Chart of the day

Here is a gap and triples so up here at 1227 is my sell...look at the gap in between the white lines...just couldn't hold long with that looming

getting long at 31.50...odds favor the 33.50 - 35 retest now

no fill first on 31.50...so we gotta be thinking short now to go get the 31.50 now that we are up in the 33's first..chart later

working the 34.25 and 36.25 in the overnight for the 31.50 gap fill

overnight low was 30.75 .........can anyone see the logic in this trade or is it all a waste of time

Here is the chart: I was hoping they would run it down FIRST to fill in the gap but when they ran it up first to run out those five bars with matching highs then I knew they would come back down to fill in the gap at 31.50......This was interesting because we had two high probability events...to try and trade for

Originally posted by BruceM

no fill first on 31.50...so we gotta be thinking short now to go get the 31.50 now that we are up in the 33's first..chart later

Here is the chart with the high volume zones ( zones are created from the highest vertical volume from that day)...so we had an upper zone to lean on for our short trade to go for the 31.50 gap in the data

here is yesterday afternoon and the overnight....nice pop up and then the run down to go fill in our 31:50 gap

Not being a chart person...still pen and paper...I have to assume to took a sell @ 3550 , but what would have happened it continued to run up?

Where would have been your next sell?

P.S I use a 1 minute chart for focus; no indicators..

Pink

agressive long at 11.75..trips above

good question....This was a mixture of a trade that was initiated in the day session and the add on was in the overnight.... I would have added at 41 as that was another key area for me if this was the day session only.....the overnight add on was only three contracts as my "work" with overnight trading needs improvement....in other words the low volume of th eovernight makes my style of trading harder...

For this particular trade I would not have added on a third time unless I happened to be awake to monitor this.....I had a catastropic stop at 10 points from the first entry.......a purely random area but also slightly above my last key number of 41... needed in the overnight so I can sleep

Originally posted by pink floyd232

Not being a chart person...still pen and paper...I have to assume to took a sell @ 3550 , but what would have happened it continued to run up?

Where would have been your next sell?

P.S I use a 1 minute chart for focus; no indicators..

Pink

I don't think the volume is an issue but it is just something I have observed. I personally would not look at 1 - 4 minute etc..you'd drive yourself crazy and find too many areas of consolidation. For me it's on the 5 minute or else I don't look for them.

Obviously they are not perfect and you can see 5 (5 minute bars) in a row down near the 988 area that have held.....those folks got rewarded but most times the triples give folks the false impression of being rewarded only to get run out later.


There are some who think that the floor or larger traders don't gun for stops.....while they may not gun for my SPECIFIC order I beleive they do know that folks are taught to keep stops just below or above swing points and consolidation areas, like the triples. This is why I am a fader and like things like previous highs and lows and volume areas. We just don't trend enough and spend a huge amount of time consolidating...

Bring up a 5 minute chart of the ES and see how often we get a trend away from a price without going back to fill in the breakout area later.....look for my thread called "Price bar overlap" soon. The RTH session begins for me at 9:30 e.s.t and ends at 4:15 . Everything outside of that time is considered the overnight session for me.

Originally posted by ak1

Thanks Bruce, if the triples are formed inside the days range on high volume will they be considered valid.Like the ones at 1006.5 on Friday. Also if we can't find triples in a 5 min. chart, is it OK to consider the 1 min chart then or do we go loking for them from 4min to 3min to 2min and then 1 min.i.e scale down.