[Maelstrom]

Upcoming, looking for a bar close below 12160, unless there is just a tremendous amount of churning here after hours before reaching that level.

Major support areas I will be watching are 12150, 12107, and the 12050-60 area. After that, I don't see much to stop a downward move until the 11850 area.

Of course, this is all assuming a turn down from here. The market can very well just keep pushing up, but that is why I trade what I see and don't try to predict.

[Maelstrom]

Sat on the sidelines overnight...slow grind up, but didn't see anything worth moving on.

For now, watching a few interesting areas. If current price action fails to reach the 12275 area, and breaks down through the 12208-10 area, I will be anticipating a visit back to 12150. If that breaks convincingly, we may see 11940-50 relatively quickly.

Again, no predictions, just what I am seeing at the moment. Likely the market will shoot straight up from here for 200 points

Started an experiment last night, looking at ES. I have traded it before, along with NQ, TF, etc, but have never liked it much due to the heavy interest in it and sometimes erratic movements caused by program trading and institutions. But, just wanted to see if my "methods" would apply. Hindsight is 20/20 of course, and it doesn't mean a damn thing, but last week would have been good for about 58 ES points.

If the market continues to waffle around all day, may look at other markets just to keep awake.

M

[Maelstrom]

Mr. Market (or Mrs. may be more appropriate) for proving me wrong once again

[Maelstrom]

No trades thus far today - the entry yesterday afternoon was the one, and could have/should have been a swing trade up till now. Hesitation earlier in the day, and a confirmed turn down would have had me looking for shorts, but it obviously didn't materialize. Since I don't hold YM trades day to day, and don't (usually) take continuation trades from the previous day, I am on the sidelines.

Two hours to go, never know what may happen. Going into a holiday weekend, this could slow up here.

M

[bomberone1]

I am present. I try to understand that methods. Regards.

[phantom]

YM trading on range charts...hmmm...might have to add this to my arsenal.

Good stuff Maelstrom!


Luv,
Phantom

[iwshares]

Originally Posted by Maelstrom »

Out 12218, +38 for the day. Wish I had seen the short earlier, but I will take it for a lackluster day.

Just wondering, do you adjust stops to breakeven to below a support/resistance/sma etc, trail your stops, or just leave your trades to hit a profit target or be closed manually? Do you ever look to see if closing your trades manually cuts you out of big profits in the long run, or does it actually act as nifty capital preservation?

[br8080]

i'm a relatively new trader and am really impressed with your simple but so effective trading method.

do you manually draw the support/resistance lines and the trend lines?

do you know where to draw the s/r & trend lines based only on the visual aspect of the chart or is there some other additional bit of info you also use?

thanks for sharing your method!

bruce