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Price Action Setups


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Price Action Setups

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  #1 (permalink)
 Zoethecus 
United States of America
 
Experience: Advanced
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Posts: 1,149 since Aug 2009

I'm going to share the setups I once used for ES. Now that the volatility is back to pre-crash levels, these will win more than lose.

Set your chart to continuous 24 hour trading with 150 bars on a 15 and 60 minute timeframe. No indicators.

The first setup is an OVERNIGHT GAP, not a conventional gap from the close of RTH to the opening. These gaps have a high probabiltiy of filling, but I would only take them if there are at least 3 points to be earned between current price and the price to close the gap. You look for the gap at 9:30 ET. Obviously, if it filled, there is no trade. You will look to take the trade at a major support or resistance level.

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  #2 (permalink)
 Zoethecus 
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Here is an old-time favorite that's still powerful-- head & shoulder. Best to take at the pivot high or low on the 150 bar chart and/or choppy markets. Not recommended for strong uptrends.

Place order one tick in front of 3 to guarantee a fill.

The the more symmetrical the spacing between 1 & 3, the better as shown in B.

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  #3 (permalink)
 Zoethecus 
United States of America
 
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Here's another very strong setup. I call it the Wall.

Four bars that have the exact same high during RTH. This would be almost bulletproof if they were at the top of a 150 bar chart and in that case, three bars would be just as strong. (Reverse that for a long at the bottom of a chart; the Floor.)

Place your order one tick below the high of the Wall with a 3 tick stop. Very high risk:reward. Even better on a 60 minute chart.

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  #4 (permalink)
 David_R 
San Jose, Ca
 
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Zoethecus View Post
Here is an old-time favorite that's still powerful-- head & shoulder. Best to take at the pivot high or low on the 150 bar chart and/or choppy markets. Not recommended for strong uptrends.

Place order one tick in front of 3 to guarantee a fill.

The the more symmetrical the spacing between 1 & 3, the better as shown in B.

I never thought a H&S could be broken down into bars like that. I've always seen the pattern as a series of bars. Interesting.

David

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  #5 (permalink)
 sunnyrain 
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Thank you for the interesting post

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  #6 (permalink)
 baruchs 
Israel
 
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Something wrong with this setup!
On an attached picture from Zoethecus, if you wait until you have 4 tops you couldn't enter one tick below the high. If you put the order in front (after 3 tops), I tried it and its a loser.

On ES 15 MIN from 1/1/10-Today 4 losing trades!
Baruch

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Last Updated on February 10, 2010


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