Trade this Chart

Discussion in 'Trading' started by inandlong, Aug 21, 2003.

Thread Status:
Not open for further replies.
  1. Here is what I call a random entry. The discussion here is not about random as it is preached in the realms of academentia, but just as a means of saying here is the chart, you are long above the line and short below it. Obviously I know the chart, so I am disqualified.

    Trade the chart!

    We can add indicators if you want to. But this is your entry. You are presently short.

    PS: I have soccer practice with my son, I'll be back in a bit, and we can scroll forward.
  2. short the break of the inside range bar to the downside.
  3. Nice!
  4. kernan


    Looking left to right, you have a low 10 bars into the chart, and a subsequent high 13 bars later. The action of the last 9 bars shows a bounce off of the (~) 61.8% Fib Retracement of that low to high.

    I would draw a trendline from the high through the top of the white candle yesterday. A break of that trendline would be a signal to go long with a first target being the recent high. I would watch the action around that high for a continuation move to the 38.2% extension.

    And, I also would short the break of the inside range bar to the downside!!!!!

    :D :eek: :)
  5. buy bottom, short top, repeat till stop violated. i would get at least three profitable trades out of that chart :-/
  6. Long at the Double Bottom for me. Ye old VTDB.

    More importantly, what age group are your kids
  7. kernan


    I thought we were trading from the Hard Right Edge, and you would show us what the chart did from the last bar? Am I mistaken?

  8. Short the break
    Long the breakout

    Whichever comes first.
  9. I haven't even looked at the chart, but here's what I'd do.

    Figure out how much money I have, and how much I want to risk on any one trade, and then how much I need to make to make up for all the stops if I am ever lucky enough to get on the right side of a trend.

    I wouldn't worry too much about this trade, it is just the first of many.

    But if the market got really bullish, I might close it on a pullback if one ever comes. Cause like I said, who cares about this one, it is just the first of many, but it would be nice if I could start the rest of them off with a scalping profit in my pocket.
  10. Why bother. There are so many more patterns that are much easier to trade. I know people who do very well trading breakouts and ping ponging ranges but they are the exception, not the rule.
    #10     Aug 21, 2003
Thread Status:
Not open for further replies.