My exit would be a close plus magic tick above the M's midpoint of 2077 or as an emergency stop a tick above the high. This was intended as a swing trade. M's are an old friend for years and are also nice on daily charts.
Very cool link. For anyone that has a long term prospect I would suggest they check out the divergence photos in there. hausse: What I mean is... after you entered and took so much heat you knew that you were wrong at that point in time. Why not wait for a better entry top of the M if you were so confident in the pattern. PS, I don't play very many breakouts so I don't know much about longer plays where you let them go against you.
Well, matter of taste, I'd think. I like to enter when I consider it confirmed. Purely personal preference.
There is no such thing as "optimum size". Massaging (optimizing) the data to come up with some "optimum" number is the trading equiv of going off on a rabbit trail, imo; for the market always changes. There is no such thing as an "optimum" moving average, either (the same goes for all indicators). I would suggest experimenting with what works with YOUR ability to act on the signals that come from your system/method. Good luck.
Look at the candles. All sorts of weird closes in all sorts of directions. Lots of slow drifts up and down. Not ideal conditions... I don't really know a *how to* other than experience. Remember, I still took lots of trades today as well... Hausse: I like that one better... I would have entered on pullback but each way is valid...
That's what I meant in my post. I guess it was a poor explanation. That up swing you are talking about I would get more confirmation by it hitting the now resistance that was support. -Tech
OK, I may be wrong as well. Am no day trading expert. I just do some research, try to learn and trade a bit. My background is long term trading.
When I look at the HL/HH & LH/LL trend patterns compared to yesterday's (which worked), I see little or no difference in the drift or candles. kidPW, what trades did you do today? thanks QUOTE]Quote from kidPWRtrader: Look at the candles. All sorts of weird closes in all sorts of directions. Lots of slow drifts up and down. Not ideal conditions... I don't really know a *how to* other than experience. Remember, I still took lots of trades today as well... Hausse: I like that one better... I would have entered on pullback but each way is valid... [/QUOTE]