I thought I'd create a new topic and try something out and see if it seems beneficial to everyone. I'll try to post every day or so the times that setups completed that I thought were good based on the methodology. I will only do posts for times for 3-minute or higher timeframe setups. If the setup is on a 1-min or 2-min but could be used as an entry setup for a higher timeframe bias I may mention those, too.
The idea here is to point out the completion points for setups I thought were acceptable so everyone can make sure they see the setup, and go back and do the work, perhaps working through how they might have entered, managed, and so on. Mostly, though, it is to give everyone a chance to see the places I thought were the best setups on a given day based on my application of the methodology. Some will not have 'played out', but were still worth looking at.
One more point. These are not necessarily going to be areas I traded off of, they are going to be areas I thought were good enough to be looking at. I am not implying I traded them. I may have, or may not have, but that will be independent of whether I list them here. I want to give everyone a chance to 'start to see' the areas I think are the ones that best fit the methodology.
Most of these will be ABCD's, even though I will sometimes find areas that have enough for me to consider them without the ABCD. As I generally say to my students 'The ABCD is the 'hub of the wheel', the center point of where I start.' I suggest until one has the methodology down cold, start everything with the ABCD. I may, though, throw in a few setup times where other factors contribute to the area (like POC, pivots, GLOBEX points, and so on) such that some of the usual KT factors may be less.
As you will soon see, the posts will be in a format something like this, of course subject to any improvements I discover as I try this:
March XX, 2009
10:34 AM EXP ABCD, 3-min
Any thoughts or suggestions welcome.
JI
jimkane
Rep: 3,058
Posts: 33,089
4/2/09
Note: My GLOBEX sets mentioned here are usually based on QCharts all-sessions data, not tick charts, but there are also tick chart sets of good use, so do those, too.
10:29-35 L: DT ABCD, .236, .685, .886, 1.460 BC, GLOBEX set line, GLOBEX TL very close
11:51-52 L: 3-Drives into area (pseudo-ABCD), .236 (from GLOBEX), .300, .382, ML from GLOBEX set (this is a 'tricky' balanced set to see, but it is obvious once you have it, and critical later)
12:35 S: Overextended swing into my next daily area, upper // from set mentioned in last setup, IB 100% extension (for those that follow that) to the tick, 5 waves up from the RTH open (not sure how much that meant, but it looked pretty), and super-key ML upper // (and spike line) going back to 2/25
13:44-57 L: Right back to that same GLOBEX set lower //, .236, .486, 1.272. Also put on a 'natural' set on the three previous swing points (11:20, 11:51, and 12:35) and put an outer division line on the set. Lots of chop here, but it 'saw' it.
14:46-48 S: Look at the upper // of that 'natural' set, and the ML of the GLOBEX set (again and again with that set, it guided most of the day and was on the chart pretty much before the open, and then adjusted slightly), at an .886, and a major new TL 'retest'.
15:57 L: 5-min ABCD's across the board (NQ, TF, Dow, et al), nice tick 3-Drives into area. Set lines are there, but you have to look for them. One is the second, smaller set I still have on my 60-min off the 3/6 low. Today's the open was at the ML, the high was at division line, and the ABCD just a little overshoot of that ML. There's a set from 3/31 with a division line right there (this set was also a key set for all the setps above, too, so see if you can go back and see that). Then you can put standard and modified Schiff sets on the ABCD, with division lines, and division lines hit dead in there. Lots of lines pointed to that spot. There's more, but that's enough. And yes, that ABCD look to the CD leg, with a smaller ABCD in its BC leg was not good.
Note: My GLOBEX sets mentioned here are usually based on QCharts all-sessions data, not tick charts, but there are also tick chart sets of good use, so do those, too.
10:29-35 L: DT ABCD, .236, .685, .886, 1.460 BC, GLOBEX set line, GLOBEX TL very close
11:51-52 L: 3-Drives into area (pseudo-ABCD), .236 (from GLOBEX), .300, .382, ML from GLOBEX set (this is a 'tricky' balanced set to see, but it is obvious once you have it, and critical later)
12:35 S: Overextended swing into my next daily area, upper // from set mentioned in last setup, IB 100% extension (for those that follow that) to the tick, 5 waves up from the RTH open (not sure how much that meant, but it looked pretty), and super-key ML upper // (and spike line) going back to 2/25
13:44-57 L: Right back to that same GLOBEX set lower //, .236, .486, 1.272. Also put on a 'natural' set on the three previous swing points (11:20, 11:51, and 12:35) and put an outer division line on the set. Lots of chop here, but it 'saw' it.
14:46-48 S: Look at the upper // of that 'natural' set, and the ML of the GLOBEX set (again and again with that set, it guided most of the day and was on the chart pretty much before the open, and then adjusted slightly), at an .886, and a major new TL 'retest'.
15:57 L: 5-min ABCD's across the board (NQ, TF, Dow, et al), nice tick 3-Drives into area. Set lines are there, but you have to look for them. One is the second, smaller set I still have on my 60-min off the 3/6 low. Today's the open was at the ML, the high was at division line, and the ABCD just a little overshoot of that ML. There's a set from 3/31 with a division line right there (this set was also a key set for all the setps above, too, so see if you can go back and see that). Then you can put standard and modified Schiff sets on the ABCD, with division lines, and division lines hit dead in there. Lots of lines pointed to that spot. There's more, but that's enough. And yes, that ABCD look to the CD leg, with a smaller ABCD in its BC leg was not good.
MR
mreiserer
Rep: 110
Posts: 2,220
awesome. have trouble with Globex and day-session charts and how to integrate the two.
Can't switch back and forth. I assume you have two side by side?
Can't switch back and forth. I assume you have two side by side?
JI
jimkane
Rep: 3,058
Posts: 33,089
Yes, I do them separately, so I have a chart for just GLOBEX, and I know the area, and then just mark it, or maybe a section of the line as best as I can duplicate it, as it fits into the area on my 'regular' chart. Or I can watch them both side-by-side as the area is hit. And for tick charts, I may have a higher tick chart, maybe a 987 or higher up on another screen if I need that. But mostly I just see what the area for that would be with respect to my main chart. It's a bit tricky, and not 100% ideal, but it is how I do it. If there is an ideal, I don't know what it would be...
JI
jimkane
Rep: 3,058
Posts: 33,089
4/3/09
This day will be a bit difficult for me to post, because there was a lot of more complex things going on. The point of this posting is to help people see the basic setups, where I just post the ABCD's and that's it. But many days have lots and lots of 'context' and bigger lines that move things around, and I use all that in creating premises. This day had a lot of that. I will still post the main areas, and try to list the key factors, but I can tell I'm already going to get far away from my original intentions.
10:27-32 S: 2-min traded timeframe flat ABCD, as an entry pattern, not a premise unto itself. Late in the downmove for such a small correction, but it reached beyond the average area for an ABCD, so it did 'play out'. See next setup for 'context'.
10:47 L: Elliott abcde, at .300, .447, 1.272 of d, 1.902 of b, and set from 3/30 lower //, all hit just about dead on together at previous day's low area. There were also some fascinating TL's, which overlaid a key sliding // that I had. Do a TL from 3/20 low, 3/30 open high, and 3/31 high (fit the line), or use the last two points. Use regular trading hours. Dead in there. This is a sliding // also for my big key upsloping set. Point is, this was the setup of the say, and the one to create the bias. Notice I always look for a bigger area to set the bias for the day, if I can. Now see the problem with the first setup, for more than a scalp? If I thought this area was a magnet, I could play to it, using say the choppy ABCD off the open or the DB ABCD at 9:58-9 as entry setups on the 1-min.
11:25 L: ABCD with ABCD in BC leg 'wave 2' second entry for last setup. 11:05 EXP may have fooled you, but with stop below the low, it wouldn't have mattered. Keep in mind the size of the bigger pattern.
12:36-38 I'm not listing this as a short because my bias was really up, but this is the area of a 'spike line set' ML right in here, from 13:44 on 4/2 to the LOD, so I expected some checkback (I called this a 'recent short' as we discussed this in the ES topic at the time. I suggest everyone read my comments, esp. 12:55 and 13:01. I can't explain it all again in here.). It was also the daily pivot area, and may have been worth a shot in case they decided to sell it off. For fun, do an 89-tick chart with a 34-per simple MA of the run up to this point and see when the price action changed character. Don't count on it trending this cleanly too often, but when it does...
13:11-42 (esp. 42) L: double (triple?) bottom at .447, back at key lower // for the LOD setup, and the checkback was centered around ML for set based on 4/2 and 'locked' at the LOD. Upper // is where it might be headed if this is a 'pseudo BC leg' (I say pseudo because .447 is shallow for a BC leg, but this may just create a measured move and then check back and up some more). Read my 13:41,42,48 comments in that ES section.
14:05-10 Just note the 1-min EXP ABCD here
14:35 S: Although I was very relectant on the short side, this was just too classic. The notes in the ES section didn't make it sound like I thought the short side had any hope, but I was meaning for more than a pullback. For an intraday trade it was surely a worthwhile setup in my opinion, but I didn't see any more than that. What unfolded was classic, though. This went right to that big set upper // that the .447 pullback mentioned before centered around the ML, as an .886 ABCD at a .786 ret, just below the VAH. It was also a 1.902 ext ret off that 'bc' leg. It rolled down, gave a nice swing trigger, then pulled back to a .685 'wave 2' right at the key upper // of the set I use for such a pullback, and rolled, at 14:58. If I didn't want to take the initial play, I surely want to be on something like this, even for just a pullback, in case it does decide to sell into the close.
15:37 L: 5 waves down to a set line (this is a set line likely only my mentor students will find), .564, .886 (this was also a 'Bat' pattern), 1.272 of 'wave 4', another pattern. Read my 15:38 post on the stop run and pop.
15:49 Note the TD on the tick/1-min chart.
I had so much more going on than I posted here, and as I said, I am getting very far away from the 5 minutes a day I committed to, to post 3-5 simple ABCD's and times. And as I find with my commentary, I look back at this, which took me like an hour to put together, and I feel I left so much out I don't even like posting it. But the goal was to give people places to look at, do the work, and see what I was looking at. You must find your own lines, sets, and so on. There are many sets and lines I didn't mention, things I had in there. If I have to mention everything, this will explode to three hours a day. So, I will try once again on Monday to simplify this. If I can't, I may not do it much longer. I'll try, though, as it is good review for me, and I generally do a daily review every day anyway.
This day will be a bit difficult for me to post, because there was a lot of more complex things going on. The point of this posting is to help people see the basic setups, where I just post the ABCD's and that's it. But many days have lots and lots of 'context' and bigger lines that move things around, and I use all that in creating premises. This day had a lot of that. I will still post the main areas, and try to list the key factors, but I can tell I'm already going to get far away from my original intentions.
10:27-32 S: 2-min traded timeframe flat ABCD, as an entry pattern, not a premise unto itself. Late in the downmove for such a small correction, but it reached beyond the average area for an ABCD, so it did 'play out'. See next setup for 'context'.
10:47 L: Elliott abcde, at .300, .447, 1.272 of d, 1.902 of b, and set from 3/30 lower //, all hit just about dead on together at previous day's low area. There were also some fascinating TL's, which overlaid a key sliding // that I had. Do a TL from 3/20 low, 3/30 open high, and 3/31 high (fit the line), or use the last two points. Use regular trading hours. Dead in there. This is a sliding // also for my big key upsloping set. Point is, this was the setup of the say, and the one to create the bias. Notice I always look for a bigger area to set the bias for the day, if I can. Now see the problem with the first setup, for more than a scalp? If I thought this area was a magnet, I could play to it, using say the choppy ABCD off the open or the DB ABCD at 9:58-9 as entry setups on the 1-min.
11:25 L: ABCD with ABCD in BC leg 'wave 2' second entry for last setup. 11:05 EXP may have fooled you, but with stop below the low, it wouldn't have mattered. Keep in mind the size of the bigger pattern.
12:36-38 I'm not listing this as a short because my bias was really up, but this is the area of a 'spike line set' ML right in here, from 13:44 on 4/2 to the LOD, so I expected some checkback (I called this a 'recent short' as we discussed this in the ES topic at the time. I suggest everyone read my comments, esp. 12:55 and 13:01. I can't explain it all again in here.). It was also the daily pivot area, and may have been worth a shot in case they decided to sell it off. For fun, do an 89-tick chart with a 34-per simple MA of the run up to this point and see when the price action changed character. Don't count on it trending this cleanly too often, but when it does...
13:11-42 (esp. 42) L: double (triple?) bottom at .447, back at key lower // for the LOD setup, and the checkback was centered around ML for set based on 4/2 and 'locked' at the LOD. Upper // is where it might be headed if this is a 'pseudo BC leg' (I say pseudo because .447 is shallow for a BC leg, but this may just create a measured move and then check back and up some more). Read my 13:41,42,48 comments in that ES section.
14:05-10 Just note the 1-min EXP ABCD here
14:35 S: Although I was very relectant on the short side, this was just too classic. The notes in the ES section didn't make it sound like I thought the short side had any hope, but I was meaning for more than a pullback. For an intraday trade it was surely a worthwhile setup in my opinion, but I didn't see any more than that. What unfolded was classic, though. This went right to that big set upper // that the .447 pullback mentioned before centered around the ML, as an .886 ABCD at a .786 ret, just below the VAH. It was also a 1.902 ext ret off that 'bc' leg. It rolled down, gave a nice swing trigger, then pulled back to a .685 'wave 2' right at the key upper // of the set I use for such a pullback, and rolled, at 14:58. If I didn't want to take the initial play, I surely want to be on something like this, even for just a pullback, in case it does decide to sell into the close.
15:37 L: 5 waves down to a set line (this is a set line likely only my mentor students will find), .564, .886 (this was also a 'Bat' pattern), 1.272 of 'wave 4', another pattern. Read my 15:38 post on the stop run and pop.
15:49 Note the TD on the tick/1-min chart.
I had so much more going on than I posted here, and as I said, I am getting very far away from the 5 minutes a day I committed to, to post 3-5 simple ABCD's and times. And as I find with my commentary, I look back at this, which took me like an hour to put together, and I feel I left so much out I don't even like posting it. But the goal was to give people places to look at, do the work, and see what I was looking at. You must find your own lines, sets, and so on. There are many sets and lines I didn't mention, things I had in there. If I have to mention everything, this will explode to three hours a day. So, I will try once again on Monday to simplify this. If I can't, I may not do it much longer. I'll try, though, as it is good review for me, and I generally do a daily review every day anyway.
MR
mreiserer
Rep: 110
Posts: 2,220
Thanks Jim. Looks like we watched the same movie. The choppy action was hard to take at times.To help you conserve your powers a post like your first one is good enough for me. We don't want you to burn out :)
BB
BBJ
Rep: 100
Posts: 129
Jim, I agree with M, post one was good enough. Short and specific.
Video posts are relatively easy to do and time saving if you might want to do a comprehensive review.
Video posts are relatively easy to do and time saving if you might want to do a comprehensive review.
JI
jimkane
Rep: 3,058
Posts: 33,089
4/6/09, new 'simplified' version (Ha!) Also new idea, the main bigger area I am watching before the open, if there is one, posted first.
Key setup for the day based on previous day's close: ABCD (hybrid flat, slightly EXP, or DT variation)pattern at .382 area around 818, with key 60-min upsloping set line lower //, and multiple other set lines. Also watching .447 area around 814 for DT ABCD with key ML, but ready at .382 in case.
10:09 S: .300 off GLOBEX high, division line for awesome GLOBEX set (M posted this in the daily notes), POC just overhead.
Note the multiple pullbacks in here that, although not ABCD's, had areas for them based on a great GLOBEX set (do your own set, it stayed with the set M posted for quite awhile longer after his chart capture). This was just incredible action for trading.
12:38-39 L: Area from intro hit. See above.
14:10 ABCD if one wanted to fade the bigger pattern. I didn't want to.
14:40-41 L: ABCD, .618, 1.272 BC ext ret, TL, and set which would be a guide until just before the close (T posted this set on his second chart in the daily notes).
14:52 Elliott abcde here to watch, as mentioned in the daily notes, again if one wanted to fade the bigger pattern. I didn't want to.
15:14 2-min 'chop pseudo-ABCD' back to lower channel area for more long side.
15:39-40 flat ABCD back at lower channel, TL, for more long continuation.
15:55 .618 at downsloping set division line, and a really cool 'crazy' TL, this may be an unstructured 'wave 2', if the market intends that (I'd be very cautious this wants that 1.272 higher area off the big pattern, but if the high is in, this is a choice spot).
It was a real 'chop-fest' today. I coined a new acronym for a term I have been using lately, as posted in the daily notes, 'HC', for 'Heinous Chop'. I will use the term in here when relevant.
Note: I will list L: or S: when I see it as a setup. If you don't see that, it was more something I just see there that you should notice, and if I'm not already in a position and riding it with a thick skin, or got bounced out with the big swings, then I can look at these areas as potential areas for entry/reentry. That would be their use for me, and why I mention them. Also, if I started to scale out because the chop was getting to me, I might look to add back on at such an area, hence 'partially scalping my way up'. Just some thoughts.
Key setup for the day based on previous day's close: ABCD (hybrid flat, slightly EXP, or DT variation)pattern at .382 area around 818, with key 60-min upsloping set line lower //, and multiple other set lines. Also watching .447 area around 814 for DT ABCD with key ML, but ready at .382 in case.
10:09 S: .300 off GLOBEX high, division line for awesome GLOBEX set (M posted this in the daily notes), POC just overhead.
Note the multiple pullbacks in here that, although not ABCD's, had areas for them based on a great GLOBEX set (do your own set, it stayed with the set M posted for quite awhile longer after his chart capture). This was just incredible action for trading.
12:38-39 L: Area from intro hit. See above.
14:10 ABCD if one wanted to fade the bigger pattern. I didn't want to.
14:40-41 L: ABCD, .618, 1.272 BC ext ret, TL, and set which would be a guide until just before the close (T posted this set on his second chart in the daily notes).
14:52 Elliott abcde here to watch, as mentioned in the daily notes, again if one wanted to fade the bigger pattern. I didn't want to.
15:14 2-min 'chop pseudo-ABCD' back to lower channel area for more long side.
15:39-40 flat ABCD back at lower channel, TL, for more long continuation.
15:55 .618 at downsloping set division line, and a really cool 'crazy' TL, this may be an unstructured 'wave 2', if the market intends that (I'd be very cautious this wants that 1.272 higher area off the big pattern, but if the high is in, this is a choice spot).
It was a real 'chop-fest' today. I coined a new acronym for a term I have been using lately, as posted in the daily notes, 'HC', for 'Heinous Chop'. I will use the term in here when relevant.
Note: I will list L: or S: when I see it as a setup. If you don't see that, it was more something I just see there that you should notice, and if I'm not already in a position and riding it with a thick skin, or got bounced out with the big swings, then I can look at these areas as potential areas for entry/reentry. That would be their use for me, and why I mention them. Also, if I started to scale out because the chop was getting to me, I might look to add back on at such an area, hence 'partially scalping my way up'. Just some thoughts.
JI
jimkane
Rep: 3,058
Posts: 33,089
4/7/09
Two key areas for higher timeframe/daily bias: .447 off 3/30 low at 812.50 area, which hits with a big uptrending set lower // (3/19-20), and the other big set lower // and TL. See daily notes and charts.
Recall the 15:55 post from 4/6/09. The area had the upper // of the 'natural' set, the division line of the 'adjusted' set, and the .618, and it did in fact turn it dead on.
9:45 L: First area mentioned above hit, GLOBEX low area, .447 within one tick, GLOBEX set lower //, and make sure you have that 'natural' set on there, with division lines, from 4/2 high, 4/3 low, 4/3 high. Notice lower division line is right there. This is also a spike line area.
10:47 S: .447, GLOBEX: 1.460, 1.000 (within one tick), VAL, same GLOBEX set upper //.
12:50 Notice TL and set from 4/3 hit at pattern here for short.
14:05-6 L: Second main area from intro hit, at 1.128 of morning pop, with small 1-min ABCD that sent it into area. Finishing price action.
15:42-45 S: .382, .786, sliding // of set based on today's action, upper division line from that same 'natural' set, 5 waves up at spike line.
Another super-chop-fest, HC^2 day. The idea is to pick the bigger spots, and then just let it chop, and it gets to the next spot I'm looking at, or it doesn't. Stops can perhaps be moved above or below developing swing points, but tight trailing stops, esp w/ MA's, are totally futile with this type of action.
Also, this post somewhat goes against my initial purpose for doing this daily synopsis, and that is to point out ABCD's for those still trying to 'see' the basic setups from the methodology. Today was a chop day without much trending, so ABCD's were limited. The above points out there was still plenty of potential areas within the methodology, but I strongly suggest students stay with the ABCD's until they have that down cold, then move on to other possible areas. Use the other areas for bias until that point. Otherwise, it's just too much, too many possibilities for the skill level at that point. So, I will still post days and setups like today, but keep all this in mind for 'context' and what I am trying to do to help everyone out here. So, focus on the ABCD's.
Two key areas for higher timeframe/daily bias: .447 off 3/30 low at 812.50 area, which hits with a big uptrending set lower // (3/19-20), and the other big set lower // and TL. See daily notes and charts.
Recall the 15:55 post from 4/6/09. The area had the upper // of the 'natural' set, the division line of the 'adjusted' set, and the .618, and it did in fact turn it dead on.
9:45 L: First area mentioned above hit, GLOBEX low area, .447 within one tick, GLOBEX set lower //, and make sure you have that 'natural' set on there, with division lines, from 4/2 high, 4/3 low, 4/3 high. Notice lower division line is right there. This is also a spike line area.
10:47 S: .447, GLOBEX: 1.460, 1.000 (within one tick), VAL, same GLOBEX set upper //.
12:50 Notice TL and set from 4/3 hit at pattern here for short.
14:05-6 L: Second main area from intro hit, at 1.128 of morning pop, with small 1-min ABCD that sent it into area. Finishing price action.
15:42-45 S: .382, .786, sliding // of set based on today's action, upper division line from that same 'natural' set, 5 waves up at spike line.
Another super-chop-fest, HC^2 day. The idea is to pick the bigger spots, and then just let it chop, and it gets to the next spot I'm looking at, or it doesn't. Stops can perhaps be moved above or below developing swing points, but tight trailing stops, esp w/ MA's, are totally futile with this type of action.
Also, this post somewhat goes against my initial purpose for doing this daily synopsis, and that is to point out ABCD's for those still trying to 'see' the basic setups from the methodology. Today was a chop day without much trending, so ABCD's were limited. The above points out there was still plenty of potential areas within the methodology, but I strongly suggest students stay with the ABCD's until they have that down cold, then move on to other possible areas. Use the other areas for bias until that point. Otherwise, it's just too much, too many possibilities for the skill level at that point. So, I will still post days and setups like today, but keep all this in mind for 'context' and what I am trying to do to help everyone out here. So, focus on the ABCD's.