Volume

Though my week ended not profitably, I did trade 4 of the days and a number of trades. That is a great thing. Each day, I was able to get better with my trading, but still room for improvement. My entries could still be better as I'm getting in too late. However, I am doing a much better job being patient and using my volume indicator to assess whether I ought to be in the trade or not.

I had somehow accidentally turned off my RSI and didn't even notice until a little before getting out of my last trades for the day.

Yesterday I had 2 targets for the ES to the downside: 1075 and 1070.25.

At the time I was thinking of those targets, it was in the 1080 range. What caused me to be negative yesterday, other than getting in a little too late, was that I had to leave my home by a certain time. Though I had an OCO (one cancels other) and one way or another I would've been taken for a profit or cost, I was unwilling to let my trade go and have my broker watch it for me.

It was after 11 am EST and I set my cost stop @ 1083. It never hit it. One profit stop was at 1075 and the other at 1073. Had I just left my trades alone, I would've had some nice profits. I had gotten in at 1079.75 and 1077. That would've been a nice profit on 2 contracts.

Anyway, before I left my house to meet some friends of mine that I had been looking to see for months, I closed my trade at a cost, getting out @ 1080. Wasn't a huge cost, but I figured better than if I was taken out at 1083, if that were triggered.

I kept watching volume on both the 15 and 3 min. charts.

Here's what I observed:

1. As price went DOWN, BEARISH volume was INCREASING.

2. As price went UP, BULLISH volume was DECREASING.

3. As price went UP, BULLISH volume was weaker than BEARISH volume (relative).

4. Volumes were decreasing in the 12-1:15 pm EST, compared to prior. That makes sense as traders were at lunch, but the same observations were made, just relatively smaller.

All signs were still point from 1080 that the market wanted to still go lower, but at the point, it was going to test or stall at some point. To go from 1095 to 1075 and not expect at least SOME pullback was not exactly unreasonable.

38% retracement was at 1083. It only got to 1082.75, which meant that the market was still MORE bearish. I did not take any bullish trades and often now go more with the trend, unless the market is going sideways.

The 2nd move in the ES started just before 1 pm EST and it moved 10 points down about. Top was 1082.25 and bottom was 1073. 50% retracement was about 1078. It tested this area 4 times.

Anyway, what will happen Monday? It really doesn't matter to me, but if it can't break the 1078 strongly, the market will want to move, so then down it is. If it can, then it will move up.
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