It's actually not a live chart. The S&P Index is not open on Saturday and the index is closed tomorrow too. Simply, your chart is just like anyone else posting charts on Saturday that shows Friday's close. Everything is hindsight on Saturday unless you're asking for a prediction of what to do and that's already been done in this thread via others drawing trendlines and using words like Buy, Sell.
Well, I didn't forget. I'm not claiming it's going to trend higher or go sideways. Just a narrow definition of a pullback as answer to the OP question at a certain point in time (at the higher high). If you define a pullback as having to go substantially higher than the previous high, I can see that also.
Interesting viewpoint. I think I'm gravitating more towards getting the better price. It of course comes down to the math. If I wait 5 points before getting into a move for some sort of confirmation, I think my risk is higher. It may lead to a higher win %, but then is this higher win % worth the extra risk in terms of price? If on the other hand I get in sooner, close to that support level where I'm expecting to find support again, but don't win as often, but my losses are smaller, it might actually mean lower losses overall. Just my thinking of course, and this all depends on the numbers you are plugging into the expectancy because you can make it work either way I think.
Beautifully illustrated. The "pullback" in the second box is clearly less aggressive in terms of buying.
A..see insert below- B..He asked me to mark up a chart, and yet openly states he will not show his perceived "edge", which is very relevant to this thread. J_S
Live as in has the last days trading detail, not the detail of over a week ago! Everyone knows it is not live, as in now. We can call it most recent to clarify. J_S
1) That's a quote from a guy trading binary options. Is that what the OP of this thread is doing ? 2) Its not from a textbook. 3) That guy is teaching his method at a forum...I've already stated that's where I've seen some of this stuff at instead of from a textbook that I own. 4) The Op can state that his penis is 9 inches long but just because he said such in this thread doesn't imply he's require to prove such. 5) If someone states they have an edge and they are showing their real time trade results in another thread...why not have this conversation in that thread or will it be a silly debate about if its rubbish or not if he post profits for the next month, next year or should he keep posting real time trades for 10 years for you to decide if he has an edge or not ?
Looking at your chart, you need to add another moving average to define a pullback... The 'area' which you've put 'long' seems to be a pullback (or weak temporary upmove) because that area has not gone through the transition phase from downtrend to uptrend yet. IMO, prior to reversal, prices usually go through a congestion zone (no trend zone), but that area has not gone through that phase yet.