Firstly thank you for the tips. Yes i can sort of see it now that it was ranging with your drawing and looking at it again. My initial thinking was IDTI in an up trend and retracing to former resistance and support, the break of down trend line and up trend resume. i see it as continuation entry not breakout. See chart attached.
Hi handle, at this stage i haven't thought about using options yet. For this trade i see as continuation entry rather than breakout, see my reply to redneck. Good thing it's paper trading right now.
For me, a close below a trendline and close below bar to left's low is actually signal I look. I am searching for the "trap", I wait for price to rally back to trend line, then go short.
Both G and GT stopped out on 4/1. After looking back seems both were ranging as redneck pointed out before. I shall look more carefully starting next trade. I think one of the reason didn't help with the trades are that the overall market ranging and very volatile as in big up day and big down days looking back at December. I think there's a good chance sp500 drop down to test August and September lows. From November high each rally are lower than previous one, the green trend line. Also yesterday rebound wasn't great compare to 14/12 and 21/12 another reason anticipate to break the support around 1987 yellow line. Therefore pay attention on the short side from weak sectors like XLB, XLE, XLI, XLF.
Yeah i understand what you mean. Overall market condition didn't help i reckon, looking at my entry date and where sp500 were at the time, near top of its trading range. I guess i need to get the timing right with overall condition instead of as long as market not in down trend even if ranging still going long.
With the recent fall in the market RAI, ARMK, ZAGG, ANGI, KR, PLAB, all showing resistant to the fall. Look to long those stocks when we going up again. Sp500 increasing its chance to revisit the lows of Aug and Sep last year with yesterday action.