[forrestang]

My chart feels naked, like there should be more... but this might be all that is needed?

Thoughts for tomorrow:

[BlowFish]

A DAX chart that I hope is self explanatory. The range was 'confirmed' Monday (price could not make new highs or lows) though I drew the lines yesterday (Ive been on holiday). Pretty nice break/ out pull back for those that trade such things though I missed it as I don't usually trade the first hour 'pre market' (DAX opens an hour before the rest of Europe and usually not much happens).

It will be interesting to see where support is found.

[BlowFish]

A quick update if anyone is intrested. I had anticipated lower(and got stopped out shorting round yesterdays close)...that'll teach me to think. Not really much to add except that despite being short again I am mindful of a BO to the upside.

[DbPhoenix]

Originally Posted by forrestang »

My chart feels naked, like there should be more... but this might be all that is needed?

You'll notice that the bulk of the trades over the last couple of days have been in the upper part of the range, and the range appears to be moving higher.

The exploratory pokes above and below this range have not been inconsequential, but price does continue to return to this range. Being aware of this changes your midpoint to 95 (we mentioned this yesterday in chat).

The more important levels of support and resistance become, then, 1590 and 1600, with the backup levels being 1582 and 1604 (+/-).

Again, the levels in and of themselves are not signals to enter. What matters is how traders behave as they approach these levels.

[forrestang]

Any other thoughts for tomorrow?

Right now I just have the Resistance line above, at the 30 area, the main Support @ 1600 where price recently barely penetrated and price immediately moved back above during AH on Sunday. So that seems to be a good level as price moves back towards the midpoint which is the 15 area.

Those boxes had midpoints that price reacted to several times on Friday.

I'm sure there are other areas that could be highlighted, but this is all I have on my charts for now.

[forrestang]

Modified a bit. As mentioned in the other thread about entries, I seem to miss quite a bit of activity as the day starts, particularly levels where price reacts to that I didn't recognize the day prior.

Obviously the 00 and 30 levels created the new range we are in now. The dotted line in between is the midpoint. Price notices it and I have it there. This is denoted by the larger lines I have on my chart.

The two smaller blue/intermediate levels are there now. Not that I anticipate trades being taken there, but this is just to be more prepared for tomorrow. Price reacted to these areas many times, so I have them on my chart.

[DbPhoenix]

Don't ignore the midpoint of your VAP plot, which is now around 17. VAP shows you where the bulk of the trades are taking place within the upper and lower limits of the range. Incorporating this helps to avoid being surprised when price reacts to a level that is slightly above or below what you had thought was the midpoint.

[DbPhoenix]

Even though I stopped trading at 1015, the anticipated levels at 17 and 30 certainly served the afternoon trader well.