It's good that you are reading price action and I cannot argue with your logical deductions. Still, you are failing to see why I would have taken the Double Bs at support and not the Double Ts. Keep looking and read my explanations. On the short I lost, I thought it was a reaction to the main trendline support, clearly I was dead wrong. It happens, I do have small losses in trading, a lot actually It's unavoidable as no setup is infallible. Good progress, keep studying price, this is how it is done. Anek
Hi, I only read the first 100 pages of this thread, so you'll have to excuse me if I made mistakes, but I found it difficult finding good entries this morning on ES, which should be a crying shame on a day like today. I circled in yellow a few possible entries, but my charts don't look the best on QT in my opinion. 5000CV still seems to give noise and my charts arent as sexy as Anek's.. Curious what a few of you think of these charts. I know the DB and trendline trades as Anek was kind enough to show on that other chart, but I am trying to find good entries (pullbacks) on this chart with the original idea of getting a pullback in a trend. I believe CX may have a similar problem, today's trend was just too damn trendy. Any input would be appreciated. Sorry to bring the level of general understanding back to a lower level...
I went back to look up your answers. Maybe I am missing something. When you say support, do you mean the trend line you drew that connects the lows? When you say LOD, do you mean the lower trend line that connects the lows? Not really absolute the low of the day? On the short I lost, I thought it was a reaction to the main trendline support, clearly I was dead wrong. It happens, I do have small losses in trading, a lot actually It's unavoidable as no setup is infallible. [/QUOTE] I am all fine with that. It is all about risk/award ratio. I will willing to bet for bigger winners at the cost of small losers. Thanks again. Freewilly
S, When the trend is VERY strong as it was today, considering using a smaller chart on top of what you have. Here is a suggestion, 5000 for trend direction, 2500 for entries. This was suggested in the journal already but considering how monstrous this thread has become it might be time to consolidate everything into an AHG FAQ or something. Any volunteers? Hope it helps. Anek
Free, I mean the last higher low was not penetrated and we were still very much in an uptrend, this easily confirmed by main trendline holding. Then on a second occasion price bounced right on the previous higher low creating a double bottom on that particular swing. Now, the LOD scenario is different. When you see a double bottom bouncing off LOD points the trend is OBVIOUSLY down so you definitely do not buy unless the swing high of the pattern is taken out by a bar closing above it, otherwise you are asking for trouble. Better? Anek
Hi, Anek, Thanks for the explanation. I guess we are on the same page. (I probably didn't express myself well). Sorry for being so buggy. Just want to confirm that, so i know I got your method right. When I say it could be dbl B or dbl, it all depends on where you look at it, purley depends on how the price action develops afterwards. Here is the chart how I make my judgement along the price action develops. Can you see price action before I do? Yes, i feel better now. I think I got your idea.
Let's free willy, literally One thing to notice is that on the first double bottom the second support area had dual confirmation, hl support + trendline. Anek