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Higher Lows - New ES Day trader
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Higher Lows - New ES Day trader

  #11 (permalink)
Trading Apprentice
Minneapolis Minnesota/US
 
Futures Experience: None
Platform: ToS / MultiCharts
Favorite Futures: Equities
 
Posts: 23 since Nov 2015
Thanks: 1 given, 14 received

3/9/16

Didn't take any trades today. I was still too skerred. Watched the market and tried to just get right mentally and see if I could get back to basics. I did see two potential areas to go long, but wasn't ready to do it. First was off that quick 8 handle dump. Price stopped falling above yesterdays low (higher low) and though it went below the overnight low, it promptly came back above. Thise two things combined with the divergence would have been exactly what I should be buying. This was way too hot for me to touch today, and I honestly don't think I would have been comfortable taking it anyway, but system says I should have taken it . I would have entered on the candle above the first green arrow with a stop below LOD (previous cadle).

Second trade is one I almost took because it was a calm time of day. Price was gently winding and hit and bounced off the same price it had shortly before. There wasn't any bearish divergence (that would have stopped me) so it provided an attractive place to put a stop - just below the the second orange line on the chart. Had I been trading I think I would have taken that one long at the second green arrow.

One thing you might notice is that I have two buy arrows there and no sell arrows. That is because I still have no idea when to sell. What I've been doing is moving the stop up to the bottom of the previous candle. Would have been a decent trade on the first one and more or less a scratch on the second.

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  #12 (permalink)
Trading Apprentice
Minneapolis Minnesota/US
 
Futures Experience: None
Platform: ToS / MultiCharts
Favorite Futures: Equities
 
Posts: 23 since Nov 2015
Thanks: 1 given, 14 received

Back inside the wedge with the Stoxx 50 and the DAX both up over 2%. Draghi must have made his statement. New highs before open, which I don't buy or sell, so may not have any trades today. After sitting out yesterday though I want to get back to business, so I'll be keeping my eye open for opportunity.

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Welp, that didn't last long. Price fell back out of the wedge nearly as quickly as it reentered.


Last edited by Nubevestor; March 10th, 2016 at 10:30 AM.
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  #13 (permalink)
Trading Apprentice
Minneapolis Minnesota/US
 
Futures Experience: None
Platform: ToS / MultiCharts
Favorite Futures: Equities
 
Posts: 23 since Nov 2015
Thanks: 1 given, 14 received


DAX and XX50 are taking back all of yesterdays losses - both up nearly 3%. Overnight low is 1978 and overnight high is 2002 so far, but that could change by open. Only other observation I have is that price got within a couple of points of the bottom of the month long wedge and might be making something of a top that I sort of expect to create a pull back into the open.

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  #14 (permalink)
Trading Apprentice
Minneapolis Minnesota/US
 
Futures Experience: None
Platform: ToS / MultiCharts
Favorite Futures: Equities
 
Posts: 23 since Nov 2015
Thanks: 1 given, 14 received

Back to the daily grind starting tomorrow so today will be my last full day of trading for a while. Hoping to be able to get some trades in after work, but will have to wait and see.

Overnight high is 2011.50
Overnight low is 2004.25

With an overnight range that tight the high and low from Fridays session might be relevant levels for today.

Europe is green while the US is slightly red and sitting close to the overnight lows. I have no bias going into today.

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