Bride of If You Can Draw A Straight Line

Well, I checked, it was executed at 9:29:35. I thought it was executed after the open.

 

9:52 DL fanned
9:55 DL fanned again

98 is the final top of this TR.

9:58 DL broken, long exited.
10:01 RET visible in the 1 min. Short at 93
10:03 SL broken Short exited

 

When you place a stop limit entry at the right time, the trade may not be filled on the first pass, but it will then be filled either on the way back through or on the second pass. If you wait for the plunge, a fill is extremely unlikely. This is why doing what needs to be done when it needs to be done while everybody else is wondering what to do is the preferred course.

And if you wait for a moving average . . .

 

supply line can be drawn at 905 cst

 

10:08 No LL so no new SL just yet.
10:09 Stop entry at 5.50
10:10 Chop?

 

supply line

 

the lower high at 905 allows you to draw a supply line

 

I wait for a LL before tracing the line.

10:13 Long at 95.50

 

10:14 Long closed, yep it was chop!

 

Back away from the trees and look at the forest. If whatever you're following doesn't last long enough even for a slight retracement, then you're most likely looking at the beginnings of chop.