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Yesterday Close Setup
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Created: by Buddha Attachments:12

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Yesterday Close Setup

  #11 (permalink)
Just starting out...
San Jose
 
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Going forward I will also let you guys know if there is setup for NQ and TF as well. We'll keep this thread open until there is no longer interest in it. This setup does not occurs everyday.

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  #12 (permalink)
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Buddha View Post
Sam, I don't know if today high is indeed the high. What I do is gauge if today is a range day and go with the setup. Alot of time after one big run up day like yesterday, market would pause for the next day to catch a breather assuming there is no major news coming out. Also, I need some kind of resistance line to confirm the point of entry. I use market profile line or whatever may work for you.

BTW... to futures.io (formerly BMT). Sorry about my more or less unwelcoming post earlier.

An extremely useful tool for all members on futures.io (formerly BMT) is the Ignore List in the User CP. Don't be ashamed to use it.

Watching the first half hour is a good way to do this like cclsys suggested. I posted PVP in the download section, probably produces similar results to your market profile line. Despite what I said earlier I would be interested in seeing some screenshots when you have time of some trades you take with this method.

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  #13 (permalink)
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I also posted dynamic PVP (which I find very helpful):
https://futures.io/free_downloads/ninjatrader/indicators/232-download.html?view

Buddha: I hope you do keep posting examples. I think it is very interesting and helpful to highlight one particular approach and then others can also chip in with similar examples. That way there is a learning process.

For example: from your post I got the idea to base the midline not on the close but the closing PVP/POC. I think this is something I might end up having as a separate chart every day to use as reference in the first hour or so of market action. I found it helpful this morning in Gold to see that there was a very strong up trend developing early on because price couldn't get back any where near yesterday afternoon's closing POC. This tells me that the overall perception/commitment has shifted upwards in a convincing fashion and that upside follow-through is more likely than not. So the same indicator setup that works to help determine if it's a range-type day also works to determine that it isn't.

At least for now....

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  #14 (permalink)
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CCLSYS, you have very good observation. Another setup in my yesterday close system is watch for gaps not fill. Normally people play for gaps fill but I do the opposite. It is the same concept as yours. In this example, TF gap up overnight. Look at the the blue arrows I draw in NQ and TF. NQ crosses the yesterday close but TF today never did. I then look to go long TF on the assumtion that market won't drop any lower since TF gap never fill.

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Yesterday Close Setup-gap-not-fill.jpg  
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  #15 (permalink)
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Another small change trade today with ES went down about 3pts first from the yesterday close of 1132. It then went up to +3pts triggering a short entry with target price reach of yesterday close again for +3pts gain.

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Yesterday Close Setup-yesterday-close-setup.jpg  
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  #16 (permalink)
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I found this indicator. It is suppose to tell you if the market is in a range visually. Maybe it well help out with this system giving it an extra confirmation. Since I am new here I can't test it out because I can't download it. Perhaps someone can try it out to see if it works.

https://futures.io/free_downloads/ninjatrader/indicators/272-download.html?view

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Yesterday Close Setup-range.jpg  
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  #17 (permalink)
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Another winner today for +4pts potential. First it came down -5.5pts from yesterday close of 1133. Then it went back up to the top range of +5.5pts from yesterday close. Short is enter for a nice winner. However, it never came back down to yesterday close.

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Yesterday Close Setup-yesterday-close-setup.jpg  
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  #18 (permalink)
Trading Apprentice
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cclsys View Post
I also posted dynamic PVP (which I find very helpful):

Buddha: I hope you do keep posting examples. I think it is very interesting and helpful to highlight one particular approach and then others can also chip in with similar examples. That way there is a learning process.

For example: from your post I got the idea to base the midline not on the close but the closing PVP/POC. I think this is something I might end up having as a separate chart every day to use as reference in the first hour or so of market action. I found it helpful this morning in Gold to see that there was a very strong up trend developing early on because price couldn't get back any where near yesterday afternoon's closing POC. This tells me that the overall perception/commitment has shifted upwards in a convincing fashion and that upside follow-through is more likely than not. So the same indicator setup that works to help determine if it's a range-type day also works to determine that it isn't.

At least for now....


I'm very interested in your pvp indicator, but I can't find it following the link. Can you help me to find it? Thx.

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  #19 (permalink)
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Dynamic PVP

View Download Details - Big Mike's Day Trading Forum

(I believe Dean in the Ninja Forum has made newer versions, also 7 compatible. Also Cory has a rolling Value Area indicator which has a dynamic PVP/POC if I remember correctly. I am no longer trading since did not, and still do not, have sufficient spare capital. But I do follow markets for a few hours most days when have idle hours and at this point have had the same workspaces since February and the main thing on the charts is the CCLBands + this dynamic PVP indy. It is extremely helpful at showing key support resistance areas beyond simply keeping track of tops and bottoms after they have formed. I also have a skew indicator posted here in downloads (CCLskew?) which often works as bona fide leading indicator for immanent trend change, also based on dynamic PVP.)

Of old the skilled first made themselves invincible to await the enemy's vincibility.
Invincibility lies in oneself. Vincibility lies in the enemy.
Thus the skilled can make themselves invincible.
They cannot cause the enemy's vincibility.
Thus it is said: 'Victory can be known; it cannot be made.'
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  #20 (permalink)
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Just for fun: threw up a chart (TF) with Bands based on previous PVP on close, saw that current price is way above typical daily range (3rd outer band) so just put on shorts in expectation that before the open market will at least attempt to work back.

Will post pic later as to how it unfolded.

Well, that was fast.

Just noticed that the Skew indicator had turned bearish on bar I entered (was not looking at it, but is good example of how this can be a good leading indicator). The skew is the relation between dynamic PVP and VWAP. If the latter is below the former, the skew is negative and vice versa. By no means infallible, but helpful to keep track of as a way of gauging the degree to which market is 'stretched' or 'coiled', i.e. extending away from or remaining around the VWAP as well as where extra volume has come in away from or close to VWAP. Especially helpful towards end of day when unless powerful moves underway there is often a return to VWAP move before the close. But that is not relevant for this opening approach thread I guess.

Just realized this is pre-open. Will do again after actual open around 9.30 EST.

Of old the skilled first made themselves invincible to await the enemy's vincibility.
Invincibility lies in oneself. Vincibility lies in the enemy.
Thus the skilled can make themselves invincible.
They cannot cause the enemy's vincibility.
Thus it is said: 'Victory can be known; it cannot be made.'
Attached Thumbnails
Yesterday Close Setup-10-20-opening-pvp-tf.png   Yesterday Close Setup-10-20-openingpvp-tf-closed.png  

Last edited by cclsys; October 20th, 2010 at 09:23 AM.
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