Lessons for the day, still not a good anticipator. So observe how these REVs occur and define best course of action before incorporating them in full. First entry was the short after the rejection of PDH at 56.25, As the decline was halted above the PM MP, the long entry at 54.75 needed one to be fast and to have the context incorporated in one´s head. If one missed the first long, there was a second chance 2 minutes later at 57.25. Then there was the long I took at 59.75. From there price rose until buyers lost interest above 57 but where still interest below 63. Shorted the first test of 67, but it did not go anywhere. So a fast close signal must be implemented when performing these class of stunts.
Or just hold. Note that 62 was immediately rejected after the break of the DL, similar to yesterday. Would you have held if you had entered earlier?
I am not sure about holding this one, if trading all in all out. But it makes sense if one thinks about context and 50% of the upmove intact, to hold at least part of the long. I will think about it, as I have to come up with some exit rules that make sense in december. Thank you. 11:17 Seems like holding was the way to go, Perhaps until a valid break of the TR that proved sellers were interested. And that never happened
Making these decisions in real time is very different, but these behaviors -- not "patterns" -- occur again and again, and trade review is important in that it will enable the trader eventually to see these behaviors in real time and act accordingly.
To all of my straight line friends who celebrate Thanksgiving I hope you have a safe and blessed Holiday.
I've noted to myself several times that a lack of strength isn't yet a sign of weakness. It's definitely something I want to become more comfortable with. I can see in hindsight that I was way too quick trying to look for a short off resistance when sellers were far from showing any real strength after price started to form a range. Didn't even think about the 50% mark of the entire up-move until much later, for some reason speed of the big movement and especially where price is sitting in regards to the macro-trend caused me to lose some objectivity.
Looks like nobody's trading today. Nonetheless, we're in the process of a second and better attempt to get out of the premkt TR of 81-82. Traders appear to be on hold. 0931 DL is broken, but movement is sideways. 50% is 82.5, which coincides with the LSL. 0932 DT at 84 0936 Establishing a TR bet 83 and 84, minus a tick each end 0941 If one is experienced with breakout trades, he could position himself for one here, but given the activity level . . . 0948 And price drops back to the top of the premkt TR