Well that worked out well so far - for a short short term chart the profit is decent enough to pay for lunch. I see it's a bit higher than the chart right now.
Sure it just made a new HOD on this bar.... but there is no way I am going to be around to see it. On a quick hitter like this, a 50% retracement on a big bar and I am history. Hey maybe that's why I have retreads on my Pinto... but it works for me.
Or how about this one... is the consolidation narrow enough to allow for a small enough loss versus potential gain? I mean sheesh!
WLV turned out to be a classic test of a classic pattern. Did anybody trade it? I just sat by an watched.
take a look at NTMD IDNR4 failure on 7/27,7/28... followed by NR7 day on 7/28, and response through Friday Also, ZEUS IDNR4 about 10 days ago backman
Of the two, NTMD is somewhat familiar. Now ZEUS, thatâs another story. It consolidates at resistance â nice little pattern â then it fails, except it doesnât âreallyâ fail at all. (BTW, interesting weekly chart!) Thatâs some very cool price action. After the fact, of course, I understand. But as it was happening? I would NEVER have been on to it.
another one that (almost) qualified as an IDNR4....missed the ID criteria by .05 (so i missed it in my scans) was VLCCF from 7/9 to 7/13....there were other clues in the chart, but i wasn't watching for 'em carefully enough:-( Backman
VLCCF -- yeah, missed the ID by one lousy nickel. But the NR4 was there. On ZEUS your stop was above the high of 7/15? The stop for VLCCF would have been over the high of 7/8? Those are good looking counter-trend shorts! Looks like nice work if you can get it . . .
on ZEUS, stop would have been very tight....within .20-.30 of the opening high.... VLCCF...the 7/9 high would have been reasonable as a stop, although there were other aspects of the chart that might have given me reason to allow a little more room FWIW. VLCCF just finished an IDNR4 today, and is off 2 points on my after-hour T&S