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Catching Big Waves - a trader's journal of surfing the the markets


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Catching Big Waves - a trader's journal of surfing the the markets

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  #11 (permalink)
 GaryD 
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We have a second condition - potential stopping volume, we have a slight trend reversal already on the 9 range, but no confirmation on the 6 range yet.


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 GaryD 
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I am in, lightly, one contract so far...



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 GaryD 
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I have to go somewhere with my wife, closed this trade earlier than I typically would. Caught 80 ticks.

If you are in, move you stop to breakeven or +10.


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 GaryD 
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Left some on the table, but I have a wife to keep happy... There will be another good wave coming.

Hold on to this one, stop should be no lower than 98.40 at this point.



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 GaryD 
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Just made it back and see that we did in fact identify an excellent entry for a big wave. Hopefully some traders caught this with me. If you didn't, keep watching as I plan to post more as they setup. Keep in mind that no trade should be valued any more than any other, and you must keep your risk low. The next entry could be a loser, the next three could be losers. We must keep those small. But by catching the big waves we will come out ahead. Re-read the rules, practice, wait patiently for the next wave to come.

Good Trading, Stay Safe!



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 GaryD 
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Cude is trading right at the upper daily trend line...







... but has put in a lower low on the 93 minute.







This trendline is a great place to be watching for a long entry, but without a trend reversal of some sort (as the short term trend is absolutely down at the moment), for me there is no trade right now.





This high volume does not count yet, as the petroleum report was just released.


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 GaryD 
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I missed this trade, but wanted to post anyway. The 6 range broke out above the T3 and the Holt, pulled back to the Donchian channels, and off it went for at least a good $500 scalp. I was on the phone and then went to get coffee. I'm actually watching the downward pressure on the S&P and feeling like that may drag crude down with it, so not as likely to take a "big wave" trade today. I also did not like the lower low on the 93 minute. Sometimes I make money by not trading.







S&P index (ES) 4 range


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 GaryD 
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Notice the difference in today's move versus yesterday's, that the upward swing lost steam so quickly... This goes along with my comment earlier this morning about a good scalp, but not as interested due to the lower low on the 93 minute and the pressure on the ES.






We still have higher timeframe bullish support, but for right now the 9 range shows consolidation and/or confusion. This is a time to keep your eyes open for a possible new trend, but no trade confirmation yet.



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 sharky 
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Good job using the different timeframes,remember consolidation is your friend for trend reversals,you are using vol well and watching for trends on all sides.i will keep reading...sharky

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 GaryD 
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The left shoulder pivot (yellow) of a possible head & shoulders combined with the local double top is fighting some with the daily near-term / long-term trendlines (shown in green). Traders are no doubt positioning for uncertainty, which can make for good range scalping, but can chop you up if you are trying to take a longer ride.





I did not take a trade today, but was happy with this morning's guess that the market would come back down along with the ES. Tomorrow and Friday I will be out of trading, but will be back on the lookout this weekend and ready for some great opportunities next week.



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