Pivot Trading on the various day types.
In his book Secrets of a Pivot Boss the author points out the importance of the various types of days. The reader should go look them up, but for this idea i want the reader to see that, even though we are in a Bear Market IMO there are trending days when the market is going up, counter trend for days and days.
After 10 days of net selling where we all got used to daily selloffs, we didn't get a selloff, or visit an S4 for 3-4 days. We need to expect this during a wave cycle.
Likewise, but not marked there were days where we were slammed down into S4-S5 days at wave bottoms, and stuck at R4-R5 along the tops of the waves, this market has not even begun to roll over by looking at this map. We can expect one of these days, just descibed.
We might get lucky, like on two of the waves, it just suddenly went down, but we can't count on it.
After 10 days of net selling where we all got used to daily selloffs, we didn't get a selloff, or visit an S4 for 3-4 days. We need to expect this during a wave cycle.
Likewise, but not marked there were days where we were slammed down into S4-S5 days at wave bottoms, and stuck at R4-R5 along the tops of the waves, this market has not even begun to roll over by looking at this map. We can expect one of these days, just descibed.
We might get lucky, like on two of the waves, it just suddenly went down, but we can't count on it.
Note
tips on scalping: it depends.... On a normal day during an impulsive move on ES you might get 10 pts, during a period like we have just you might get way more, and most would wait for confirmation.... What if the day type is sideways or choppy? You see a doji a sign of reversay, you want for bullish engulfing forconfirmation, by the time you enter the trade it's over. my advice is to scalp one of the impulsive waves, 1,3,5 not 2 or 4 in the direction of the trend. Last advice is to try and pick a target in advance, say the 55 EMA, 10 points away, and have your sell/close order waiting, a lot of times, just the tip of the wick will hit a target, be the first order waiting in line. Don't be greedy on a scalp, better to get 8 points of a 10 point move than not get a fill cause you were too greedy.
EMS == EMA
Note
we have started using a new indicator to check for strength or weakness it's a trend decision tooldryanhawley wrote:
ohhh can you tell us what each of the dots represent
default settings top is macd, middle is RSI > 13 < 50 and bottom is RSI > 5 50
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.