$SPX - Chart Link - remember after the
open I responded and said most likely a 'Trend' day, I focus on
buying intra day pullbacks the first couple hrs, then buy the mid
day consolidation. I bought that little dip 30 min after the open
ES. Now we'll see if price can push into about 1 pm or not,
the traditional Trend day or not.
referring to a 5 min? we got a couple of those already -
REMEMBER zoom to lower time frames. I had on on the cash on a
2 min chart this morning . Then on some time charts ES a 600 and
377 tick chart I had one at 11:09 EST. Use your multiple time
frames. I also have one in here I'm monitoring
the morning pullbacks on trend days are too shallow to see on 5
min, I'd use 1 min probably
then mid day on the 1hr consolidation the 5 min and 3 min will
be fine . Otherwise my point about the morning runup, pullbacks are
too shallow. Typically on Trend days I'll just go long a
bunch of ES and UPRO in the morning shortly after the open because
the dips are so shallow
Posted by kevindeng0727 on 18th of May 2020 at 11:59 am
Thanks Matt for the educational information.
So to decide if it's a trend day, we need to see a strong gap up
(possibly above resistance) with no attempt to fill it in the first
15~20 mins, then we can add ES/UPRO? Is there anything missing in
my current criteria?
read over the educational newsletter and previous posts: Typical
strong gap up that does not attempt to fill the gap, generally you
can tell within 10 - 20 min. I typically just go long as trend days
push strongly higher despite the large gap. I then try to add
to that position on shallow dips the first 3hrs. UPRO can be used,
and I typically just trade ES or MES these days. Then you get a
standard 1 hr consolidation mid day that allows on a 5 min SPX cash
for price to recycle back to or close to the 50 SMA, the VWAP, and
a fast 10 length Stochastic to get oversold, while a 60 length
stochastic remains over 80%. also MACD tends to recycle back near
the zero level. Then typically you get another pop to a new mid
intra day high in the afternoon. Price will either run until the
close or you might get a pullback the last hr from some
divergence
again must be 1000 images of those 5 min charts here over the
years you can see via the search feature on the trading
community
on true Trend days it typically does not until late afternoon.
but we'll see. It's something to note, divergence is not a sell
signal on its own but it is something to note
SPX 5 min
Posted by matt on 18th of May 2020 at 10:53 am
$SPX - Chart Link - remember after the open I responded and said most likely a 'Trend' day, I focus on buying intra day pullbacks the first couple hrs, then buy the mid day consolidation. I bought that little dip 30 min after the open ES. Now we'll see if price can push into about 1 pm or not, the traditional Trend day or not.
https://breakpointtrades.com/education/legacy/?nl_id=3297
here's a thread on how those work as well
https://breakpointtrades.com/blog/search/2/?search_terms=trend%20day&member_name=matt%2C&start_date&end_date
Im Still waiting for the
Posted by z0ned on 18th of May 2020 at 11:23 am
Im Still waiting for the mythical abc pullback to go long :)
referring to a 5 min?
Posted by matt on 18th of May 2020 at 11:26 am
referring to a 5 min? we got a couple of those already - REMEMBER zoom to lower time frames. I had on on the cash on a 2 min chart this morning . Then on some time charts ES a 600 and 377 tick chart I had one at 11:09 EST. Use your multiple time frames. I also have one in here I'm monitoring
I am monitoring 5 min
Posted by z0ned on 18th of May 2020 at 11:36 am
I am monitoring 5 min SPX as I don’t trade futures. I’ll drop down to 3 min.
the morning pullbacks on trend
Posted by matt on 18th of May 2020 at 11:39 am
the morning pullbacks on trend days are too shallow to see on 5 min, I'd use 1 min probably
then mid day on the 1hr consolidation the 5 min and 3 min will be fine . Otherwise my point about the morning runup, pullbacks are too shallow. Typically on Trend days I'll just go long a bunch of ES and UPRO in the morning shortly after the open because the dips are so shallow
Thanks Matt for the educational
Posted by kevindeng0727 on 18th of May 2020 at 11:59 am
Thanks Matt for the educational information.
So to decide if it's a trend day, we need to see a strong gap up (possibly above resistance) with no attempt to fill it in the first 15~20 mins, then we can add ES/UPRO? Is there anything missing in my current criteria?
Thanks again.
read over the educational newsletter
Posted by matt on 18th of May 2020 at 12:36 pm
read over the educational newsletter and previous posts: Typical strong gap up that does not attempt to fill the gap, generally you can tell within 10 - 20 min. I typically just go long as trend days push strongly higher despite the large gap. I then try to add to that position on shallow dips the first 3hrs. UPRO can be used, and I typically just trade ES or MES these days. Then you get a standard 1 hr consolidation mid day that allows on a 5 min SPX cash for price to recycle back to or close to the 50 SMA, the VWAP, and a fast 10 length Stochastic to get oversold, while a 60 length stochastic remains over 80%. also MACD tends to recycle back near the zero level. Then typically you get another pop to a new mid intra day high in the afternoon. Price will either run until the close or you might get a pullback the last hr from some divergence
again must be 1000 images of those 5 min charts here over the years you can see via the search feature on the trading community
Thank you. I've read those
Posted by kevindeng0727 on 18th of May 2020 at 12:48 pm
Thank you. I've read those educational newsletter but these posts gave me a better idea on how to trade that.
How much heat are you
Posted by disciple33 on 18th of May 2020 at 11:53 am
How much heat are you willing to take on those trades near the open?
2957 > 2956 on absolutely
Posted by tahoe on 18th of May 2020 at 11:43 am
2957 > 2956 on absolutely meager volume? This is most interesting ....
You know what happens to
Posted by lamb on 18th of May 2020 at 12:07 pm
You know what happens to a cowboy riding a bull out of the chute!! Where does he end up?
Price action was suggesting that
Posted by frtaylor on 18th of May 2020 at 11:04 am
Price action was suggesting that it would hold up, so I went long some short-dated calls. Sold 1/2, atm stop on rest. Will take rest off pretty soon.
Neg MACD Div on SPX5
Posted by profmel on 18th of May 2020 at 11:03 am
Neg MACD Div on SPX5 - does it matter on a day like today? Or more important on longer term?
on true Trend days it
Posted by matt on 18th of May 2020 at 11:04 am
on true Trend days it typically does not until late afternoon. but we'll see. It's something to note, divergence is not a sell signal on its own but it is something to note
Thanks for the insight Steve.
Posted by z0ned on 18th of May 2020 at 10:56 am
Thanks for the insight Steve. What Was your Stop on that dip purchase?