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  • Intermediate homework

  • Matthew

    June 2, 2021 at 3:05 pm
  • Fredrik

    June 2, 2021 at 8:04 pm

    Hi Matt,

    Great job on finding the pitch and trading zones on the MES, very thorough!

    A couple of comments to throw in for consideration;

    Pitch ceiling I completely agree with and I can see where your pitch floor comes from butit appears you have picked it on the 4h chart rather than daily? On the daily I get a floor at 4052.25. Not a huge difference but the structure that is brilliant on the 4h doesn’t exist on the daily. For daytrading it is a better location but as it doesn’t appear on the daily, I’ll stick to the 4052 even if it is very aggressive and has been taken out by wicks but never closed below on the daily chart.

    Looking at your traded areas, what strikes me is that they all come from quite low timeframes which can be ok, and with this particular instrument and current price action, it is symptomatic and there is very little available in terms of good realistic structures on the slower timeframes which you will see on my chart as well.

    The continuation patterns that you have marked out are all great potential turners of price, well spotted, but it is necessary to look at the higher timeframes to establish if they are still likely to be active. What I was looking for on your chart as well was whether you’d taken any combo structures into account as they can be the turners of price, particularly when placed directly in front of a good continuation. If you just take the continuation, you may be too late into the trade and you find yourself in the situation where the area has played out it’s strength but just above or below your area. Alternatively you might miss the trade as it will turn above your entry and leave you behind.

    The 1h continuations at 4170 and 4160 have a couple issues with them that we haven’t covered in class but that Kevin will talk about next week. It’s related to the type of action and the time it occured, namely overnight. I’ll send you my chart directly (so others have a chance to have a go as well) so you can have a look and compare and I’d be more than happy to discuss further.

    Great job overall, the structures you have found are solid, maybe have a look at the comments above and go through them again with them in mind and see if you would reconsider anything?

    Hope that helps!

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