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2/3/2012
friday
full stop day...again
extremely rangebound, 63 tick range for my trading session.
1st..I have to relax off the open, and let the cl show me something i can use.The 5 min, if i wait , tends to give off 3-5 decent signals a day.Lately, it has been about sup/res levels, and today was no exception.
2nd..i need to take 3 trades a day...be patient...take the kind of trades, where if they fail, you tip your hat.*************************************this video isnt the correct one ..look at next post
Last edited by bobarian; February 4th, 2012 at 07:38 AM.
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upon review of this video of friday, i see elements of both methods(trend and sup/res) that worked...and failed.Such a small range, with big range candlesticks(on 1 min and 5 min)Aconfusing day indeed.I remember being confused at some point during the trading day...not good..I might post another video with some things i noticed about 2 legs
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Create custom hours in the session manager. I believe its 3rd down in the tools tab. Then go into data series and set that session template to the chart. Sorry on my phone so tried to keep it short hope this helps. If not ill skype later when i get back in town.
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From memory just select existing option "nymex energy rth"
Mike
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2/6/2012
2trades cl
-10 ticks net
working with the 5 min this weekend, as the 1 min is lately confusing the heck out of me!.I like it, but, lets see how it goes...yet another change..another sidetrack? progress? i dont know..anymore.I know, that i can see the 5 min easier, so , the video
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Nicely done on the video. i see what you are looking at, and it I get what you are seeing. i took that trade on the candle at 9:10 as an early entry. The doji candle at the bottom I saw as a spike down, and the momentum on the bar is really, to me , a bull bar in reverse. I watched it real time come off the low, and unpaint the bear bar. Think about it. If the bar closed at the bottom, it would have been a long bull bar, which flew throough the close of the previous bear climax(which confirms an overshoot) so I took the trade fairly close to the close of that doji. Held on for the bear doji, and on the trade when it broke the EMA with authority.
I find the long bull tails on the bear bars are a little tricky. The overlap of the bars is a concern, because it tells me bulls and bears are evenly matched, even when it is on a slow trend down. The bull bar at 10:40 was a clue. I looked at that as a failure of the bears to take the market lower. Your oops looked like a second failure for the bears to take it lower, and for me, I would be thinking reversal. After 2 failures, I looked for it to do the opposite. I was also aware of the support from yesterday. Wasnt the best setup long for me, because of the overlapping bars prior. But, I would definately think short if that doji was a bear that closed lower and broke that resistance from yesterday. But those long bull tails...
See that...same chart, 2 different opinions...
Why didnt you take the trade at 9:10?
Regardless, nice work on this.
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