What's your take on this candlestick formation? linked... https://www.elitetrader.com/et/thre...st-right-here-baby.335635/page-5#post-4925440
Here is a definition of counter trend. If the trend is up counter trend is shorting. . If the trend is down going long is counter trend. It is a difficult skill to master.
is trending down do you like to wait for a retracement before entering your position (SHORT)? interesting search terms: How to look for confirmation of reversal or continuation of the trend linked https://www.elitetrader.com/et/threads/interesting-search-terms.365486/page-3#post-5585865
what I am asking is if the overall trend is up, do you wait on a retracement to enter long. So I am not counter trend...only waiting for a counter trend movement to enter in the direction of the prevailing trend.
What timeframe charts are you trading? Can you spot any situations on any of the chart images on this page where price was trending, made a pullback to resistance or support, showed a hammer or other very simple candlestick at res or sup? What represented the obvious res or sup levels where those candlestick formations occured? https://www.elitetrader.com/et/threads/charts-for-no-reason.344272/page-26
I have used those patterns in the past and believe they can be effective...the long wick shows price rejection in that direction so a reversal is "likely". But IMO...like all TA (and honestly most fundamental info)...they sometimes allow to anticipate the next move and sometimes don't. Honestly I am finding out that this quote by destriero sums up 95% of trading: It's structuring the best position for your outlook over time and covering when the juice is squeezed or you're wrong. find setups you like and use them only don't get married to the position. I am just looking for those subtleties that separate the hobbyist from the professional...one reason why I think having a successful mentor would be an astronomical advantage.
Subtleties. Fine. Can you spot simple in your face setups and triggers? What timeframe charts are you trading? Can you spot any situations on any of the chart images on this page where price was trending, made a pullback to resistance or support, showed a hammer or other very simple candlestick at res or sup? What represented the obvious res or sup levels where those candlestick formations occured? https://www.elitetrader.com/et/threads/charts-for-no-reason.344272/page-26
Can you spot simple in your face setups and triggers? yes, I value support and resistance more than candlestick patterns though. I'm not familiar with average daily range and have only used ATR...but ill check it out. What represented the obvious res or sup levels where those candlestick formations occured? price/point tested -> held -> reversal. also a ton of volume starting May coupled with an increase in ratio of green:red days indicates buying. Looking at charts like this is different than live trading to me.
Who posted that? How would the one chart you bring back answer your question that heads this thread? Was it in an uptrend near hammers? Are you serious right now, lol. Do you see any others on that linked page that fit your specific question as well or better? Can you spot any situations on any of the chart images on that page where price was trending, made a pullback to resistance or support, showed a hammer or other very simple candlestick at res or sup? What represented the obvious res or sup levels where those candlestick formations occured? https://www.elitetrader.com/et/threads/charts-for-no-reason.344272/page-26
A time ago I tested on spy/spx if it would be more profitable to enter a position on x% drawdown from ath rather then just entering for example each week. The latter proved more profitable with better statistics. The reason was that a good part of the trend was missed by not being in the market, in other words the market ‘melts up’ a lot. It was a relative simple test which could be more expanded by using different entry techniques at different drawdown levels etc. This refers more to a ‘continuous investing style’ rather then trading.