:50, but I missed it because arrived too late

 

[viclondon]

The daily range is between TS daily PP and R1; the daily PP is reinforced by the monthly R1 lying upon it, so quite a strong support. OTOH the opening gap has not been filled yet...

 

[viclondon]

Long at 8466, target 8499. Price is forming an ascending trendlinesupported by the 15min 10 MA; also it has passed the fib 61.8. Not so convinced, but it could go to test the daily high

 

[viclondon]

Closed at 8495, +29. Now I will reverse and go short if filled at 8499

 

[viclondon]

Filled for a short at 8499. Let's hope in a double top at R1 and top of the day

 

[viclondon]

The tick is signaling strong overbought, for what is worth, but what is worrying is the Nasdaq going very strong

 

[viclondon]

Last two candles more encouraging. Limit 8463

 

[Trader333]

The daily range is between TS daily PP and R1;

Can you remind me what TS is ?


Paul

 

[viclondon]

Closed position at 8474, +25. Prices seemed to be encountering support at that level, even though I am still convinced that it will break down. Maybe I can sell higher again

 

[viclondon]

Can you remind me what TS is ?


Paul

Sure Paul it is for Tradestation, actually I watch two set of PP: the ones I call TS ahich include market and premarket and one for 24 hours. I have noticed that the price follows either one of the other. I get the best results when they line up

 

[viclondon]

Short again at 8497, target at 8463

 

[viclondon]

Can you remind me what TS is ?


Paul

By line up I mean that the price action during after hours stayed between max and min of the market+pre market. In those days I stay on the market full time and really enjoy it, as the PP seem to respond perfectly, like having a GPS.

 

[viclondon]

Stopped out for -20, but still not convinced by this breakout

 

[viclondon]

Volume is low and we are encountering high of the day, TS R1 and weekly R2

 

[viclondon]

Also the tick is flashing oversold like crazy

 

[james1234]

like you say we are at high of the day and high of the week, low volume markets are more likely to decline so now i would say a good short for the rest of the day and im short at 8557

 

[viclondon]

like you say we are at high of the day and high of the week, low volume markets are more likely to decline so now i would say a good short for the rest of the day and im short at 8557

Perfectly agree. Also the previous 3 candles on the 5 min formed a little evening star, bearish. Have not pulled the trigger for a short yet, but my fingers are ready

 

[james1234]

vic, i like to use the $indu for my s and r pivots, but i also use any major ym pivots from 8.30 onwards prior to $indu open if that makes sense.

 

[james1234]

basically i like to use $indu for my s and r then trade ym, I find $indu pivots are more accurate and often ym will break its own s and r levels but when you look at the $indu charts the levels have not broke if that makes sense.