Market futures are currently way down this evening, and the US
Dollar has rallied to new highs again while the Euro is
falling. Here's a trade setup that I'm watching, a divergent
low may be setting up here on the 233 tick time frame for ES
futures, it may or may not need one more slight low, but I'm
watching the MACD advanced, DPO, RSX for signals.
Here's both charts, the first one, and the current one after the
bounce
Posted by 1800promote on 7th of Jun 2010 at 06:46 am
very nice trade matt...for learning purposes ..what would have
done..if it started going the opposite direction after you entered
it? Would you exit it at a hard stop or?
Here's an updated chart, Gosh that was an easy 4.5 points!
not sure if anyone took it, but the divergence was there.
Anyway, also a good example of those three M3 indicators that I
use. I find the 233 Tick chart works well after hrs, (NOT
during the day as it's too fast) but after hrs works well.
Anyway it may go higher, but I'm going to record for my commodity
newsletter (and can't watch it any longer) so I locked in
profits.
anyway nice example trading ES after hrs and you saw that I
posted it before it happened.
Michael - personally I find that RSX is fast and very reactive,
so I like to see that turn green for longs, red for shorts. But of
course for a really good trade I need to see divergence in that
MACD Advanced and for it to start turning up.
Matt -- thanks for posting that ES chart. Sure does look like
it's setting up nice.
This is not TA, but the bearishness that has built up this
weekend is so thick you could cut it with a chop stick -- all I'm
reading all over the web is how we're about to melt down -- maybe
we are, but the contrarian in me really wonders... Keep those
charts coming!
I'm not sure what your point is, I was referring to a 233 Tick
chart for ES, that's a VERY short period, has nothing to do with
Ponzi schemes, P3, big picture stuff, which believe me I'm more
aware of than most people here, Steve and I talked about that ad
nauseum last year. We talked about a 50% retracement for the
SPX at 1122 as our main target, however the SPX ended up retracing
61.8% almost exactly.
I provided a real time example of a short term trade setup in
ES, that played out to a tee (it provided a quick 5 point trade),
don't take anymore from it than that. It was a very short
term trade example in real time.
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ES 233 futures - watching for a bounce
Posted by matt on 6th of Jun 2010 at 10:04 pm
Market futures are currently way down this evening, and the US Dollar has rallied to new highs again while the Euro is falling. Here's a trade setup that I'm watching, a divergent low may be setting up here on the 233 tick time frame for ES futures, it may or may not need one more slight low, but I'm watching the MACD advanced, DPO, RSX for signals.
Here's both charts, the first one, and the current one after the bounce
very nice trade matt...for learning
Posted by 1800promote on 7th of Jun 2010 at 06:46 am
very nice trade matt...for learning purposes ..what would have done..if it started going the opposite direction after you entered it? Would you exit it at a hard stop or?
Here's an updated chart, Gosh
Posted by matt on 6th of Jun 2010 at 10:49 pm
Here's an updated chart, Gosh that was an easy 4.5 points! not sure if anyone took it, but the divergence was there. Anyway, also a good example of those three M3 indicators that I use. I find the 233 Tick chart works well after hrs, (NOT during the day as it's too fast) but after hrs works well. Anyway it may go higher, but I'm going to record for my commodity newsletter (and can't watch it any longer) so I locked in profits.
anyway nice example trading ES after hrs and you saw that I posted it before it happened.
setup
Posted by Michael on 6th of Jun 2010 at 10:24 pm
matt -- what's your criteria for taking profit on those divergence setups? How many indicators going red?
Michael - personally I find
Posted by matt on 6th of Jun 2010 at 10:52 pm
Michael - personally I find that RSX is fast and very reactive, so I like to see that turn green for longs, red for shorts. But of course for a really good trade I need to see divergence in that MACD Advanced and for it to start turning up.
Matt -- thanks for posting
Posted by puma on 6th of Jun 2010 at 10:13 pm
Matt -- thanks for posting that ES chart. Sure does look like it's setting up nice.
This is not TA, but the bearishness that has built up this weekend is so thick you could cut it with a chop stick -- all I'm reading all over the web is how we're about to melt down -- maybe we are, but the contrarian in me really wonders... Keep those charts coming!
I personally don't care(less concerned shall we say) about bearish levels anymore.Just like the Bernie Madoff case ,when ponzi schemes are recognized they don't bounce.
Posted by hurricanemalta on 7th of Jun 2010 at 02:26 am
I'm not sure what your
Posted by matt on 7th of Jun 2010 at 02:47 am
I'm not sure what your point is, I was referring to a 233 Tick chart for ES, that's a VERY short period, has nothing to do with Ponzi schemes, P3, big picture stuff, which believe me I'm more aware of than most people here, Steve and I talked about that ad nauseum last year. We talked about a 50% retracement for the SPX at 1122 as our main target, however the SPX ended up retracing 61.8% almost exactly.
I provided a real time example of a short term trade setup in ES, that played out to a tee (it provided a quick 5 point trade), don't take anymore from it than that. It was a very short term trade example in real time.