Trading ES (emini S&P) - October 2003

sandpiper

Well-known member
458 54
stevem12,

Hope you don't mind. Had 5 minutes so I thought I'd post this up and save you the trouble.

Key:

Red dotted line = Pivot calculated from YD Close
Green dotted line = Pivot calculated from TD Open
Green solid line = YD High
Brown Line = YD Close
Solid Blue Line = R1 calculated from YD Close
 

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sandpiper

Well-known member
458 54
Stoploss,

For the white knuckle floor pivot trader there were clearly a number of long entries off the pivot itself and then a short off R1.

Even though I don't use the pivots for entry, I wouldn't short just above todays pivot or go long just below todays R1.

As stevem12 suggests, if nothing else it provides me with a "context" in which I can assess today's action. I also find that by having pivot points on the ES, YM and NQ I can judge the relative strength/weakness of each of them against the others.
 

sandpiper

Well-known member
458 54
sorry, jik anyone is checking the numbers..... solid bule line is R1 calculated from today's open (not YD close).
 

china white

Established member
979 12
21-10

lads/lasses - sorry if I invaded a no-indicators territory! My only excuse is that TICK and TRIN r dabatably not indicators as such - they r just market tick-by-tick measures :D well, debatably as I said :cheesy:

hampy to answer yr Q - all the usual indicators like RSI, CCI, ADX etc. r calculated from PRICE snapshots and therefore vulnerable to giving fake signals when u get a fake B/O or B/D. TICK does not care about where the price is, it measures directly buying and selling intensity. E.g. from 20-10 take a butcher's at 13:00 fake B/O - TICK was clearly lagging showing fading buying interest - clearly chiselled ND.

U'll c another example in 21-10 action. One possible short in the 1st hour, basing on TICK MACD turning south (which the author pathetically missed :cry: ) then clear head-up right after 10:30 - long at 1042.25. Best exit wud present itself at the first peak - however the author thot that 1) neg time frame was ending shortly; 2) a pos time frame was established extenting into the close - possibly strong close; 3) SOX and Comp were clearly behaving like on a pos mcclose day - author stayed long expecting a second leg up after the neg time frame was over. Jibbering around for quite a bit, and scurrying for cover at B/O attempt when a new neg time frame was clearly established, also reaching into the last hour (Hampy, clearest TICK ND - u wudnt catch it from price indicators) @ 47. Highly speculative long entry shortly afterward @ 45.25 (don't call it TICK PD! - not confirmed by TICK MACD or MA, just 2 troughs), out @ 46.75 seeing TICK ND.
Altogether rather happy with 6.25 pts in the pocket.

As expected, messy last hour with 1 neg and 1 pos time frames overlapping.
 

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stoploss please

Established member
780 10
Longs and shorts

Hi Sandpiper

Interesting way of using relative strength. This is all good stuff. We are compiling a good thread here with divergent ideas.

As I am trying to stick to Price and Volume together with horizontal resistance, pivot points do not fit into my plan however I agree they have their rightful place and can be exploited in a flexible trading style when other methods or not giving clear signals.

Here is todays chart. Not a wide range so therefore, you had to be nimble. Probably good for a scalpa with direct access but for a newbee like me spread betting today was not very profitable. Nice drop at the end but even that turned chop souey.

Would be good to here from any scalpas out there on how they traded today.
 

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Newtron Bomb

Experienced member
1,602 87
Know thy enemy!

As ive mentioned before i do not use pivots but i do appreciate the importance of knowing what may happen as a result of the interaction of price around these levels.

The price gives a nice reversal indication premarket just above the PP. The turn could just as well have been on or past the PP the point is once you have identified a potential s/r level (in this case a PP) then you are aware of the possibility of something happening at these levels and when price unfolds to tell you what it will be then you will be all the more prepared to take action
 

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stoploss please

Established member
780 10
S&R 22/10

Todays S&R

Hi

Going by the 5 and15 minute charts, I have these levels. A lot of numbers due to the tight range of the past two days. Do these numbers look good. I am not to sure myself.

1047.75
1046.00
1044.50
1043.75
1040.00
1036.00
1034.25

Kind regards
Andy
 

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stevem12

Active member
135 1
Hi ya`ll

First, yesterday was a very good day for scalpin. I used to try and do it with spreads but it`s sooooo much easier with direct access.

The sideways consolidation in the afternoon was a joy to behold ( and trade)

Today pivot S/R not great, as is often the case with gaps, but there were some trades early on. ES failed to stay below S3 at around 10am and failed to penetrate S2 at around 10:20 am (all times EST)

Nq bounced off S2 also at around 10am.

But the trade of the day for me has to be when the NQ bounced twice off yesterdays low and we all dropped :D

Steve
 

Bigbusiness

Experienced member
1,408 23
I have finally filled out the IB forms so hope to join in on the fun soon. Those tests were a laugh. Are they GCSE standard :)
 

china white

Established member
979 12
what I make out of it

ok, this was a mcclose - but a neg one :devilish: obviously my C&H call from lat night went pete tong.....

The sell-off was held at about 1028 - which is 38.2% Fib retracement (see graph), 200 ma sup and first horizontal sup - no wonder we had a bounce there. Fib level was pierced on ES but held, on Comp it was not even pierced.

Just looking at ES 60 min, I still think 50% retracement + 2nd horizontal sup @ 1020ish will be tested though. Actually, intraday dip towards 1020 and a strong reversal to the close on increased VIX wud be the best case for bulls IMO
 

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china white

Established member
979 12
how TICK helps even in wrong bias

I know many traders wud assume that TICK is not that useful on aBear Ugly day like this - and I completely understand the reasoning behind it - on such days all u need to do is to watch price action and short any attempt at 40 ema (5 min).

However, I thot it'd be useful to every1 to c how TICK-trading works on such a day - making dosh even when the author was WRONGLY BIASED almost all day long. The graph below is self-explanatory IMO - 3 PDs - 3 long trades and 1 ND - 1 short in the last hour. 8.5 pts in the pocket being in a wrong position 3 times out of 4 :D
 

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ChartMan

Legendary member
5,580 46
Not difficult to figure out today was going to be a down day....
 

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