Just thinking out loud I know every trade is unique! Sometimes I wonder if my lines are hugging price too tightly!
Being over simplistic.., but accurate When trading price - price determines everything..., we base everything on price Including line placement / whether we're correct with our line placement RN
Slugar I was sure you were going to take me to task on this one Sir.... Isn't the method you described in setting your target - also considered a measured move??? And using a measured move is pretty standard / well known practice So why did I reject that approach... Hmmmm Never just take my say so on stuff - pick it apart - please RN
I was actually going to bring up the measured move but didn't . any ways todays trades.1.double bottom long at 3607.50 stop 3604 target last awing high of 3619..2. double bottom long at 3611.25 stop 3607 target last swing high of 3622.3. higher low long at 3618.50 stop of 3615.50 target 3622. 4. lower high short at 3621 stop at 3623 target last swing low of 3615. over all a very choppy day and a good day to sit on your hands.
Trading is a balance â between a strong offense⦠and a strong defense Trend days we can be more offensive Range / chop days we must be more defensive Focus on one..., at the peril of the other We must diligently maintain both - and be prepared to bring to bear - the one PA dictates - when PA dictates ================ I agree â choppy PA today ============ Aside; Mkt is funny this way - ask a question - it will answer.... we need only be receptive to what it is saying Back in a bit RN
General comments See the green UMTLs (3 in all) - just something to note The UMTL I crossed out (in red); What is that one based on (iow why draw it)? I highlighted 3 zones..., the upper and lower are straight forward..., the middle one is harder to see (visualize) trades.1. double bottom long at 3607.50 stop 3604 target last awing high of 3619.. Comment Entry â Canât see the DB â Entry Good Stop â Good Target â Beautiful â but what about that decent size PB â how did you manage through that??? Trade 2. double bottom long at 3611.25 stop 3607 target last swing high of 3622.3. Comment Entry â and a TB(circled in pink) â Good Stop â Good Target â Good â but what about the hesitation around 3618.00 â how did you manage through that â it did break the UMTL Trade 3 ?? higher low long at 3618.50 stop of 3615.50 target 3622. Comment Solid trade Entry â Good Stop â Good Target â Good Trade 4. lower high short at 3621 stop at 3623 target last swing low of 3615. Comment Another solid trade Entry â Good Stop â Good Target â Good ======================================= Good job in a rather challenging environment today (way to play "D") RN
If the umtl is broken my method says I must sell.that was what I was talking about when I said it may need to be tweaked
And days like today are going to tax it to death.... This is going to take some analysis to get a suitable solution.... Just throwing it out there - allow 1 fan - as long as price resumes before exceeding the last SH / SL?? - then a breach of that the exit - for choppy days If you consider this - first determine if it is even feasible RN