It's taking a while. But all a trader can do is put the odds in their favor and trade in a disciplined fashion. There's a lot of support coming at this point, but as long as price action holds below the DMA 28/14, I'm defining the trend as being down. If the protective stop is hit, just move on to the next trade. Later, JJ
Are you waiting for the bars to close? ie:CCI never crossed the zero line on a closing bar according to my charts, but yes we are flagging out at R1. Thanks
Wow, that was literally the longest 2 pts I ever held on for in my life! *** The sysmtem, once you look at it, is kinda simple (KISS) ... but it doesn't always work. For those times price hits a pivot and generates a trade (we need a few more examples to be able to see the range of setups, but there really aren't that many) which fails by either re-crossing the DMA 28/14 or hitting the the protective stop, just take the next setup. Yes, I know the info I sent you said crosses above/below the signal generating candlestick, but I'd rather go with this defintion for aborting a trade. *** Well, you have the setup right there on your screen, for those who want the info I'll send it to'em, but "once a day" is not a bad idea. Of course, according to the rules, if another support / pivot / resistance is hit, you can take another trade (because it should generate another response in price action), but once the money is in the till, I like to relax, untill at least the afternoon session ... and for those who like to try to catch a trend, you can move your stop to breakeven +1 once you get your 2 pts, but if you had've in this case, your stop would've been hit, so it's a six of one, 1/2 a dozen of another kinda prospect. Best, Jimmy
Good question, not necessarily. Once you see a setup about a 100 times you really don't want to wait around for it ... I came into the session expecting a shorting opportunity (just not at 9:32am ET), because as I stated over the the weekend, the Market Trend is Down, and the Gap up to 1st Resistance after Friday's Bullish Close was a shorting opportunity, so I took it at the first hint of RED. JJ
You have to be able to see the overnight action. Even with "market hours", you still should see a nice Gap. *** If the market holds at this point and breaks higher (which it sure is acting like it wants to) we would see a break in the Downtrend. Best, JJ
Thanks I am in daytrade mode My target should be 1274.25/50 will see if this is a common gap...or breakaway Anyway, my trade will be closed EOD, if I am not stopped out