es, spy spx500 day trading levels explained
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The levels I am pointing out are directional signaling areas and are not always the trade trigger. after a direction is established for my trade i then need to have a triggering event. The trigger can be right at the break point but often is not and the market will have to provide me some real time info to actually create the trigger so the action can be fired upon. I look at trades as 2 parts one is a directional signal and second a trigger or action point. Action point will be looking at things like possible reward and possible risk and is the action cooperating with the signalling direction.
In the live trading room my software create triggers it is up to the trader to see if the trigger matches there personal risk reward.
explaining the lines:
Blue lines are for each day, red is a consolidation zone to help pick direction, blue dashed is chop of red zone, orange lines are big picture from many time frames that have importance, and the purple line if used are only done intermittently and never carry after broken
The idea is the market is showing me a short term consolidation and is marked with the red line and a break of the red zone is a confirmation to the possible direction but may or may not be an actual trade trigger.
the trigger can come in a few forms and on occasion it can be the breaking of the red zone, I would be less likely to take the red zone break if the market moved all the way from the opposite red zone, without a minor rest. so triggers can come in the form of flags, or trigger actions after the break
additional info: as the day moves forward the red zone maybe come obsolete and a new trading range is activated so it may not be fixed all day.
so
everyday or every event may have a different entry. My info in TV is to identify possible events. I run a very cheap service that provides real time triggering events based on many conditions, and are impossible to post to TV in real time.
Will post the actual levels closer to today's open
In the live trading room my software create triggers it is up to the trader to see if the trigger matches there personal risk reward.
explaining the lines:
Blue lines are for each day, red is a consolidation zone to help pick direction, blue dashed is chop of red zone, orange lines are big picture from many time frames that have importance, and the purple line if used are only done intermittently and never carry after broken
The idea is the market is showing me a short term consolidation and is marked with the red line and a break of the red zone is a confirmation to the possible direction but may or may not be an actual trade trigger.
the trigger can come in a few forms and on occasion it can be the breaking of the red zone, I would be less likely to take the red zone break if the market moved all the way from the opposite red zone, without a minor rest. so triggers can come in the form of flags, or trigger actions after the break
additional info: as the day moves forward the red zone maybe come obsolete and a new trading range is activated so it may not be fixed all day.
so
everyday or every event may have a different entry. My info in TV is to identify possible events. I run a very cheap service that provides real time triggering events based on many conditions, and are impossible to post to TV in real time.
Will post the actual levels closer to today's open
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screencast.com/t/VmFg6MaoJAYi
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