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I wanted to show a little of what some of my tools can offer e-mini traders.
This chart is a combination of 3 of my systems on the ES #F for the last three days..
MENT Range SR System
The first system is the MENT Range SR system. It tracks the opening range for a minimum pt level, then establishes the multi-colored lines on the chart. The opening range is BOXED IN with a value ("5" for today). This tells us the opening range was 5 pts.
The MAGENTA lines are the initial targets for the market (if it gets out of the initial "opening range". I find that in most cases, the market moves right to the magenta lines, then stalls or reverses. Today, although, it pushed thru the magenta line and kept moving lower.
The other lines are other relative support/resistance levels based on the opening range. The way I use this is, after the opening range is established, the first CLOSE outside the opening range will tell us which side the market will likely attempt to move to. So, if it closes below the opening range before closing above the opening range, I would expect the ES to move lower (to my lower magenta line).
The green/red DIAMONDS on the chart are a "volume filter". This tool offers me some confirmation the trend is intact and continuing. For example, I might be short while the volume filter is green and I'm waiting for the market to begin a move (knowing the lower opening range was breached first). In this case, I would be trying to sell above the opening range midpoint (the black line in the middle of the opening range) or on any failed attempt at the upper opening range level. Now, if/when the volume filter changes to RED, that means volume is pushing the market lower and I'm waiting for a decent move.
If you look at yesterday, the market opened with a 5.5 pt opening range, then took out the opening range low. It never came back to anywhere near the opening range before almost touching the lower magenta line. The fact that the market pulled away from the lower magenta line by over 4 pts meant there was a good chance the market was going to reverse. In fact, had we been smart, we could have gone long at the lower blue line (after nearly touching the lower magenta line). After the reversal, the market nearly ran back up to touch the upper magenta line (a potential for 12 pts profit).
Look at the day before, opening range established and it broke the lower OR level first, then gave us another opportunity to sell near the upper opening range before heading right down to the lower magenta line (a potential for 8 pts profit). Today gave us a protential for almost 9 points profit.
MENT Auto TrendMaster
The color-coded indicator is my MENT Auto TrendMaster system. It identifies short term support and resistance as well as provides the color-coded trend indication system. Remember, just because the color changes from red to green does not mean we GO LONG. This is a shorter term system and I use it to confirm actions I'm taking based on the SR system.
For example, look at yesterday again. Norice the trendmaster system turned green before the market tanked to touch the lower magenta line. That green trend reversal told me the market had to close higher than 1164.25 before the new potential bullish trend would confirm. Although, after nearly touching the magenta level (our initial target), we could have jumped in and rode it most of the way higher thru the afternoon.
Something else to notice is how the volume filter combines with the trendmaster color markers. The volume filter is a more specific analysis model (longer term) whereas the trendmaster color markers are short term.
MENT Momentum
This is a triple banded momentum system with red, green and blue triangles on the indicator. This system presents these arrows as potential trend reversal indicators, but I really like to use this to confirm the previous systems.
Let's assume the MENT SR system inidicated a potential bearish move (like today) by breaking the lower opening range level first. Well then I would use the MENT Momentum system to look for bearish (red or blue) down triangles to indicate a momentum shift. Two of these were found today (@ 1170.50 & 1168.25). Our magenta target level was 1162.75. If we placed both trades (one contact each) - we could have netted about 14pts profit.
I'm sure you get the idea how this works. If you have questions, let me know..
This chart is a combination of 3 of my systems on the ES #F for the last three days..
MENT Range SR System
The first system is the MENT Range SR system. It tracks the opening range for a minimum pt level, then establishes the multi-colored lines on the chart. The opening range is BOXED IN with a value ("5" for today). This tells us the opening range was 5 pts.
The MAGENTA lines are the initial targets for the market (if it gets out of the initial "opening range". I find that in most cases, the market moves right to the magenta lines, then stalls or reverses. Today, although, it pushed thru the magenta line and kept moving lower.
The other lines are other relative support/resistance levels based on the opening range. The way I use this is, after the opening range is established, the first CLOSE outside the opening range will tell us which side the market will likely attempt to move to. So, if it closes below the opening range before closing above the opening range, I would expect the ES to move lower (to my lower magenta line).
The green/red DIAMONDS on the chart are a "volume filter". This tool offers me some confirmation the trend is intact and continuing. For example, I might be short while the volume filter is green and I'm waiting for the market to begin a move (knowing the lower opening range was breached first). In this case, I would be trying to sell above the opening range midpoint (the black line in the middle of the opening range) or on any failed attempt at the upper opening range level. Now, if/when the volume filter changes to RED, that means volume is pushing the market lower and I'm waiting for a decent move.
If you look at yesterday, the market opened with a 5.5 pt opening range, then took out the opening range low. It never came back to anywhere near the opening range before almost touching the lower magenta line. The fact that the market pulled away from the lower magenta line by over 4 pts meant there was a good chance the market was going to reverse. In fact, had we been smart, we could have gone long at the lower blue line (after nearly touching the lower magenta line). After the reversal, the market nearly ran back up to touch the upper magenta line (a potential for 12 pts profit).
Look at the day before, opening range established and it broke the lower OR level first, then gave us another opportunity to sell near the upper opening range before heading right down to the lower magenta line (a potential for 8 pts profit). Today gave us a protential for almost 9 points profit.
MENT Auto TrendMaster
The color-coded indicator is my MENT Auto TrendMaster system. It identifies short term support and resistance as well as provides the color-coded trend indication system. Remember, just because the color changes from red to green does not mean we GO LONG. This is a shorter term system and I use it to confirm actions I'm taking based on the SR system.
For example, look at yesterday again. Norice the trendmaster system turned green before the market tanked to touch the lower magenta line. That green trend reversal told me the market had to close higher than 1164.25 before the new potential bullish trend would confirm. Although, after nearly touching the magenta level (our initial target), we could have jumped in and rode it most of the way higher thru the afternoon.
Something else to notice is how the volume filter combines with the trendmaster color markers. The volume filter is a more specific analysis model (longer term) whereas the trendmaster color markers are short term.
MENT Momentum
This is a triple banded momentum system with red, green and blue triangles on the indicator. This system presents these arrows as potential trend reversal indicators, but I really like to use this to confirm the previous systems.
Let's assume the MENT SR system inidicated a potential bearish move (like today) by breaking the lower opening range level first. Well then I would use the MENT Momentum system to look for bearish (red or blue) down triangles to indicate a momentum shift. Two of these were found today (@ 1170.50 & 1168.25). Our magenta target level was 1162.75. If we placed both trades (one contact each) - we could have netted about 14pts profit.
I'm sure you get the idea how this works. If you have questions, let me know..
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