It is somewhat lifeless at the NYSE today. Perhaps this will provide some boredom relief, and help keep the ES traders from losing money during the lunchtime chop. Trade this chart! The ADX is the indicator. The Green line is the ADX, the blue is the +DI and the red the -DI. What will you do to set yourself up for entry? Think about stoploss too.
It is difficult to post under this type of pressure. We all hate to be wrong, and especially in public! And especially in public on ET!!! Good golly Miss Molly that is a crime and certainly means you are worthless and weak. Fortunately for my son and daughter I am raising them to believe that mistakes are learning opportunities, and nothing to be ashamed of. Of course that's after they get out of TIME OUT. Just kiddin. Next chart...
Ouch! That's gonna leave a mark. The consolidation looked for a moment or two to breakout, then in fine manner, you ended up with an outside down day. Darn. What did you do? Where was your stoploss? Did you reverse? Did the -DI +DI crossover influence you? Next chart...
If I HAD to make a trade on this chart I would be short right when the most recent candle broke the previous up candles low with a stop above the up candle 7 candles ago.....did I make sure to say candle?
Daytrading: I'd go long the lowest low(of that bar about 40 bars ago). I'd use a somewhat tight stop. and scale out on the way up. Swingtrading: I would look to short it on a upward reaction.
Sorry inandlong, did not see the thread until now. At the risk of being called a person posting after the fact, I mentally drew the t/l from the swing lows, and figured it was a good short to at least that point. You probably don't get much response today as it is Friday, and the middle of the day. Try again Monday late afternoon and I bet the people come back. I want to see a repeat performance from Kernan!
This is a great little exercise. Looking at these charts without my favorite indicators is a new thing to me, it could be good for me.