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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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  #451 (permalink)
 GaryD 
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And just becasue the confluence just keeps coming, here is the same chart with two more fib additions that fall right in the middle of the previous mix;

1) The displaced exhaustion alternate from possible wave 1 down (April-June 2011)
2) An exhaustion extention from the same presumed wave 1

And for fun, the white line is the 200 week EMA


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  #452 (permalink)
 mfbreakout 
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GaryD View Post
This long trade worked well today. I did not take time to post because I have been out of town for several days and was really looking forward to keeping my mind focused. Countertrend trades make me a little more nervous than trend trades, and I dropped this one I believe 3 times before I finally decided to hang on. +10 ticks, - 5 ticks, - 1 tick and so forth (not actual, but close to what I remember). Like trying to grab a hot potato. But when the 10am news came out and the S&P exploded, I knew the odds were very good that crude shorts were next to go.

Going countertrend is a tough trade to take because it usually feels so wrong. Many times I find that the "right" direction feels like it is being fought the whole time, until it finally reaches a point and then all of sudden the motion gets easy. And, when it starts to move freely, that is when I start looking to get out.

Going long on 10-03-2011 may be counter trend on weekly basis etc.. but at 11.30 am longs were in the trend, whether the up move was due to short covering rally etc.. Time filter is a tool i use to day trade.

2011-10-03_1227 - Tariq01's library

2011-10-03_1422 - Tariq01's library

second chart shows sell off- in the direction of larger time frame trend.

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 GaryD 
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GaryD View Post
And just becasue the confluence just keeps coming, here is the same chart with two more fib additions that fall right in the middle of the previous mix;

1) The displaced exhaustion alternate from possible wave 1 down (April-June 2011)
2) An exhaustion extention from the same presumed wave 1

And for fun, the white line is the 200 week EMA





This ES zone responded nicely this morning.

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 GaryD 
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Below is a follow up to the zone for ES I posted last night. After the double bottom helped solidify it buyers rushed in.


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 GaryD 
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Nice confluence zone short possibility for tomorrow.

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 josh 
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GaryD View Post
Nice confluence zone short possibility for tomorrow.

Gary, this is my 60m chart and the zone I drew last night (shaded in blue). It is primarily based on the POC of the entire down move, good to see that your confluence zones line up with what I have here, though after the strength today I'll be careful with shorting.

EDIT: for any pivot followers, the weekly pivot is right there as well. Also looks like the red lines I drew (again, based solely on the profile) also are very similar to the lines you have above (except maybe the top one). Interesting how different methods of analysis can have similar targets.

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 mfbreakout 
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CL set up for 10-05-2011. longs all day long on pullbacks after confirmation.

2011-10-05_1351 - Tariq01's library

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 mfbreakout 
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mfbreakout View Post
CL set up for 10-05-2011. longs all day long on pullbacks after confirmation.

2011-10-05_1351 - Tariq01's library


looking at charts of 10-03-2011 along with 10-05-2011, very similar A up ;evels and price action. On 10-03-2011, A up level was broken to the downside later in the day after run up of 160 ticks or so. Today, it was up and up. A up level was never violated today.


https://www.screencast.com/t/lsYSubXik0Ov

https://www.screencast.com/t/Syv8KFk5SJ

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 mfbreakout 
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Day trading Vs Dreaming.

2011-10-06_1447 - Tariq01's library

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 sysot1t 
 
 
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mfbreakout View Post
Day trading Vs Dreaming.

2011-10-06_1447 - Tariq01's library

btw, from your chart comments... there is only one A during the day... I also noticed that you trade 1m charts... so unles price traded for half the OR above/below the A, it wasnt a confirmed A.. an A-up didnt really take place until mid-afternoon.. the rest was just range trading..

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