Let's see... Who has the courage to discuss a chart without knowing the result in advance? What would you do here? Would you buy or would you sell?
That question is completely meaningless without knowing the ticker symbol, time frame, goals, end game, expectations, assumptions, logic and rationale, and a host slew of other variables and elements about the trade and trader. Knowing just one element of a trade or chart is helpless, and doomed to fail. That's like teaching a random, amateur, boxer how to only defend himself....and surprising him the next day by asking him to fight a champion. Ask MarkBrown...he looks intelligent and serious and successful in that suit. I'm sure he'll get it right and nail it correctly.
I ignored Mr nice tie long time ago. So you are out of the winners. Anyone else has balls to use any magic TA? Would you buy or would you sell?
Depends on context; 1) Where the previous key OHLC levels on the higher timeframes are. 2) The above would give me my bias. 3) What timeframe is that chart? 4) When were the H's and L's made? At first blush; if short bias, then would be a short, target a sweep under that swing low prior to that bull leg, stop above the double top. if long bias, then waiting for a deeper retracement to a zone where the initiative bull leg started from, SL below that and target above the double top.
There ya go ILLIN, You got stat's for that? (not for me, I got mine, but for yourself) You got written rules for that? (For your own use) Tell us your short name for your setup / trigger? When you call that trigger in our new Price Action Live Calls Chat Room, what are you gonna use for a concise descriptive handle that has a 5-work max word limit? We will all have done our own due diligence and decided to put your setup / trigger on the chat room's consensus 'PA menu of Legal Setup / Trigger Calls'.
Sir , we know you are smart and I like your answer, but you are not allowed to pick both sides, that is plain cheating.
If a trader doesn't plan for both sides are they really a trader? As stated, if you provide the higher timeframe - weekly preferred or daily - the bias would be clarified. It depends on the timeframe of the chart you posted to calibrate the other timeframes to use to trade. Also with the chart you posted, having an idea of the start of the day would be helpful as well as it's timeframe. Volume comes in at certain times and it helps to anticipate when that is. Multi-timeframe analysis is more consistent than a single timeframe chart.
I'm seein a lot of chinwaggin and jawboning. Artistic intuitive traders, lol. Why makin such a big deal outta one trade. No single trade matters. When you look at your account balance on Friday or the first of the month, Did your method spin off a profit? What worked? What didn't work? What's next? Done. Relax Have a homebrew. meanwhile...back at the chart... ymmv. Believe none of what you read and only half of what you see. Nobody needs to prove squat to nobody. Gotta prove it to yourself. Do Your Stats. Period. Anybody wants to know, then get your ass in gear and get to work. What are the odds this will work? You're job. This means you too SimpleMeLike. You want performance stats, my man? Well do ya? Well here's what ya do. Stop pestering the crap outta everybody and Do The Work Yourself. Your trading is Your Responsibility. Your Momma say she love ya I bet, right? Go ask her to do your stats for you. Tell us what she says. Now if your momma ain't gonna do your stats, why you think somebody else gonna? Hmmmm? Break a Leg. Double Top and Bottom https://www.elitetrader.com/et/thre...t-right-here-baby.335635/page-18#post-5309309 That should say "Sell To Enter on Close below Neckline". I trade intraday fast charts. I wait for the close to print as a matter of course, habbit, which means the entry usually hits the road on open of the following candle at best and usually a little after that due to latency, IB data funk etc. It all comes out in the wash. For daily charts, a guy could shoot for "enter on close" Or better to do imho would be to downshift to a ten minute chart when things are looking juicy and see if ya got a nice Setup / Trigger over there, or on a 30m or a 5m, usually you will see something informative and actionable. In this case if a cat could stand the suspense, he could have waited toll the next open if that's indeed a daily chart and got a Sweet gift on that one. Let's see what happens...