Low , he is reffering to the big black bar that closed above the Low of yesterday , the area where u exited the trade EDIT he is trying to show u why there is no need for pivots etc.. since price action tells the stoy
Anek, Interesting thread, in fact one of the better ones here on ET. I was wondering, do you look at the 10 year (ZN Z7) for confirmation of longer trends? I have the ES, the ER2, TICKS and ZN up and I noticed that lately, the ZN is nearly a perfect mirror to the trend in ES and ER2.
Try using the TL from the Head to the shoulder...I'm waiting for a PB to the TL then see what happens. I take too much heat taking the breakouts sometimes.
So is the way to play it is wait for the pb after the breaking of the neck line or to take the breakout with a stop at last swing low and trailing stops as tl moves ?
Ok so I took this DB play on the ES with a close above the middle swing. I am out of it now. Anek, I was wondering where you would have exited this double bottom play if you took the trade, or if you actually did take it where did you exit?? ~Cx --Chart Attached--
You could do it either way. Depends on your risk profile. Waiting for 1 HH and a PB with a HL preferably around the TL would be ideal though.
Scaled out at the next obvious resistance level and now watching a possible head and shoulder formation as I trailed the stop. Either way it's a winner and possibly more to come, I dare you market! Anek