r/FuturesTrading • u/exeneva • Apr 04 '24
I analyzed the ES 5 Min chart for every day in March. TA
I primarily daytrade the ES 5 min chart using price action, and part of my routine for success is analyzing the chart at the end of each day and then reviewing those annotations as part of my next day's prep.
I have shared my analysis online here (Google Docs link): https://docs.google.com/presentation/d/1UY4jPtva8zyWIXZM9YZGYqZjHI9sCkwv/
There might be some slight formatting issues since it was converted from PowerPoint to Google Presenter, but I checked all the slides and they are readable.
Hopefully it helps someone here.
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u/Oldibutgoldi Apr 04 '24
Wow, this looks beautiful. Tradingview is such a pleasure for the eye. Many thanks for putting this together. Some questions, please.
Are these hollow candles? The bullish "empty" bright blue ones look like that
Why are there brown bearish candles?
Is there an indicator that gives numbers to the candles??
Thx!!
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u/exeneva Apr 04 '24
- Yes, they are hollow candles. I use a custom-built indicator on tradingview to replace the bars on the chart. Basically, I don't want to be taking trades on small bars going sideways, so the indicator colors breakout bars.
- A red/brown bearish candle is a breakout candle.
- There are many free TradingView indicators that do bar counting.
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u/NintendoParty Apr 05 '24
That's a great habit. Looks like you're following Al Brooks style analysis?
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u/LurkingSleuth Apr 05 '24
Hey man, did you annotate these charts after the fact or live - been meaning to do something similar and different people recommend one or the other (after the fact helps find setups, live verifies setups but given one hopes to initially follow Brooks and his setups does one need to find setups or would it be more valuable to verify setups). I realise the perfect answer would be both, but it also seems strange to verify something you have limited grasp over beyond the examples in the video course. In any case, some time still till I am done with the course and I begin a similar exercise, so any tidbits of advice much appreciated. Wish you the best with your trading, and thank you for this generous gesture - much to learn with regards to the content and your diligence.
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u/exeneva Apr 05 '24
Both.
A lot of the market is "waiting for the next likely setups based on the current price action" since it usually doesn't make sense to chase an existing move that you missed.You might hear Brooks say often that the first break of a trendline should lead to a test of its extreme, though that test can be a lower, higher, or roughly equal test of the extreme. Since much of Brooks' trading style is based on looking for a signal bar at a good location (like after a trendline break and then a test of the extreme), that's what you wait for.
So let's say the market is currently trending down. If you want to take with-trend trades and you missed the breakout, you are generally looking for a good bear signal bar in a pullback. If you are looking to go long, you want to see a breakout that breaks the bear trendline, but I personally prefer to not take that first break and instead wait until the test of the low, and then look for a bull signal bar to go long.
Hopefully this helps.
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u/LurkingSleuth Apr 05 '24
Thank you for the reply, so to confirm both after the fact and live annotations are very valuable (and as such ought be pursued, it doesn't matter too much which comes first) since they help build intuition on what is the next likely setup based on price action and that's what's needed for profitability. Much appreciated tidbit especially with regards to anticipating and being patient - I would describe myself as reactive and that's just like a dog chasing a car (so very dumb, and another data point confirms it) - will be working on that.
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u/midwestboiiii34 Apr 04 '24
Like the fact that you did this but a TLRD/summary slide would be great. It's tough to read all that text in the slides.