Trade this Chart

Not for anything Inandlong, but this exercise is one of futility. Since when has this game been about being 'right' or 'wrong' on a micro-level??? What worked on this particular play is not necessarily the right way to play this exact set-up played out 100 times... In addition there are a 100 meaningful variables that are left out of this equation, such as overall market sentiment, sector strength/weakness, etc. etc.

PEACE and good-trading,
Commisso

 

Wait for the breakout on either side, then see if conditions are right to fade that breakout

 

I don't know why people post that this is an exercise in futility. If you think so, why waste your time on this thread.

I am getting something out of it...so, thanks. And, I will wait for you to post the rest of the chart.

 

if this is a stock i want to cover at the first available moment. if you want me to be short something, i'll happily flip right into a dow short with 20% of the proceeds.

 

Yup, it took me about ten seconds to see the N4 inside bar and it closed lower so I would have said "trade the breakout" one way or the other, likely short. Do I get anything for that?

 

Wow, more fear, uncertainty, and doubt is in there too. We are obviously not EVEN qualified to look at a chart and make a conclusion about the next couple of bars. Thank you so much for informing us of our deficiencies. Ok, having said that I've gotta get on with my life now. Later.

 

considering you proceeded to chastise someone for saying there wasn't enough information, you really should leave out the "likely". be a man, make a real call.

 

Okay here we go.

Comisso, ever the philosopher, it is not about being right or wrong. My purpose is to demonstrate the effectiveness and trade-ability of drawing a horizontal line, and being long above it and short below.


Vision' thank you for asking.... they are 3 and 5. I am a coach. It is very fun to be with them and watch them play.

Almost everyone recognizes the opportunity here, so lets take a look at the next bar. I will leave it up for 15 minutes, longer if you want.

 

Kernan looking good so far. It almost made it back to the previous high in one bar! Nice call.

 

Next! I have given more bars this time so you can see what is happening. The traders who saw the NR4/ID and traded it, regardless of their bias, are doing well.

The trader who is just long above the line and short below it is doinf well too. Everyone is wondering when to take profits! A nice spot to be in.