ES Chart Layout - Traders Hideout | futures io social day trading
futures io futures trading


ES Chart Layout
Updated: Views / Replies:1,747 / 13
Created: by jhspann Attachments:5

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 5  
 
Thread Tools Search this Thread
 

ES Chart Layout

  #1 (permalink)
Elite Member
Danbury, CT
 
Futures Experience: Beginner
Platform: Tradestation
Favorite Futures: Emini S&P
 
jhspann's Avatar
 
Posts: 5 since Dec 2015
Thanks: 17 given, 0 received

ES Chart Layout

Greetings traders.. I'm a beginner with a basic question. When trading the ES at the open and during the first hour or so, should I be watching the es.d chart showing the overnight gap or the continuous chart? They are obviously two very different views of the same action.

Reply With Quote
 
  #2 (permalink)
Quick Summary
Quick Summary Post

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

 
  #3 (permalink)
 R.I.P. 1969-2016 
montreal quebec/canada
 
Futures Experience: Beginner
Platform: CQG/NT7
Broker/Data: IB/AMP/CQG
Favorite Futures: CL
 
Okina's Avatar
 
Posts: 2,149 since Sep 2015
Thanks: 758 given, 5,415 received

Answer
This post has been selected as an answer to the original posters question Answer


I don't see any valid reason why you should be voluntary blind about what has happens during the night. ES is very active before the opening of equity markets. That is the main advantage of GLOBEX. There is no gap (it is not like stocks) so I don't see any reason to create an artificial one.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).

R.I.P. Olivier Terrier (aka "Okina"), 1969-2016.
Please visit this thread for more information.
Reply With Quote
The following 2 users say Thank You to Okina for this post:
 
  #4 (permalink)
Market Wizard
Sarasota FL
 
Futures Experience: Intermediate
Platform: NinjaTrader, Sierra Chart
Favorite Futures: ES
 
Posts: 3,633 since Jan 2013
Thanks: 26,745 given, 11,108 received
Forum Reputation: Legendary

Answer
This post has been selected as an answer to the original posters question Answer


jhspann View Post
Greetings traders.. I'm a beginner with a basic question. When trading the ES at the open and during the first hour or so, should I be watching the es.d chart showing the overnight gap or the continuous chart? They are obviously two very different views of the same action.

You might want to look at non-time based charts, either tick or volume.

Here is a 30-minute chart of the full ETH (Electronic Trading Hours) for ES. Price did a lot of movement during the overnight hours, and it is often significant for the next day, but very few contracts actually changed hands, as seen by the minimal volume. So the overnight trading is often important, but the big trading doesn't happen then. Many people don't feel that it is as significant as the regular trading hours for that reason, but they want to know what happened then and what the levels were.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).



Here is a 30,000 volume chart (arbitrarily chosen because it covers a similar timeframe.) Each bar has the same volume, which means that the lower-volume overnight hours cover less chart space than the more intense regular hours. You don't lose the overnight info, but it is only given the significance it has based on its actual trading volume.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).



Tick charts would give a similar view as volume charts, but are based on the number of trades ("ticks" -- but not price ticks, confusingly -- different terminology), not the volume. They will be similar to volume charts because the average trade size doesn't vary much, and will also de-emphasize the low-trading time periods. Volume will vary a little bit, so if you use the volume levels in the lower panel, there will be some information about it there, but not as much as in a price chart. Here's a 10,000 tick chart (average ES trade size is a little less than 3 contracts, so this is not too different from the 30,000 volume chart):

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).



Or, you can use something like the range chart that @Okina posted, which has bars of equal price size. These will show a larger overnight session sometimes, because the overnight price variation can be large even though the amount of actual trading activity is small then.

Which is "better"? There's no such thing.... it's just which gives you the information in the best way, for you.

Try experimenting with them, see what they each tell you. Tradestation supports all of them, I just don't use it and don't remember how you select them any more. Fool around with them, and with different bar size settings, and you will find what you like, and why.

Bob.

Reply With Quote
The following 10 users say Thank You to bobwest for this post:
 
  #5 (permalink)
Elite Member
Buenos Aires Argentina
 
Futures Experience: Advanced
Platform: NT, MT4, Sierra
Favorite Futures: S&P, Bonds, Crude, FX
 
Posts: 250 since Sep 2014
Thanks: 37 given, 239 received

Answer
This post has been selected as an answer to the original posters question Answer

Bob West's post above is obviously very good. I would add to that that in the current macro environment with both the Shanghai and Nikkei indexes causing a lot of volatility to extend previous day's ranges, then having both a "Brexit Risk" and more ECB QE, knowing what the price range is across both the Asia and European sessions is absolutely essential.

Reply With Quote
The following 3 users say Thank You to MacroNinja for this post:
 
  #6 (permalink)
Elite Member
Danbury, CT
 
Futures Experience: Beginner
Platform: Tradestation
Favorite Futures: Emini S&P
 
jhspann's Avatar
 
Posts: 5 since Dec 2015
Thanks: 17 given, 0 received

Thank you so much for the taking the time to post such thoughtful answers.

Best,

jhspann

Reply With Quote
 
  #7 (permalink)
Elite Member
Boston, MA / USA
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 203 since Apr 2013
Thanks: 2,125 given, 264 received

Answer
This post has been selected as an answer to the original posters question Answer

I use a continuous chart of ETH and RTH. I draw 5 lines: yesterday close high and low, and overnite high and low, as these often make support and resistance points in the opening hour. I try to narrate the play of RTH large volume and ETH low volume into a story for the day's action. I also treat the price action as continuous but with increased volatility for the opening hour.

Reply With Quote
The following 2 users say Thank You to Camdo for this post:
 
  #8 (permalink)
Market Wizard
Sarasota FL
 
Futures Experience: Intermediate
Platform: NinjaTrader, Sierra Chart
Favorite Futures: ES
 
Posts: 3,633 since Jan 2013
Thanks: 26,745 given, 11,108 received
Forum Reputation: Legendary


Camdo View Post
I use a continuous chart of ETH and RTH. I draw 5 lines: yesterday close high and low, and overnite high and low, as these often make support and resistance points in the opening hour. I try to narrate the play of RTH large volume and ETH low volume into a story for the day's action. I also treat the price action as continuous but with increased volatility for the opening hour.

Thanks, this is good too. The price action certainly does have a continuous connection across the different periods, and these support/resistance levels make sense.

Although I don't do this, I have also seen a pure time chart with trend channels drawn from the "pre-market" (re-RTH) period into the regular trading hours, and with a good argument that the resulting channels showed the trend more clearly because of using the non-regular hours this way. (Hi, @trendisyourfriend, I'm thinking of this chart you posted on my thread some time ago, which I do remember, and think about sometimes: https://futures.io/elite-trading-journals/32236-trade-journal-55.html#post527346. )

More than one thing works, basically.

Bob.

Reply With Quote
The following 2 users say Thank You to bobwest for this post:
 
  #9 (permalink)
Elite Member
Murrells Inlet SC
 
Futures Experience: Advanced
Platform: Tradestation
Favorite Futures: ES, CL, ETFs
 
Inletcap's Avatar
 
Posts: 9,158 since Dec 2012
Thanks: 9,765 given, 25,670 received

Answer
This post has been selected as an answer to the original posters question Answer


jhspann View Post
Greetings traders.. I'm a beginner with a basic question. When trading the ES at the open and during the first hour or so, should I be watching the es.d chart showing the overnight gap or the continuous chart? They are obviously two very different views of the same action.

Consider watching them both. Why cut out any information when it's easy to plot. I watch gaps, the opening range and initial balance on my RTH chart but always have ETH on my second screen as the information adds value for trend identification and support and resistance levels. It's been more important recently to be paying attention to the 3 important market times ( Europe, Asia and US) and to be conscience of the other markets impact on the prevailing structure of the day- add to that the 2:30 ET when oil stops "pit" trading. IMO- volume profiles from RTH are more valuable as well as pivot points if you subscribe to random lines/ synthetic support/resistance.


Last edited by Inletcap; February 20th, 2016 at 09:21 PM.
Reply With Quote
The following 2 users say Thank You to Inletcap for this post:
 
  #10 (permalink)
Elite Member
Leeds UK
 
Futures Experience: Intermediate
Platform: FXTrade
Broker/Data: Interactive Brokers, CapitalSpreads, Oanda
Favorite Futures: GBP/USD
 
Tymbeline's Avatar
 
Posts: 401 since Apr 2015
Thanks: 894 given, 486 received


I'm more familiar with NQ than ES, myself, but ... although it's difficult to add anything much to Bob's excellent post above (#4), if looking at "ES overnight", myself, I would certainly be trying to interpret it from volume-bars rather than from time-bars - and I'd recommend you at least to look at that approach.

Reply With Quote
The following 2 users say Thank You to Tymbeline for this post:

Reply



futures io > > > ES Chart Layout

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Linda Bradford Raschke: Reading The Tape

Elite only

Adam Grimes: TBA

Elite only

NinjaTrader: TBA

January

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
NT chart layout best settings Rubygirl Traders Hideout 3 February 16th, 2016 12:49 PM
Adding tick indicator in chart a chart region below ES halperin Sierra Chart 1 August 3rd, 2015 01:20 PM
Continuous Chart Layout disapperance mdl060374 NinjaTrader 3 January 19th, 2014 03:02 PM
interesting ES chart cory Emini Index Futures Trading 15 February 2nd, 2012 07:07 PM
daily ES volume chart ceramictilepro NinjaTrader 2 September 25th, 2010 05:13 AM


All times are GMT -4. The time now is 01:42 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-13 in 0.17 seconds with 38 queries on phoenix via your IP 54.92.201.232