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Carpe diem: Intraday tactics for Dax and Dow

  • #36,081
  • Nov 13, 2017 8:24am Nov 13, 2017 8:24am
Quoting deltaone
{quote} hi EddyL, over a little while? thatīs not easy to answer, more or less i would have to write a book. but maybe iīll write an little abstract. to be honest, it never came to my mind when i started this thread years ago itīll reach 1.800 pages all the best d1
I've stumbled across this thread about a week ago, and have been following to see if I can get something out of it. I realize that there is no quick answer, but an abstract would be greatly appreciated.
  • #36,082
  • Nov 13, 2017 8:24am Nov 13, 2017 8:24am
Short position closed (2 Lots) = + 100 points
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  • #36,083
  • Nov 13, 2017 8:26am Nov 13, 2017 8:26am
Quoting SunTrader
{quote} On what timeframe?
I'm using 4H.
Just put a small long on. Could be catching a falling knife but its on previous day's daily pivot S3 level.
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A pip is only worth it if you know how much you risked to earn it
  • #36,084
  • Nov 13, 2017 8:29am Nov 13, 2017 8:29am
Quoting vlady1974
{quote} I'm using 4H. Just put a small long on. Could be catching a falling knife but its on previous day's daily pivot S3 level. {image}
A little risky right before NYSE open?
  • #36,085
  • Edited 8:45am Nov 13, 2017 8:32am | Edited 8:45am
I have another count regarding the EW wave ...
(I hope I will not go wrong ...)

I think, we are inside the 5th wave and ...
... it should start the fifth one (5th's) @ 12960

P.S.
(same top: TP 13560)(about)
(... maybe ...)
... panta rei ... (Heraclitus of Ephesus, 535-475 BC)
  • #36,086
  • Nov 13, 2017 8:34am Nov 13, 2017 8:34am
Have downside targets of 12800, 12781, 12700, 12615, 12600, 12560. Might take a few days to get down there.
  • #36,087
  • Nov 13, 2017 8:44am Nov 13, 2017 8:44am
Quoting EddyL
{quote} A little risky right before NYSE open?
If you can define the risk.

NY open means what? If Asia and Europe have already taken price lower, then there is a chance on Pivot Point analysis that it's NOT going to go lower.

Also I mentioned that the Elliot Wave count for Wave 1 down ( which in itself also is made of 5 waves) means that the probability is high of a reversal.

I trade on that but I am willing to accept I could be wrong (hence stop loss)

Look at attached to see what happened.
By no means does it indicate that I was right.
Market doesn't give a shit about me.
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A pip is only worth it if you know how much you risked to earn it
  • #36,088
  • Nov 13, 2017 8:50am Nov 13, 2017 8:50am
Quoting vlady1974
{quote} I'm using 4H. Just put a small long on. Could be catching a falling knife but its on previous day's daily pivot S3 level. {image}
closed the small Long. Net +55
Need to get back to work. :-)
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A pip is only worth it if you know how much you risked to earn it
  • #36,089
  • Nov 13, 2017 9:01am Nov 13, 2017 9:01am
Quoting vlady1974
{quote} If you can define the risk. NY open means what? If Asia and Europe have already taken price lower, then there is a chance on Pivot Point analysis that it's NOT going to go lower. Also I mentioned that the Elliot Wave count for Wave 1 down ( which in itself also is made of 5 waves) means that the probability is high of a reversal. I trade on that but I am willing to accept I could be wrong (hence stop loss) Look at attached to see what happened. By no means does it indicate that I was right. Market doesn't give a shit about me. {image}
What I meant is, sometimes at NYSE open the market kind of whips around before picking a direction, so higher likelihood of a stop being hit. Maybe a little simplistic...
  • #36,090
  • Nov 13, 2017 9:04am Nov 13, 2017 9:04am
This move is looking more like the beginning of Wave 2 (ABC). This particular leg up is wave (a).
Am not trading it as against my bias (short). Would like to see it meet the 1H timeframe 100EMA to complete.

B wave could complete anywhere between 13000 and 13100. With C wave somewhere on a Fib/Pivot level

I am by no means an Elliot Wave expert. I'm still learning from others.
But the wave count seems to be informative.
A pip is only worth it if you know how much you risked to earn it
  • #36,091
  • Nov 13, 2017 9:10am Nov 13, 2017 9:10am
Quoting EddyL
{quote} What I meant is, sometimes at NYSE open the market kind of whips around before picking a direction, so higher likelihood of a stop being hit. Maybe a little simplistic...
I get what you mean, and I know about opens.

My initial post started with trying to define what "Day Trading" means.
One definition is to know the market you're looking at, eg. EURUSD, DAX, Bitcoin, etc and to learn which market influences it the most.
DAX for example is mainly a European thing. So within a 24 hour Day cycle, you should be aware of Asia Open, Frankfurt Open, London Open and New York Open.
You would also check for news on EUR or any European stat.

If a move comes early (via Asia, Frankfurt, London) and that move is a large range already, you'll have to ask yourself whether NY open will deliver more than an average daily range than the current range has already traveled. This is part of your betting probability.

For this, I use other things which I won't get into. But S3 was a useful indicator. So was EWave.
I stack up all these signals (2 of which indicated a reversal) and 1 (not explained) that was a Long signal.
Stacking these probability reasons together gives you a betting probability.
A pip is only worth it if you know how much you risked to earn it
  • #36,092
  • Nov 13, 2017 9:13am Nov 13, 2017 9:13am
Quoting vlady1974
{quote} I get what you mean, and I know about opens. My initial post started with trying to define what "Day Trading" means. One definition is to know the market you're looking at, eg. EURUSD, DAX, Bitcoin, etc and to learn which market influences it the most. DAX for example is mainly a European thing. So within a 24 hour Day cycle, you should be aware of Asia Open, Frankfurt Open, London Open and New York Open. You would also check for news on EUR or any European stat. If a move comes early (via Asia, Frankfurt, London) and that move is a large...
Wow! That is an amazingly informative answer! Thank you!
  • #36,093
  • Nov 13, 2017 9:25am Nov 13, 2017 9:25am
Quoting PariCovek
Have downside targets of 12800, 12781, 12700, 12615, 12600, 12560. Might take a few days to get down there.
Yankee doodles up to the same tricks... Buy the dips as always. Have some resistance at 13107 and 13111; but if it creates a hammer on 4H, then it might go higher.
  • #36,094
  • Nov 13, 2017 9:58am Nov 13, 2017 9:58am
Interesting that the PVP from the long consolidation in October is where today's fall turned.....

Nice to see continued volatility giving us plenty of trading opportunities......long may this continue
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Trading Levels with WRBs
  • #36,095
  • Nov 13, 2017 10:18am Nov 13, 2017 10:18am
A simple M 1 chart showing Levels, Volumes and ribbon MA as a reminder of the current, short term trend help me to view the Price Action and make my trades - and there were plenty today
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Trading Levels with WRBs
  • #36,096
  • Nov 13, 2017 11:06am Nov 13, 2017 11:06am
waiting tomorrow morning
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  • #36,097
  • Nov 14, 2017 2:09am Nov 14, 2017 2:09am
longs
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The only constant is change
  • #36,098
  • Nov 14, 2017 2:11am Nov 14, 2017 2:11am
Quoting littspaniard
longs {image}
SL hit 5*3=-15 points
longs again
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The only constant is change
  • #36,099
  • Nov 14, 2017 2:36am Nov 14, 2017 2:36am
Quoting littspaniard
{quote} SL hit 5*3=-15 points longs again {image}
stop loss hit at even
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The only constant is change
  • #36,100
  • Nov 14, 2017 2:48am Nov 14, 2017 2:48am
longs

edit reduce stop loss 5 points
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The only constant is change
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