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ES short term trading 7-8-10


Though it would be interesting to start Thursday off by looking at the chart that I posted at the end of yesterday's session showing the 4 single prints left behind.

Remember that today is a MATD.

Click image for original size
ES 7 July 2010 showing 4 single prints left behind on this day.


For those interested in trading single prints as a strategy here are some links to some forward tests that we did 5 years ago that I believe are still relevant today:

http://www.mypivots.com/board/topic/132/1/single-prints-forward-test-may-2005

http://www.mypivots.com/board/topic/214/1/single-prints-forward-test-june-2005

http://www.mypivots.com/board/topic/312/1/single-prints-forward-test-july-2005
right on Paul!!
Originally posted by PAUL9

Piker,

I have noticed that early afternoon (anywhere after "noon" upto like 2:00, a swing failure takes place and then price starts a move in the direction of the price direction of the trend day.

At least that has been the case for the 5 most recent market after trend days that I have looked at.

a swing failure for current market after UP trend day yesterday would mean a HL on the 5min.

I remember 3 out of the 5 I looked at had swing failure in the 12:30 to just before 2pm window of time.
Originally posted by BruceM

that's the goal Paul...in fact I think it would be valuable to write up charts after the day ends as my typing is quick while trading and make mistakes...

I don't want anyone to think of this thread as a signal calling service as it is really more about market distinctions that repeat over time.......I believe that no two traders will really trade a like...I hope that the ideas we post help folks "look" at the market in new ways,,,,especially those who continue to buy and sell breakouts....I think most of us have made that crystal clear that fading is a better way to go over time....we let the trend guys hold us back for two or three days a month knowing we can crush them the next day !!!!
Originally posted by PAUL9

I think Bruce wants you to learn how to do it yourself and not piggyback.



Bruce, you are a great fader, but think about how great it would be if you could become a great trender too! It's like having your cake and eating it too...
Originally posted by BruceM

that's the goal Paul...in fact I think it would be valuable to write up charts after the day ends as my typing is quick while trading and make mistakes...

I don't want anyone to think of this thread as a signal calling service as it is really more about market distinctions that repeat over time.......I believe that no two traders will really trade a like...I hope that the ideas we post help folks "look" at the market in new ways,,,,especially those who continue to buy and sell breakouts....I think most of us have made that crystal clear that fading is a better way to go over time....we let the trend guys hold us back for two or three days a month knowing we can crush them the next day !!!!
Originally posted by PAUL9

I think Bruce wants you to learn how to do it yourself and not piggyback.


I completely agree with Bruce. This is not and should not be a "trade calling service." What Bruce is doing here is a million times more valuable than a trade calling service. Instead of giving you fish he is teaching you how to fish. (I know that's a corny and overused expression but it is perfectly appropriate here.)

What you should be doing is reading, questioning and understanding what Bruce and the other "vets" are saying. If he's using a term over and over that you don't understand then PM me and I'll get it defined in the dictionary and auto-link it from the forum.

Ultimately you should be able to look at a chart and say "I bet that Bruce is going to buy/sell at this point and target points x, y, and z because there are single prints over there and it's a MATD etc." At that point you don't need a trade calling service because you are already one step ahead of the market and when Bruce is on vacation you are still able to trade profitably.

end of rant