The Daily Routine ?
(edit: and Intra-Day Update)
.
(edit: and Intra-Day Update)
.
Attached Image(s) (click to enlarge)
3
Volman meets Burke or My journey with PA
- #501
- Edited Oct 10, 2022 12:16am Oct 9, 2022 9:51pm | Edited Oct 10, 2022 12:16am
- Joined Dec 2018 | Status: Trader | 4,606 Posts
- #503
- Oct 10, 2022 4:15am Oct 10, 2022 4:15am
- Joined Sep 2006 | Status: Trader | 10,704 Posts
Psst - Hindsight charts
Roundup of Dax trades this morning - UK
Part SB and part other bits. ( The BLUE horizontal line that I forgot to label is the Previous Low)
Not a difficult morning ( &am to 10am UK time) because price was , more or less, upwards then downwards with little or no thrashing about.
I got away with the first arrowed long which was unwisely taken into the overhead previous low. The other lines are previous 15 and 5 minute levels which one should be aware of price action around them in order to decide to stay in, get out, or wait to get in later after getting out.
Notice nice "M" shape at top which SB often mentions.
Roundup of Dax trades this morning - UK
Part SB and part other bits. ( The BLUE horizontal line that I forgot to label is the Previous Low)
Not a difficult morning ( &am to 10am UK time) because price was , more or less, upwards then downwards with little or no thrashing about.
I got away with the first arrowed long which was unwisely taken into the overhead previous low. The other lines are previous 15 and 5 minute levels which one should be aware of price action around them in order to decide to stay in, get out, or wait to get in later after getting out.
Notice nice "M" shape at top which SB often mentions.
every Saint has a past. Every Sinner has a Future
- #504
- Edited 5:01am Oct 10, 2022 4:28am | Edited 5:01am
- Joined Sep 2006 | Status: Trader | 10,704 Posts
The Daily Routine ? (edit: and Intra-Day Update) . {image} {image}
Comments welcome
every Saint has a past. Every Sinner has a Future
- #505
- Oct 10, 2022 4:50am Oct 10, 2022 4:50am
- Joined Oct 2020 | Status: couldn't give a flying duck | 7,377 Posts
- #506
- Oct 10, 2022 4:59am Oct 10, 2022 4:59am
- Joined Sep 2006 | Status: Trader | 10,704 Posts
{quote} Looks similar to my type of set up reasoning which gives me hope TT
Whoops - should have pointed out I would be in bed when you traded that set up.
So I have added the UK analysis element if I were to trade the GJ
BANK HOLIDAY IN THE USA TODAY
every Saint has a past. Every Sinner has a Future
- #507
- Oct 10, 2022 5:17am Oct 10, 2022 5:17am
- Joined Sep 2006 | Status: Trader | 10,704 Posts
every Saint has a past. Every Sinner has a Future
- #508
- Oct 10, 2022 5:32am Oct 10, 2022 5:32am
- Joined Sep 2006 | Status: Trader | 10,704 Posts
every Saint has a past. Every Sinner has a Future
- #509
- Oct 10, 2022 6:10am Oct 10, 2022 6:10am
- Joined Dec 2018 | Status: Trader | 4,606 Posts
{quote}
Not traded by me but looks similar to my type of set up reasoning which gives me hope TT
Comments welcome {image}
Hi turnip
(Hahaa, be careful what you ask for lol, it's a long'un again)
Mate your charts look great to me. They are very tradeable as i look at them with the channels also, I could work with them.
It was a good day, there was more on the table in the end but I played it conservative with the Bank Holiday in Japan and all.
The MM had pretty much free rein today to do as they please and they stuck closely to their playbook, while allowing volatility to extend in both directions which is always my concern if caught on the wrong side of massive whipsaws lol (a 90 pip whip later wow).
The first major move in Asia was textbook Stacey with the #1, #2, #3 runup best seen on a 5min chart.
Price then ran right up into a confluence of Price/Lines that could see a variety of different trader styles taking interest.
Including the longer-term postion players watching the Monthly Open,
then the Pivots crew having interest at the Daily PP,
and which all happened right around the Round Number Gang showing their interest also I imagine at the 161.500
then after about 5 candles of Inflecting in a range, which Stacey calls 'holding up price' there was a fairly rapid 25 pip sell-off from the 3 Lines, nice.
Another Inflection again for about 5 candles just above the RN-Q at 161.250 saw it soon sell-off down to another 6 candle Inflection this time,
before finally hitting the next destination at the Big Round Number 161.000.
Their job was done there, I guessed lol, but no, they had one more crack down to the RN-Q at 160.750.
I was only watching from afar at this point, but then the London Open lol and they pulled their well heralded Fake'N'Flip from above & below the BRN 000
and drove high from the Lon Open for a 50 pip fake hahaa (still watching only, who knew, not me) and then the selloff Flip some 90 pips and right down to,
you guessed it the RN 160.500. Roller-coaster stuff, while just watching it here.
Then from the 160.500, and in a burst of fury LOL, they drove the market back up some 90+ pips wowee to just tick price over the earlier London Open high.
Marvellous mechanics to just watch from absolute experts in their field lol
.This was a great day for any trader to assess Market Mechanics play out as it had it all including Stacey's chart behaviour as shown by Mark and Kev to us earlier.
Banks in Japan will be open tomorrow and I will wait about 2hrs after the Asia Session opens to see what they bring anew lol.
(ps for Price/Line haters all the Lines were known in advance from the start of the day, the #1, #2, #3 Stacey setup built on itself Intra-Day,
and the Fake'N'Flip is usually a Franky/London phenomena, but I have seen it happen at other times. I do like to show caution/patience at those Opens.
Good charts again, turnip, I wish I could say something about the Dax but I've never studied it.
Good fortunes to you for sure.
- #510
- Oct 10, 2022 7:24am Oct 10, 2022 7:24am
- Joined Dec 2010 | Status: Stop Pretending | 5,275 Posts
Mark ... Everything you have been told is a LIE
- #511
- Oct 10, 2022 8:03am Oct 10, 2022 8:03am
- Joined Dec 2010 | Status: Stop Pretending | 5,275 Posts
Psst - Hindsight charts
Parts here, parts there, mix them and come up with your own secret sauce.
Mark ... Everything you have been told is a LIE
- #512
- Oct 10, 2022 8:04am Oct 10, 2022 8:04am
- Joined Dec 2010 | Status: Stop Pretending | 5,275 Posts
Mark ... Everything you have been told is a LIE
- #513
- Oct 10, 2022 8:49am Oct 10, 2022 8:49am
- Joined Dec 2010 | Status: Stop Pretending | 5,275 Posts
Mark ... Everything you have been told is a LIE
- #514
- Oct 10, 2022 10:25am Oct 10, 2022 10:25am
- Joined Aug 2006 | Status: Trader | 5,319 Posts
It never gets easier, you just get better
- #516
- Oct 11, 2022 12:25pm Oct 11, 2022 12:25pm
- Joined Dec 2010 | Status: Stop Pretending | 5,275 Posts
{quote} pg-1 Intro: General to Indices What I have here is my thoughts in general leading to indices. Next post is the DAX Friday London morning more specifically. This PA journey has been immensely fun to this point. When learning a specific thing and you have no, and I mean ZERO, outside distractions, and enough background in the general area of your subject and you learn pretty fast. What has made it even more enjoyable are some of the ground rules I set when I started. A main rule was too pretend not to know much. Not here on FF (except for...
pg-2 Intro:
Crazy how they can take a diverse group of equities and in the end they are all almost identical. I am sure there is no manipulation here.
My method is becoming an intraday swing trading style. I have spent a fair amount of time learning to identify highs and lows soon after their formation. Take this into the world of indices and you are then able to trade on the inside. This then is no longer Burke and it is not Volman. It may be some Brooks, I will know when I am done reading him.
Using the same patterns as any other time frame, I try and trade the ebb and flow of the 5-minute chart with limited PA skills. I get better as time goes on and I observe live PA and continue chart studies. I am learning to be gracious in my losses. The good thing is they get fewer all the time. There are adjustments from currencies to indices. Same structure and mechanics. The volatility is definitely different and adjustments to it are a must.
Indices will eat your lunch if you are not careful.
Mark ... Everything you have been told is a LIE
- #517
- Oct 11, 2022 5:29pm Oct 11, 2022 5:29pm
- Joined Dec 2010 | Status: Stop Pretending | 5,275 Posts
{quote} That was a lot of charts. Does prove a point. Apologies for the silence the last few days. Have been working on some things. pg-2 Intro: Crazy how they can take a diverse group of equities and in the end they are all almost identical. I am sure there is no manipulation here.
Here is the clean chart ...
Here is the marked-up chart that shows how I would have attempted to trade this.
A couple things on everything up to this point.
One is using new (apparently) highs or lows soon after they form. For my purposes, this usually only entails two bars. Most of the H/L I trade off are DT/DB. This is usually some variant of the harami. Other entry patterns would be Pete's inflection points. These inflection points are very similar to Volman's ranges he trades for breakouts. I see these points as trading ranges also. With most of my time, to this point, focused on basic Burke all I can do is point out these areas.
What I am doing on indices is mostly an extension of Burke. The exception is I attempt to trade the flow of the market. With varying success to this point. Much of the downside gets eased when I use limit orders trying to snag a one bar pull back of the entry area. Yes - sometimes that pullback has been enough to stop me out. Instead of increasing my SL, which would change a lot of other stats, I opted to change my entry location. And if I miss a move, oh well.
ptA: Coming into the London session a DT is formed. This is in the middle of the day's range and could be ignored waiting on an entry at one of the edges. Keeping with my trade with the flow methodology I would put a limit order somewhere on the bear bar. A conservative entry would be a momentum entry as psice pushed through the ema.
ptB: Is a DB that was created in the breakdown of a short-lived ascending triangle off the new low. I have the entry marked at the open of the bar after the DB. Again, the best entry would be a limit order.
ptC: Is another DT with a limit order entry/ Pretty straightforward.
ptD: Brings up an issue I have with the pin-hammer. This single bar pattern comes in many flavors as is not reliable in the least. I looked at Nison's take on this real quick and will need to go back to it, but a pin type bar is really no more than a heads up. Yes, there has been many a great move from these and I am not saying do not trade them. I am saying do not bet the farm on these things 'cuz you will be wrong often. I placed a possible entry. These bars need a lot more study
Moving on the market goes sideways. I think Brooks calls this barbwire?? Not sure. Either way, a DB is formed in that. From that DB, there are a number of ways to enter. At this stage you need to choose your own poison.
I will post more (and more) on the MES, my index of choice, as time goes on. Trade these things at your own risk as they can be harsh.
Mark ... Everything you have been told is a LIE
- #518
- Oct 11, 2022 6:39pm Oct 11, 2022 6:39pm
- Joined Dec 2010 | Status: Stop Pretending | 5,275 Posts
Mark ... Everything you have been told is a LIE
- #520
- Oct 11, 2022 6:59pm Oct 11, 2022 6:59pm
- Joined Dec 2010 | Status: Stop Pretending | 5,275 Posts
Mark ... Everything you have been told is a LIE