4:00PM EST edit:
Note the intraday double bottom in the DOW (perfect offsetting bars) that coincided with a test of 8,000. The ensuing bounce lifted the markets higher (~260 DOW points) and created a lot of long setups (I traded an NQ setup that yielded 30 points).
note - thoughts and prayers to the U.S. Airways crew and passengers - I hope they all made it.
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11 comments:
Thanks for the heads up. I caught 20 NQ points!
PayPal 10% of your profits to Good Karma.
: )
Thanks X! You should run a live chat.
X,
Two things:
1. Please get on Twitter!!
2. Would you post the NQ chart?
X -- thinking about getting RealTick (on demo right now) .. do you know any way to have a previous day high/low on the intraday chart? just like they have pivots?
Thanks in advance.
I am not sure that I understand your question - with RT, you can have multiple days on the chart so the previous days high/low is readily visible. Look at my charts on the blog.
I've been studying my charts a lot and that definitely helps my own trading.
On the trading front, I don't trade futures (hope I do though), but I traded RTN (long on break of 14th 15-min bar). Does it qualify as your "retracement" trade? I like it because,
1. It made several attempts to close below 50% retracement level and failed every time.
2. The 5 bars up to my entry all left lower tail, of which 4 were green.
3. The 3 bars up to my entry were NR7 hammer/ doji, formed just above the support level.
4. The whole action was quite orderly, except the 1130 bar.
The only thing I don't like is that the entry was a bit late in the day. What is your opinion on this trade?
Thanks for your time on sharing your thoughts on this amazing blog!
TL
Just spot that there is a entry on the 1150 5-min bar. Is that correct? Exit is PDH as usual.
TL
Hi X,
I need to echo "Prospectus". Please get on Twitter. I don't think it would be a drag for you. I mean, if you don't want to post, you just never post. But if you do post, either thoughts or links, we would all benefit. Just a thought.
TonyB
X,
To add to my prior post, I thought you might find this interesting. Sorry if it's too much.
http://tinyurl.com/84ktwb
TonyB
Thanks for the Twitter info - I will look at it this weekend. In general I don't have a desire to try and make any real-time calls because it takes the focus off MY trading, and as a general rule I don't care about the overall direction of the market. The reason for my post yesterday was really to alert anyone that was short of a potential bounce...not necessarily have people pile in long.
But I have always wondered about Twitter so I will take a look. Thanks!
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