Hi Matcha, Excellent trade! Your analysis was spot on for the trade of the day! Hope you have a great time in HK even though it's very hot. --po
Nice trade, Matcha, and an aggressive entry, lady! Here's something that may help you squeeze more out of a winner: You were targeting the next resistance. Make that a mental target and if you get the expected breakout, then lock in that level with a stop in case the breakout fails. If the breakout is for real, you'll either get more momentum in your favor, or if price pauses and pulls back, that previous R will often become support for the next leg up.
Matcha, Welcome home, It appears the Trading Gods missed you, I know we did. http://www.youtube.com/watch?v=QVS3WNt7yRU <*)))><
8.18 Wed Looking at yesterdayâs price action and todayâs open. Market pullback to 10322 major support level formed a double bottom pattern at 7:30pst. Trend is still bullish although the pullback was steep. Market finished the 3 wave down move (from yesterdayâs 12:00). Plus the Bottoming tails at 7:00 and 7:30. This level could be a level to go long. And it qualifies my pullback set up. The only â-â were 1.the pullback is fairly steep. 2. 4 long topping tail bars at 10358(YTDâs close) from 7:05-7:20pst. So I did not enter at the double bottom. I waited for a higher low, a breakout to YTDâs close to enter. It didnât go smoothly. I stopped out by a long red candle at the first entry. Then I reentered, stopped again. After being stopped out twice, I then switched my thoughts to â this could be a choppy day price action, the long candles should be read the buyers and sellers were fighting equally.â Besides, itâs time of the day-lunch break. So, I gave up. I went to âzzzzâ¦â Then the price took off at 10:00am without me⦠Todayâs PnL: -$69, 2 trades. No winners
I wish there is a Border's here. Lots of people in coffee shop. Went to 2 starbucks in Harbor city. Couldn't find anyone read or study. Spent lots of time shopping and reading some cool books in Page One(no coffee shop) book store in TST. Did research on bookstore/coffee shop in Hong Kong. There was no such concept in HongKong now. There have been some, but they all ended up closing. According to blog. reading/writing/studying isn't hongkongese's style. ha! Bookworm in Lam Ma Island and Bookstores in Central kind of carry the concept of reading, people watching and sip coffee. What a miss...
Hi Matcha, I think you are right that the Borders/Barnes and Noble coffee & reading concept is not popular in HK. I heard Lamma Island has quite a few expatriates (from Europe & US) live there. And hence the coffee and reading concept is more acceptable to their livestyle. Ditto for the Central District where most of the expatriates hang out. --po
Matcha, What kind of orders are you using to enter? Learning to enter using stop limits helped my trading a lot. Especially if you are trading patterns. Putting stop limits a tick or two above/below the pattern keeps me out of a LOT of bad trades..
Here is your chart. Blue = Stop buy limits Red = Stop sell limits Put them above or below patterns and let the market decide if you get filled.