The earlier you can get in the better. The problem with trading a breakout like the one you've posted the risk/reward isn't optimal. What usually happens is that it breaks and then snaps back. What you really want to do is sell the bounce. Always think about risk. If your going short you want to get short as close to the most recent pivot high, vice versa for longs. Hope that helps.
Anything can happen. I've seen it happen many times on Friday's. When it happens it's swift and hard. Shorting the top was still a good trade, I'll take what I can get.
Could anybody mention the set-ups presented in Suri's webinar? I bought the book but right now the number of patterns surpasses my abilities so would be good to concentrate only on the the most probable ones..abbreviations will do Thanks
Suri talked about: Trader's Vic 2B Dragon ABCs Seahorse Dragon Fractals Harmonic Patterns X5 Gartley/Bat/Crab Two pipes or Dual Pipes Cant remember much else. Anek
Suri asked that we not record his presentation.... too bad since the Tradingroom software has a "record" button right at the top of the page. He said that these were his 10 favorite patterns, so I wrote them down. Not sure if he gave them to us in his personal rank order but he did say these were his 10 favorite patterns. I also have his book. 1. Trader Vic 2B 2. ABC auto 3. Opening range pivot 4. Fib zone pivot 5. Market Fractals 6. X5 Patten Gartley Bfly Crab Bat 7. Dragon 8. Seahorse 9. Gaps 10. Parabolics 11. Cameltoe (just kidding about #11)
Jaxon I thought that was a great presentation, what was the pattern with 40 period high / low. I have the book also I just can't recall that one.
I was just kidding around with the magic line. But trendlines are a powerfull thing, the line in question was a multi-day trend line. You'll notice [attached] that the trendline is a 25% parrallel extension of a previous Andrew's Pitchfork. I use the 5M chart for structure. I use Volume/Tick/Range charts for entry. Hope that helps.