i see a ton of bruno setups for tomorrow...but i was wondering if anyone have any experience with brunos that are in a downtren? bottom of channel though. i know it's probably much safer to find one that is at the bottom of the up channel, but how about some that are on the bottom of the down channel? (possible retrace up to the upper line?) how are people's experience trading these?
To be honest, I don't particularly like anything for tomorrow from the long side, but if I have to pick a few horses for the race .... I plan to keep an eye on these .... CCRT ININ TWLL NFLX SNCR They certainly fall short of 'best in show' but it gives me something to do. - Spydertrader
Last May gave me the heads up that it is good to be prepared to trade the short side. So I focus on futures.
Since the question was asked earlier, I've given the matter more thought, and based on intuition only I've decided to stand aside on stock trading for awhile. I'm almost exclusively focused on the buy side with stocks, and I don't feel right about buying here. This could be a mistake, and I hesitate to bring the "gut" into play as we have a very objective system here, but something doesn't feel right to me. I'll stop there with my thoughts. So for now, I'll be concentrating only on bond futures and the index futures for a couple of weeks to a month.
When you get better at these methods (consistently profitable longs) you will be able to trade short BUT that much much further down the road. I encourage you guys to think of what your learning as a method of understanding price behavior, rather then a set of trades set ups but it's very important to learn everything about the tree before you can understand the entire forest.
I'm going to use this market to hone my skills in trading short. The plan is to use the 5 minute and target stocks that are displaying any type of rally. I will look for an FTT on the up channel and go short, using small positions and/or paper trades until I get proficient. It appears the time is ripe for this type of excercise. rick
Exactly - I sat on the sidelines last year from May to Sept. Maybe the next few days/weeks will be a good oppurtunity to read the futures thread and get familiar with the terminology, etc, while I get the stocks part down......