Well, if he waited to enter either long or short after the market broke out instead of anticipating, he made a nice long trade around 1292, targeting a test of yesterday`s high around 1300, currently trailing his stop to 1295,50 on the ride up, locking in at least 3,50 points. Maybe he will look to re-enter around 1295 if he gets stopped out. Might even look to enter a short around there, since 1295 is a R10 from the daily lows A purely hypothetical example
Maybe. Personally, I would want to wait for price to at least dip below 1295 before considering it. 1300 is also very close now. Supreme entry if price turns though. Using a tight stop?
Pekelo Registered: Aug 2005 Posts: 7086 New Post 03-11-11 04:30 PM Quote from angel_king: the market will be going up real soon Quote from angel_king: could also break down. Marvelous.... whadaya want? most of the patterns say something will happen but are ambiguous as to the outcome. when it broke out I traded it I got 4 es points and when it hit the resistance line I got out now its time for the 1 hour sit on my azz and wait for the market to get done thinking then move again thing I said "will" with a possibility of "could" and that gave more weight to the upside because I am in full control of the market you know
Supreme entry if price turns though. Using a tight stop? small position was long from down near 88 -trading june - bordom trade
spx supp turned res..edit..according to phil erlanger,the true hns pattern must retouch the broken supp line before descending to target