Trading ES (Q1 2004)

[china white]

2 things to watch imo: C&H with trgt 1157.50, and on a shorter time frame, bull flag target "almost" met:

http://www.ttrader.com/mycharts/display.php?p=19802&u=chinawhite&a=China\'s ES&id=915

 

[Finirama]

Here the descending triangle.

Notice the false breakout not accompanied by momentum, the pullback after the break and move coming to an end (and exceeding target) just b4 the apex.

 

[stoploss please]

MA's converging

Do you lot find it harder to trade when the MA's converge like this?

 

[Finirama]

3 peak negative divergence marked a short at 1,151...closed on the rsi support bounce at 1,143...did not reverse due to conflicting signals on 1 min chart.

Did take a couple of longs which i'll post on the 1 min chart...though 10 min chart did give some early clues...namely rsi shooting upto 80 3-4 mins b4 the actual move (1,146 to 1,150)...momentum definetly leads price!!

Shorted 1,150 due high rsi and channel line resistance..notice the stalls on the move down to 1,145 (where i closed) at the 32ema (1,147) and the 100ema (1,145).

 

[Finirama]

Took the long the rsi triangle break at 1,145 (again confirmation that momentum leads price) and closed 1,148 at rsi peak.

Took another long at 1,146 (rsi jump on the 10 min chart) and closed at 1,149 (pullback target..which is the target from further point to 100ema crossover)

Shorted at 1,150 (price was actually 1,149.7)..lots of signals..rsi peak on ten min along with channel resistance, 2 peak negative divergence on rsi and rising wedge...basically screaming out to be shorted!!! Closed at 1,145.


Also, a quick shout out and big thank you to chartman for everything...as he has taught me everything that i know...trully a master!!


Have a nice weekend all

 

[china white]

Fini - amazing how ppl do same things from diff't perdpectives. I was short 1151 as well but mainly on internals and SOX weakness giving clear clues.

also wasnt too sure with the longs, captured only 45 - 49 span.

now - good w/e to u all but b4 i go - whats on the cards next week? I'd say if u believe in C&H formations, as long as previous low of 42ish holds, we shud rock'n'roll until we form a handle at 1157ish. We'll c. Ciao tutti

 

[Finirama]

Another quickie...i notice we have closed on the bottom channel line and sitting on rsi support.

Rsi resistance on the 1 min chart has been broken and i see a move up on Mon...or certainly a pullback to 1,147, which, if cross, then perhaps back upto 1,150.

C Ya

 

[Skimbleshanks]

stoploss:

With respect, you're blind to the opportunities when you have your chart obscured with MAs.

Remember 123s? The very first thing I showed you. The following is today's action on the 5 min chart annotated with a 123 short in red, then a 123 long in green, and the big picture 123 short in purple.

Yeah I know ... easy after the event. :cheesy:

Don't give up!

 

[Quercus]

Thanks Skim, I needed that too!
Q

 

[Finirama]

Skim,

These are excellent entries.

Wot do you use for exits?

 

[Skimbleshanks]

Thought you might, Quercus. :cheesy:

SO much easier to see with hindsight, of course. But there were a couple of good opportunities, which were easier to see on the 10 min chart.

Did you also spot the five-wave Elliott up? That was one way of spotting the end of the up-move, which combined with the big picture 123 (in purple) made the short easier to identify.

And don't you give up either!

 

[Skimbleshanks]

Finirama:

The easiest for exits is to just follow the bars down (for a short) exiting at the first higher high bar. If there is previous support or resistance then that just makes for a tighter exit.

So on the red 123 short you would exit at 1143.25.
On the green 123 long you would exit at previous resistance at 1148.50.
On the purple 123 short you would exit at 1145.50.

 

[stoploss please]

Hiya Skim

Welcome back. I get your point about the MA's and I still use the 123's but had a couple of rough days after a winning streak. If the MA's and Tick is not talking to me, I just have to rely on price and volume. I good lesson learnt.

 

[Finirama]

Thanks Skim,

Exactly what i traded...just to reinforce Chinas quote... 'its amazin how people do the same things from different perspectives'!!

 

[china white]

skim i must say i am very impressed. brilliant entries and exits. i must say u r spotting all the opportunities I do w/o looking at tick, macd, internals etc. which makes me think i may be working too hard or is that lazy italian ansectry speaking? skim pls keep on posting - i think many traders need insights from brilliant minds like yrself and cm. good w/e 2 u.

 

[Finirama]

I second that

 

[stoploss please]

Skim

Two questions if I may.

1. Did you pick the days low on that high volume bar at the 12EST pivot. Silly question, you did.

2. The green 123 long could also be part of a 123 short where green number 2 could be a leg 3. How do you differentiate.

Ta
Andy

 

[stoploss please]

Tick 27/2

Did not trade today because got a tad confused on Wednesday so skulked away with my tail between my legs.

Todays tick is total hindsight like you get from those anal-lists on CNBC.

That green 123 pattern which I have not grasped yet would probably have not be shorted purely because the Tick was staying above zero and we had no tick Macd divi's.

The two arrows just highlight the longs on the zero line cross over one of which would correspond to the green 123 long.

 

[frugi]

Tis both an honour and a pleasure to feast upon the insights of your fine minds, folks. To paraphrae Neo: "Woahhh. You know price action!"

 

[stoploss please]

Food for thought

Frugi

I hope you have a small appetite. :cheesy: