This
is a new joyful experiment
in progress.
Thoughts
Those who bring sunshine
to the lives of others
cannot keep it from themselves.
Sir James Barrie
. . . . . . .
All you have shall some day be given;
Therefore give now, that the season of giving
may be yours and not your inheritors.
Kahlil Gibran
. . . . . . .
In the long run, we get no more
than we have been willing to risk giving.
Sheldon Kopp
. . . . . . .
The greatest good we can do for others
is not to share our riches with them,
but to reveal their own.
unknown
Today's daily charts . Lots of great charts there. Many of the posters you can find in real-time chat during and after trading hours by installing the free version of PalTalk, and then looking for "NQ/ES pals" under the business and finance groups. The room is provided by EnsignSoftware. To get on the mailing list, join the Yahoo group e-Mini Traders Anonymous. |
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My day starts looking at Globex and previous days price action. Today we had nice rally and a 123 reversal during the Globex session. Result: gap up. Next question, will we fill the gap or continue the rally?
Here's how I saw it. 1. CCI is extreme with reverse divergence from 8:00, about to cross -100. That's a setup. 2. Long term stochastic is divergent hooked down (red) but overall in up trend the red perhaps just a pullback. 3. Short term stochastic just coming out of oversold territory and as it does LT goes green also. We have a slingshot, another setup for the long. Targets: 1. Gap Projection Target 89650. 2. Previous Swing High 89775. 3. 123 reversal 100% 89775 127% 89925 162%(my favorite) projection 90100. Decision LONG. Lets find a entry.
Entry choices: 1. Most aggressive, break of the 1-2 setup 89475. 20ema still red. 2. Break of retracement trendline 89550. 20ema will have flipped to green. I like 89475. Previous swing low = 89275. If we get to gap projection target I get 1 off for +2.
Price went to all targets. Market offered add-on entries. It was a nice move with good slope= momentum. 1. 1-2 setups in synch with slingshot. Notice how the long term stochastic stayed green almost the entire run up. I use 5-2 and 21-14 both %K. Flags. 2. CCI offered similar entries. +100 reject, zero line reject, a nice CCI sling at 10:30. On this run up I prefer the stochastic. Much clearer imo. Other times I'll prefer CCI. CCI did not hook sooner than the 5-2 on these trades. Regardless, Its not the indicator that counts. You need to master your tools, master your setup and gain market structure sense. This comes from screen time.
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