I tried the same thing last week on a trade, and ended up waiting all day. I never did get into the trade. - Spydertrader
I used a mental 2% stop because I had to step away for awhile and thought I would be right back in an hour or two. Well got delayed at work and missed the close so I am down 3.6% on that one. Using a 2% stop would have worked very well today. Congrats to Mark1. I am also stuck with NTRI currently down 0.5% I will be selling both in the morning. Both did not reach FRV although NTRI came close at 723300 Overall a pretty stinky day for me. Gooch87
Gooch, I did about the same but NTRI's price action has not proved me wrong yet... Good trading. Tomorrow: DCAI NGPS NURO SNHY TRGL
I was watching LIFC and NTRI and passed on LIFC because of the 30 minute channel (picture attached). I'm very new at this all and I've missed a few good trades in the last few weeks because of similar channels but if I see something that looks fairly well defined (this channel was about 7 to 8 days old) and the price is at the top of the channel I just think there is a higher liklihood of downward movement rather than upward. Does anyone else factor this into the Hershey decisions? <IMG SRC=http://www.elitetrader.com/vb/attachment.php?s=&postid=924279>
IMHO there's no way you could have the upper trendline defined before the top of yesterday. I mean the point where it starts is not a major swing. How did you decide to choose that particular point before yesterday top?
As I discussed in the beginning of the Original Journal, the use of what I called "Nwbprop Trendlines" often helped me avoid buying at the top of the channel. Excellent analysis on your part prior to the trading day. I have attached a 30 minute chart for LIFC indicting the "Point Three Technique described by Nwbprop in the Original Journal. Jack Hershey has discussed how to draw trendlines this way in several of his old posts as well. Nwbprop also provided a link in the Original Journal to a discussion with jack on the subject as well. - Spydertrader <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=924338>