Support "held" long enough to offer up some low vol wiiiiide gyration but come the dawn, ...swan dive friday
RTY / Russell 2000 definitely was oversold at support as of Friday. I just held my gold positions which I got in on Thursday and didn't have mental bandwidth to focus on much else, unfortunately.
Channel projection based on two lows and one high projecting to the next high. When you look at charts, if you are open to considering ways to trade that you don't have in your toolbox yet, imagine applying a TA setup over what you are looking at, like a Channel Projection image provided by neveragain here, over those chart images above this post. How would CP's look there on those A-B = C-D type trades? Better Stop Gaps? Better R:R. Maybe so? Then jot down on your docket to actually Look at a dozen or two examples on your own platform on the products you trade. If that dozen gives you good stuff, dive in and do 80 more. Still likey? Do what you Do. Bracket Orders - Could Your Trading Method use them? https://elitetrader.com/et/threads/bracket-orders-could-your-trading-method-use-them.349950/ whats-your-favorite-chart-pattern https://elitetrader.com/et/threads/whats-your-favorite-chart-pattern.359850/page-2#post-5413634
SOXL https://elitetrader.com/et/threads/...at-right-here-baby.343012/page-9#post-5389263 https://elitetrader.com/et/threads/...at-right-here-baby.343012/page-9#post-5396948
"Trading an Engulfing Candle at Support & Resistance provides greater conviction." https://elitetrader.com/et/threads/...t-right-here-baby.335635/page-10#post-5014575 Double Top and Bottom https://elitetrader.com/et/threads/...t-right-here-baby.335635/page-18#post-5309309
After time you should not even need lines, it's like looking at the Matrix and seeing the woman in red. I drew this line after the trade finished to illustrate a point. We see price going down to support. Support is not an Absolute barrier. Price pierces support a tiny bit to stop out longs with tight stops and trap anyone shorting right below it, then reverses to go back up. You need to leave room for trade to breath, I was actually thinking about adding contracts at lower support levels but I was going to remove these limit orders before I went to sleep. Once trade started to go my way, I tightened my stop and canceled my limit orders. Remember scared money does not win and PA is an Art not a science. Not shown on this chart, but looking in real time now, I see I should have just left my original target since price did keep going up.