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Trading the cash market...


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#11 NAV

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Posted 20 October 2016 - 10:18 PM

dio,

 

Like Semibizz noted, my system is a breakout system. Problem with trading breakouts in the cash market (in the current market) is that it's sucks you at the top end of the range and spits you out at the bottom end of the range. As a trend trader, i have to trade breakouts, i cannot fade them.

 

Now how does that early 4-5 points entry in ES make any difference ? It makes all the difference in the current market conditions. Taking an entry 4-5 points earlier would mean i can take partial profits for 10-15 points. On the other hand,  in the cash market, the same trade would turn into a loss, as it turns around before meeting my partial profit objective. 


Edited by NAV, 20 October 2016 - 10:19 PM.

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#12 K Wave

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Posted 21 October 2016 - 08:16 AM

Like I said before...better action likely to be in currencies

 

http://www.traders-t...3-spx/?p=753498

 

Working out quite well thus far as wedgies finally broken open....

 

Am guessing now that currencies have finally moved, indexes may not be too far behind.....


The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy

 

 


#13 SemiBizz

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Posted 21 October 2016 - 09:08 AM

So if I was going to go long, and I'm not....

 

My entry would be on a test of 2131.20 that reference candle high volume low...

 

It could test the last low though at 2124.43 however, and in that case we are dealing with a lighter volume low and today's volume will crush that test..

 

So not that I would let it go that far for a stop, because I wouldn't take that loss either.

 

I would wait for that 2131.20 test which we had this morning and look for a sign of strength, buy support.


Edited by SemiBizz, 21 October 2016 - 09:10 AM.

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#14 SemiBizz

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Posted 21 October 2016 - 09:15 AM

And the reason that I would not go long here...

 

Is that the support was broken on VOLUME this morning...

 

That is a big red flag...

 

We would wait for a lighter volume test of support, that did not happen...

 

Furthermore, there is some extreme danger now with all this volume and juice behind the market...

 

If this thing heads very far under 2131 today, it could CRUSH it.


Price and Volume Forensics Specialist

Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"

Volume is the only vote that matters... the ultimate sentiment poll.

http://twitter.com/VolumeDynamics  http://parler.com/Volumedynamics