Round Table

Hear ye, hear ye! Gather ye around the round table.

My weekly indicates this is over. The daily, not by a long shot. Sellers seem to have effectively controlled 1369. By my count we have to peak 1376 to keep seeing the sun as it were.

What are you guys coming up with?

another high volume bar has sent me long again at 36.75..41-42 is area for any longs to clear if we are going to try and get more out of this......Ticks make long side questionable as not many high tick readings yet today although we has a nice reading into the key number at 37

let me elaborate while I have a bit more time..perhaps my spelling will improve....so where is the minus 8 number off the open? 1336.75....Correct! Where was my key number ? 1337 ...Correct again !!....at what price bar is the highest one minute volume spike of the day....1338.50 - 1336.75......Correct...so we had nice low TICK ( $Tick ) into all of that.....my concern from that previous post was that there have been no high Tick readings so far and that can lead to a trend lower....this was still a good fade....so the 1342 was another high volume area and my other long from overnight..( which hit first target and then got stopped out).now if we can clear the 42 and build up some time then we may get lucky and get to 1346 and 1351...hope that clears things up....

This one was for all my "Buddies" over at ET who think that you need to post Trade Blotters to prove your man hood and prove that you trade....these folks post nothing of educational value except they prove that they can post ( and even fabricate) trade blotters...not sure why they bother......

best fill for me is 46.25...final stop at 42.50...last target is 51 even.....or else will exit on close if neither one hits by then....that was a plus 1000 tick into a key volume number for exit.....

quote:

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Originally posted by BruceM

best fill for me is 46.25...final stop at 42.50...last target is 51 even.....or else will exit on close if neither one hits by then....that was a plus 1000 tick into a key volume number for exit.....

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Nice play - and a comfortable living you're working on in your strategy. Jolly good.

Hey Bruce thanx for your excellent interpretation of the market. I'm a new daytrader, mostly S&P futures and all your comments have served as great guidance.
Do you have any particular setups for tomorrow?
thanx,
k

While I don't have anything specific for today we have to be aware of a possible breakout from yesterdays Real time hours consolidation day . I'm watching the 1336 - 1338 ( where high volume) pushes happened yesterday and the 1446 area,,( these are no better then just watching yesterdays highs and lows),,then of course I'll watch to see what happens at the key numbers based off the open price with extreme Tick readings and monitor the volume spike for clues...

If I was to trade off of just my gut feeling I think they are going to try and test the 1351 area today but I was wrong on that upper target yesterday....still I am biased to the upside...sorry I couldn't be more help but I don't want to pretend to see something that just isn't there..

My preference is to see a lower open or an open and first push down in order to get long. This presents a challenge because if we break yesterdays low and we are positioning long to try and get that 1351 area then we are asking the market to form an outside bar on the daily to the upside in order to achieve that target today....I believe these happen only 5% of the time but don't have current hard core statistics...

The 1342 area showed much volume also yesterday ( and in current overnight) but after a while the numbers get too close together to be of any value..

I'm going to also use the volume spikes in the Ym at 12050 - 12070 as a filter.....I believe the market will need to get through that with some good steady ( not spike) volume in order for the long side to win...

A bit of a tricky picture today.

Bruce

I sold at the close of that Volume spike bar into the plus 4 area....The dow went back into it's key zone....but I'm not expecting much as there was no high tick reading to help signify a top so this could just as easily start making new highs....I'm merely pointing this out..the fact that buyers stepped in right from the open makes it a harder trade too..we could break yetsreday low which may bring in breakout players....if we can get this to roll over some from up here

1337.25 is my final fill....I'm not following this down...I actaully have a long bias but the market ran higher first....I consider it to be more or less just luck that the market rolled over for me since we didn't have the high tick,,,but the high volume helped that.....now for me the long side gets a bit harder..but hopefully folks can see the folllowing:

Plus 4 - 5.5 number and high volume spike
key number at 1342...but lots of those today to deal with
YM into it's key filter zone



TICK spike was missing though

Starting smaller long than originally planned at 1336.25...low tick spike and volume spike divergence....gotta get through that first one minute high or else this will be trouble for me...very risky as the narrow range breakout players could step in and tank this with me on the wrong side

one thing we know about the market is that it likes to get at least 8 - 10 points off it's opening price at some time during the day....so if we use 1338.75 you can fiqure on a tag of 1446 ( another key number) on upside or else they will roll it back down for the 1330 area...obviously I'd like to see the buyers win from here

to keep this honest, I got stopped at entry after not being able to clear that first one minute high.....big volume on the new lows and we hit the minus 4 - 5.5 zone on downside with low ticks ( for reference) but I'm concerned about the breakout players from a low range day ( yesterday) so I'm not fading it. as long as we don't start trading above the HIGHs of the high volume bars then they should try and get the 1330....

Interesting thing about the minus 8 if it comes is that it will break Fridays low....so I'd like to see a high Tick and volume flush to fade....Ticks made a new low into the minus 1100 area but the ES and YM didn't...NQ now trying to lead down...the tricky part about watching the main markets is how leadership can reverse and quite quickly...I prefer to see what is happening with the volume surges and tick readings sometimes you will see a divergence in the markets and a volume surge in the market thats trying to lead.....NQ just did that on the 10:52 time bar... EST......so is this a brief selling climax for a day trader?