Now we enter chop time, it can go to the moon or down to hell I don't give a rat, probabilities are against me so I sit back realx and probably go to the gym See u later!
Averaged 2 in @29 Out @ 45. Used the 75% ME line for a target. Got a little worried on that retrace but like Mark posted, resistance became support. Time for a run and lunch. EDIT: Maybe should have held longer. Looks like I left some on the table, but I can't have that attitude I guess. Still a good trade. 2 day down trend line broken. Anek might be right about the massive short squeeze.
Nice, but look at the even bigger picture, that trendline was from nov 6th ! Could really bring some fireworks.
Hey Anek, Is this a valid intra day dragon? Is the hump tracing back 0.38-0.50 important? This one retraces just short of 0.38 Anybody traded this today? Cheers, dt
Great info M. I'm glad you found this thread! Could you elaborate more on your stops/exits? It seems you are a scalper. On the chart you also mention strength a few times. How do you determen strength/weakness?
This might illustrate to you what they mean by dragon(Link). I personally dont use it unless it is on long term charts. The problem with short term charts is that you dont have time to think if its a dragon, a turtle, a mouse or whatever. Some much simpler patterns in short term. Hope it helps. piscuy http://www.trading-naked.com/JerrysDragonPattern.htm