Trade this Chart

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

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  1. kernan

    kernan

    Beautiful! Not only did it reach the previous high, but it made a perfect two bar consolidaiton and then took off again! I stand by my original post, and would take profits at the 38.2% extension. My stop loss would be just below the previous high (14 bars back from the right).

    :D
     
    #21     Aug 21, 2003
  2. Excellent analysis Kernan.

    inandlong, I predict there will be numerous posters who come on the thread and say it was obvious, and they would have traded it "that way".

    Kudos to the people that posted their thoughts BEFORE you posted the rest of the chart!
     
    #22     Aug 21, 2003
  3. Just one bar this time.... oh the agony! And how about a trendline? Nothing too extreme.

    kg' that is hilarious!!!
     
    #23     Aug 21, 2003
  4. kernan

    kernan

    We will probably at least pullback to the trendline - we can reevaluate at that point.

    If the next to the last bar did not have the "wick" at the top - signifying a minor pullback from the high - I would be bullish on the last bar's action. But, with that weakness present, I would take my profits on a break of the low of the last bar.

    If that happens, as stated above - it will pullback to the trendline where we can reevaluate the action once again.

    I will have to check the results Friday. I must retire for the evening. Have a great night all!
     
    #24     Aug 21, 2003
  5. That is some sound work kernan. Rest well.

    Let's see how this goes.
     
    #25     Aug 21, 2003
  6. newtoet

    newtoet

    OK inandlong...take this in the spirit it was intended. Are you Kernan?

    If not, that is some freaky analysis!!!!
     
    #26     Aug 21, 2003
  7. TGregg

    TGregg

    Well, I did OK. Bought, then sold at the previous high. If partials were allowed I woulda exited 2/3s and hung on for the chance for a new high - but not much of one.
     
    #27     Aug 21, 2003
  8. TGregg

    TGregg

    At this point, I might short and cover at the previous resistance that is now support.

    EDIT: That'd be the previous high.
     
    #28     Aug 21, 2003
  9. Great thread!

    Last bar was a tombstone doji at support from the trendline. I would be a buyer above it, and a seller below it.

    I would actually prefer the short, as it would break the trendline and setup a good trade as many would be expecting a long play to new highs.

    Kernan - where do I send the check? Nevermind, I already paid you once!:p
     
    #29     Aug 21, 2003
  10. newtoet, lol, :) no but you are right, that was right on the money huh?

    TGregg, partials are allowed. You know what you would have done, and that is good enough.

    Magg I think so too. We did this a bit in Strategy Trading when I was there.

    Anyway, the horizontal line part is not going to be a part anymore. Imo, it is a very good exercise. Man, in Strategy trading when we did it, I stunk up the place.

    Next bars...
     
    #30     Aug 21, 2003
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