trend watching: Emini future trading before market open
/ES retracement after market open is so weak, failed reaching resistence level 800 formed at early morning, this is a early warning, the VOLUME reenfored the selling
-Follow NetVolume direction -big Volume bar\ \ stock moves to the least resistance direction = Jesse Livermore it is actually stock operator to use the least resistance to quickly bring up or down price to create attension in market and they will take the opposite side
-$Tick divergence for reveral but don't know exactly when -stochastic divergence for reversal in sideway market -balance area and range expansion, up and down extension -extreme print = rejection in NetVolume -NetVolume in trendy day, hold position till the end -big Volume bar -median lines and ABC pattern, triangle pattern, double bottom/top -big order sizes in book
Focus on market structure using Market profile and NYSE Up/Down Volume Never fade the trend, never use oscillator -- only for divergence play
my weakness list
1 -No patience to use TICK and Volume and book to time the entry 2 -Stick to WRONG forecast AND scale up losing exposure
Daily Market Analysis
- Where did the market open in relation to the previous day's value and then what happened? - What is the net activity - extremes, range extension, value area? Initiating or responsive? - What is your conclusion ?
initial balance range extension tails or single print point of control and trading range, volume
Don't need to extract information from the chart and gusessmate whether bulls or bears are going to be in control, you need to quickly join the directional and dominant move at its retracement, it is much safer then to counter dominant trend and betting on big reversal. you must take profits on the way to unknown level, you must avoid slipping into greed, you must cut loss and accumulate profit for the long run.
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