Marsh, If the dominant trend is down and I see a double top, I might take an aggressive short with a minimal stop as soon as I see it around the resistance area. However, if the dominant trend is up I don't play hero and as you said, wait for the swing low to be taken out by a bar closing below that point. If doing the aggressive play: - Stop is a few ticks above it If doing the conservative play: - Stop goes between resistance and entry Riding it merits a separate discussion all together but here are a few ideas: - Draw a conservative trendline, unless broken, stay in - Scale out at support areas and trail stop accordingly - Add on retracements if the reversal develops into a strong trend - etc etc, this is an art actually. If if fails, considering the possible formation of a triple top Anek
B, I don't think it's a big deal but after doing some research the charting software on Multicharts is vastly superior. I guess it's now a question of how easy my customed ELDs will import and having the courage to learn a whole new platform. Thanks for suggestion, will look into it. Anek
Hm well, I just spent all that time implementing a TS account, guess I won't be in any hurry to to kill it allready. Hopefully their inability to properly distribute volume isn't destructive enough to force me into other softwares, but that is part of the business I suppose. Going to spend some time later analyzing our two 5000v charts from the two different softwares and see if the data was distorted enough to change any of the trades I would have taken. In any case, I appreciate all your input & the chart Trade273. Thanks!! ~Cx
Free, Your first arrow is a great play with a mini stop, even better if the trend was up Your third arrow is a great play and yes you miss some of the run but that is the price you are paying for CONFIRMATION. Your second arrow, that's gambling. As far your other top found, i did not even pay attention to it, looked like noise to me. Anek
Thanks, Anek, Where would you get in? The first arrow or the third arrow? That's what I'd like to know. I'd like to get in at the first arrow with a tight stop. If it goes the way I 'd hoped, it is likely to be a big winner. If it fails, get out soon, it will be a small loser. and may kick in a short position.
Free, I did both, the confirmation was my second average up. (Note: Doing first against the trend is not AHG so got to be careful here not to confuse the readers) If the trend had been up, the first arrow on a very aggressive size, if I'm with the trend, the smaller the stop the bigger the size, for me anyways. In contrast, the bigger the stop, the smaller the size. Anek
"If the trend had been up, the first arrow on a very aggressive size, if I'm with the trend, the smaller the stop the bigger the size, for me anyways. In contrast, the bigger the stop, the smaller the size." Bingo! That's exactly what I am doing now. This method will keep the loss at a constant amount. For any entry, I'd like to calculate how much loss I'd like to take first. That's why I like first arrow, because I can set the stop better. The stop will be few points below the previous low. If the price goes below that, that means the double B failed. Get out immediately, and keep the loss in the control. After that, either looking for a short position or waiting for another opportunity. By doing that, I can bet on larger size9because the stop is tight), and with potential huge ride(maybe a full ride). The gain will be much bigger than the loss. Freewilly