ES Trading for 10/15 thru 10/19 2007

[WHY?]

	Quote:	darthtrader
	well messy for my limited experience i should say. this is also that chop area from 2 weeks back, just seems like a pretty uncertain area right here.

Cross currents

[OAC]

	Quote:	darthtrader
	well messy for my limited experience i should say. this is also that chop area from 2 weeks back, just seems like a pretty uncertain area right here.

Darth:
Your observations are good. I am many times too close to the action to see the forest from the trees. Other people like James and Dogpile do a lot of Pre-market Analysis. I am just experimenting and try to see if posting my analysis will help me trade ?
To tell tell you the truth, I still think the analysis is not that important for a Daytrader. I am still a firm believer in "Trade What You See and not What You Think"

[Dogpile]

<<I am still a firm believer in "Trade What You See and not What You Think">>


I think that the short-term 'set-up expertise' is 70-80% of the game. But just keeping in mind the high-volume pivots and watching the action there has really helped me. This is especially true in the morning, which tends to be a counter-trend environment anyway. I did a short scalp and a long scalp this morning and both worked. My oscillators lined up at exactly the point price entered the pivots I had identified. I feel comfortable using a wide initial stop at that point and scalp out partial positions in the noise and play the real pattern with the balance. I can also always 'scalp-out' if my oscillators do something I really don't like and take a small loss.

Also, watching the action around the pivots gives you valuable information. For example, you had a tight coil at 1548.00 yesterday and it pressed up to the 58+ zone overnight. A good upward coil break should not return to 1548.00. When it corrected down to 51.00 today -- it should have launched up. But it petered-out. This was the warning sign. Once it returned to 1548.00 -- that is a 'bull trap'. Now you go auction the other way. I didn't play that breakdeown because I thought 48.00 might get noisy --- but I certainly didn't go long into 48.00 just because it was a high-volume zone.

I don't know, it works for me. To each his own.

[OAC]

I find Dynamic Pivots work the best.

[OAC]

Single at 1550.75

[darthtrader]

i was just asleep at the wheel. should have been looking for a long at 49 up to 51 when it started testing 48.
price was cruising through 48-51 both ways.
just sat on my hands today, nothing going on for me in that chop under 48.
i got nothing until we get back to 55.
this is where i need to learn to scalp for 1/2 an ATR but I'm not ready for that yet.