I've noticed that too. Right at the Qtr A up now but it's so late cycle that I'm not sure that level is significant.
@Maverick74 You have been quiet these days, a reflection of the market maybe? I know many would love to hear your take on macro and ACD currently.
Hello guys, I'd like to know your opinions on re-entries: Imagine the following scenario: an intraday A up is confirmed. You enter a long trade. Then after a while the market is pulled back towards the opening range and you exit with a small loss due to time stop. Then, later in the day, the market comes back to the A up level. What do you do?
I'm going to refer back to post #766 of this thread where Mav said re such a scenario "Yes, the best A trades are the ones that initially fail right at the A level then come back up and go through. you can immediately take that trade and not wait for the confirmation." Best to read this post and make sure I'm not quoting out of context.
I almost never re-enter after a stop-out. When I take a breakout I expect it to break out, not hang around and go back to the OR. Same logic on a failure, I expect it to fail not keep coming back to that level again and again.
while there are no guarantees, if the price makes a valid A up and then trades back into the OR, then proceeds to go back up to the A up level, that shows strength. I tend to buy that A up if I missed it the first time. I also watch to make sure I am not hitting against a resistance level. That is where the time stop is important. If it re-makes the A up but just sits there with failed attempts to go higher, chances are it will run out of steam and trade lower. If the price re hits the A up, u want to see it move past the A level sooner rather than later. What helps is to know the ATR so that you can tell if the move still has legs past the A level. thanks.
Possible change in trend on Live Cattle (LE). 30 day Macro went to a -11 Indexes also looking short ES, YM and NQ all with Failed A ups and confirmed A downs thru the pivot on Friday bouncing off the 34 EMA low. NQ looking the weakest. All 3 with dismal 30day macro scores. Chop alert due to upcoming election. (only index looking neutral is RTY with a positive 30 day macro and a zero 15 day macro score. RTY made an Adown, C up for last week. Good luck and I will be looking for some nice trends post election!