Emini Day Trading Method - Day Trading Education

Today's day trading journal is related to the day trading report sent out over the weekend regarding being able to see-trade fast charts-right side only. IF you didn't get a chance to study this - here is the link:

http://www.eminidaytradingmethod.com/emini-day-trading-setups-chart-reading.html

chart1: consolidation period between r1 trying to shift to support AND 836.10 high which was a 'missed hit' of 836.30 resistance - are there any base setup during this period - IF yes what-where?

chart2: consolidation period between r2 trying to shift to support AND an 839.20 lower high after a prior 839.80 high which was a 'missed hit' of 840.00 resistance - are there any base setup during this period - IF yes what-where?

chart3: another consolidation period again after a high is made AND trying to hold support while continuing the move up. what are they key prices involved AND were there any base setups related to these prices - do you have a trade open at the end of this period?

chart1: consolidation period between r1 trying to shift to support AND 836.10 high which was a 'missed hit' of 836.30 resistance - are there any base setup during this period - IF yes what-where?

green dot - 52t blue dot-120t yellow dot: the green dot buy was done as a shift-reject of r1 as support WITH mex flow up on the reject AND synched with the 120t initial reverse into-through the overnight high 835.00 - the open price specific in this area was 834.90 = +834.90|835.00 fill. IF you define base as 'needing' a break2 entry pattern then this wouldn't be based - BUT i do view this as a price-open base buy setup with direction.

the blue-yellow dot is VERY base as a shift-reject of resistance to support AND as a left-right break2 into-through the 2 right side breaks AND continuation-breakout potential through the pmd high previously made WITH 120t mex flow up on the retrace.

did you do this trade - IF not why? IF not be sure the reason wasn't because you couldn't see-differentiate the setup right side only on the fast chart - IF yes be sure you did the trade as described because the selectivity components to this trade don't exist trading fast chart only - which then means you may take many fast chart trades that look similar BUT aren't.

red dot - green dot: this was a more difficult consolidation than chart1. there is that typical 'slowing down' period BUT the market had already failed twice trying to break through the high-higher highs AFTER the 9:00ct news reaction high-reverse.

IF there are trade setups during this period they aren't break2 with mex flow AND they are not triple range break setups - so no there are not any base setups during this period.

that being said i took 2 trades as price related AND with mex flow - these are not pivot trades. the sell being the double hold reject into-through the blue line AND 2 yellow squares so this is a triple break - the buy being a shift-reject of the blue line into-through the 2 yellow square to the chart high-daily highs as targets. i did nothing on the blue line break setup-break with mex flow as a pivot trade - i am still long on the last bar of this chart.

red dot: i showed this chart ALSO like chart1 - as a setup that i think many won't see on the fast chart only AND IF done the selectivity of the setup isn't what is being traded as a function of the 'fast chart-right side syndrome' - this is a very good trade setup.

we know that when 839.80 was the high that it was testing 840.00-840.50 as the next resistance area AND we know the problems related to the consolidation trying to break back through the 839.20 - so after the break this is now the key shift to support IF we can sustain the swing.

consider the price action - 840.40 pmd high 'missed hit' of the 840.50 price AND then the fast chart consolidates-synched with the 120t initial reverse - which gives to hits-tests of the 839.20 price at the 2 blue squares. then there is a retrace back to the 840.00 price which rejects WITH mex flow down - sell the reject into-through the triple break setup of the key price AND WITH the breakout potential of retest of the left side diagonal prices.

open: the open continued the overnight sell off - did you have a setup to enter this swing - what-where? is yellow circle1 a base setup - IF not is there a first continuation setup to enter the swing - what-where? is yellow circle2 a base setup - IF not is there a first continuation setup to enter the swing - what-where?

chart1: consider the 3 yellow circles AND whether they are base setups AND IF not is there a first continuation setup to enter the swing - what-where?

chart2: this chart starts after around 30 minutes of VERY tight consolidation around the s1 floor number after a left side sell AND then breaks out into a buy - was there a base-initial or base-first continuation setup to enter the trade - IF yes what-where?

red dot1 - red dot2: when the open prices 833.60 | 832.40-831.80 were posted - i mentioned to look for 832.90 to be a 'stall area' based on previous price action - the open sell was a 'quick' reject of 832.90 = -832.60. price moved through 832.40 area to 831.80 AND again stalled - red dot2 was the sold at 831.70 as an addon after the tweezer at the yellow square. this would have been the open IF i hadn't been able to react to the 832.90 reject AND no the fast chart pmd was not an issue at open trade issue basis directional strength AND the price pause-reject setups.

yellow circle1 - green dot: the yellow circle is an initial reverse AND is not base against the overnight-open direction - the addon was exited on the break. the green dot is the first continuation to the initial reverse [OR in this case also the initial base]. the setup is a break of the 831.80 key price AFTER the retrace back to the area of the initial reverse WITH mex flow up-ttmf hook - into-through the synch triple diagonal-triple break of the yellow squares = +831.90 reverse of the red dot1 sell.

yellow circle2 - red dot3: the yellow circle is an initial reverse BUT this i would view as base - do remember we have never said an initial reverse isn't base - we said that we 'needed' a reason to do the trade without a retrace without mex flow. directional strength down AND multiple hits-holds of yesterday's low as resistance AND as a pmd high - the key price 832.90 has hit twice setting up a triple break = reverse the trailing long -832.90|.80f.

chart1: consider the 3 yellow circles AND whether they are base setups AND IF not is there a first continuation setup to enter the swing - what-where?

price: dark blue lines = 836.90-836.30 which were a price action pair - blue line = 836.10 which is a focus line in the area.

none of the yellow circle initial reverses are setup that were done OR that i would view as initial base.

yellow circle1 - red dot1: there is no setup to consider at the yellow circle and a shift line break1 into 836.90 - the red dot sell was done after the 2 hits of the 836.90 price AND a lower high with mex flow down = -836.90f entering on the 837.10 break after the lower high.

yellow circle2 - yellow circle3: yellow circle2 is an initial reverse through 836.30 and into the last channel reject 836.50 AND after deciding not to do a buy here - i then decided to hold the trailing short. yellow circle3 is an initial reverse through 836.30 AND where you might consider doing the buy - there is no setup to consider here UNLESS you are trading price only - that being a reject of 836.90 as a failure-break through 836.30 as a replace of the red dot sell IF flat.

red dot2: after the reject-failure 836.90-836.30 AND the break-shift of the blue focus line 836.20 - i decided to sell that reject at the red dot as an addon to the red dot1 trailing short = -835.90 - which was able to continue through s1 to an expanded partial at 834.60.

how bad was this consolidation - this is actually continuation from the 9:32ct addon from chart1.

green dot: call this setup whatever you want - in the chatroom i called it terrible as an extended consolidation-s1 breakout that was done instead of simply going flat = +835.30 reverse of the 836.90 sell after the -835.90 addon was exited 835.10. as it turned out i never exited this buy so it was still long at the last bar on this chart BUT that sure doesn't make this a good trade - it makes it a damn lucky hold-reject.

yellow dot - dark blue dot: the yellow dot is the initial base - the dark blue dot is the first continuation. IF i had gone flat instead of doing the green dot buy - i probably would have done the yellow dot buy as a shift-reject of s1 WITH mex flow up and into-through the dark blue line-2 yellow square triple break - the significance of this line being it's the 2nd break of the consolidation high.

IF i had done the green dot buy and went flat - i probably would have done the dark blue dot buy instead - wanting an additional setup of the consolidation breaking out as break2 of the dark blue line which is also a triple top break of the yellow squares into-through a triple top break of the blue squares STILL WITH mex flow of the initial buy. the dark blue dot is the best setup of the 2 basis the extended consolidation we had gone through.

open: consider opening trading as price setups and base method setups - what-where were these setups - what-where were your open trades?

open-120t: IF i am flat at the time of the blue dot AND go long there - have a taken a base setup - why-why not?

green dot1: dark blue focus line - 2 yellow square tweezer hold of the left 'spike' bar low - green dot buy. this is a price setup done WITH the overnight direction as a resumption trade after the support test-hold = +846.30|.40f.

dark blue line: dark blue line NOW as the centerline break2 - BUT not with mex flow AND against the 120t and direction - no sell-no exit. this would be a center line trade as a pivot trade - i do not view this as a price trade because there is no reject-failure which are key price components. again just a pivot break - that could be considered a method trade IF there was break2 with mex flow and not counter against the 120t.

blue dot: 120t dc channel hold-mex roll back | 52t shift-reject of the dark blue focus line - blue diagonal break-indicator resumption - this is a method base setup. BUT there is no break2-mex flow - i agree BUT that isn't the only right side definition of a method base setup - a centerline shift-reject synch with the 120t AND a diagonal break WITH direction is a method base setup.

green dot2 [blue dot in question]: dark blue line shift-reject - break2 of the blue line initial overnight high WHICH includes break2 of the key 848.10 price = +847.90|848.10f addon to green dot1 +846.40 -847.40/-848.20/trail - addon partials = -848.90/-849.10 reduce/trail.

this is method base-price setup combination - which are of our best setups. BUT isn't this against the 120t pmd? is it - mex hasn't crossed back through the extreme line AND look at the ttm high into the trade - is that an extreme that you would say won't break AND would instead be a ttm lh-pmd? this buy isn't into a pmd BUT in this specific case [general guideline -vs- specific method strength decision] - the price setup especially including break2 of 848.10 would have been tried.

chart1: to begin with - why do you think that i have selected this chart to discuss? what is the market condition 'coming into' this period - what-where were your trades - were they base?

why did i select this chart: because it was a good trading swing that included an addon BUT could not be traded on the fast chart alone.

red dot1 - blue dot: the 120t shows this as a pmd initial reverse BUT it was synched with the 52t shift-reject of the dark blue line-left channel - i sold the failure of this line AND not simply a reject of the dark blue line segment shown on the 52t - IF that was all that i had i wouldn't be short yet.

do you see a first continuation setup on the 52t OR do you see a ledge break against the pmd? look at the 120t AND a very good first continuation setup - the shift-reject of the 120t dark blue line as resistance AND as break2 of the blue matched price WITH mex flow. again a base setup that you 'need' the 120t chart to see.

red dot2: did you see this as an addon setup OR as a consolidation breakout? again i got my setup-clarity from the 120t AND the reject-failure combination of the 848.10 line - triple break of the 2 yellow squares-dark blue line matched price - still with room to the 'bottom' of the diagonal WHICH was also key as our open price 847.10.

trade results = -848.90 +847.90/+848.10/+846.50 | -847.40 +846.30/+846.30/+846.20 = +72 ticks per 3 contracts - in a situation where the right side only-fast chart trader may not see a trade setup.