HIGH DEF VIDEO – MAY TAKE 15 SECONDS TO LOAD
1,500 Tick Chart Review from Friday 6 May 2011 (17:06)
Dan T. sent an email about his reading of Friday’s 1,500 tick chart. I wanted to review this and just add my thoughts on trend changes and re-entries in direction of trend.
For trend changes always look for 3 signs:
- Exhaustion volume
- End of Trend price patterns, and
- Professional activity
Plus remember 2 rules of thumb with trend changes:
- Reversals usually happen before 11am, and
- Maximum 2 trend moves in one day
And review your charts at the end of every day – every day is different but patterns on your indicators and charts repeat day-after-day.
Quote of the day …
From Brian O.
“Thanks for your time and been trading live for a week and am 7.5 pts in profit. Love your trading system and web site.”
And great observation about the Pros and fishing from Scott H.
“Thank you so much for the 10 days series. I put two lessons together: Start doing uncommon things and Use fewer price indicators, and came up with a great exercise – I marked with drawn lines support/resistance from higher time frame charts, then turned OFF price on the charts and only referred to a chart of $TICK to help pinpoint entries. Using Better Sine Wave, Better Pro Am and Support/Resistance info only, I made 4 points on three trades. Traded relaxed and allowed winners to run for the first time. I realized that the Pros use price in just the same way as an angler uses bait to catch fish. It was my breakthrough day and I owe it all to you. Thanks again for all that you share.”
If you’re reading this article via email or RSS reader, then follow this link to view the Tick Chart Review video on the website. Good luck with your Emini trading.