The move down good for a couple of points. Next followed by a wedge top failure in the resistance zone (in the sense price didn't make it back to the support zone before heading back up) as price goes thru the resistance zone. Once it is determined a wedge top failure in in play then that is another long opportunity. So, after the exit on the short 3 bars later was a good long entry to betting that price will go thru the resistance zone. This type of behavior (wedge failures tops) are usually good for two legs or more for the long side. However, we are also approaching the high of the session so we are in another resistance zone. But if one took the long signal (I didn't) they could exit in this second resistance zone or hold for more profit. There is a lot of buying coming in. Just have to see what happens. Will check back later. Can't watch anymore. Have a project to work on.
My final post. This is what happened. It sliced thru the second resistance zone (green) and we got not two but three legs up. In such a case one holds there long until market shows weakness. Many times a wedge top failure is followed by another wedge top failure especially when there is a lot of buying pressure. The general trend down has been broken. So best to trade long side now as opportunities present themselves. ...Pull backs..Bull flags...small wedge bottoms in form of bull flag..sideways triangles breakouts to upsides...etc
I'm back. Took a look at what transpired while I was gone. Here it is with some explanation. In my previous post I said trade long side..bull flags..small wedge bottoms that were bull flags (i.e. small wedge bottom failures),...triangles B.O. to upside etc. I see the market kept going up giving long opportunities and even establishing a new support zone. Another zone may be forthcoming also soon. But until then one would buy dips into the last support zone. We have a little over 1 hour left before close so we will see what happens.
%% True, time wise. But really , with that in mind, OK, factor in 1929, -31..... 1973, 1974..... 1987,2000-2002, 2008.Another problem, Mr Trade Superstocks has huge [sad]single stocks risk; my comments were mostly about market risk. I also used a play on words- ''shorter time frame''
OP, I hope you were not trying to trade earnings "learning" from Warrior Trading. They are total scam artist.
If you wanna over complicate things by claiming that you need to know why a thing is happening, that's on you but what I stated works for me.
Hey nice trading volpri!! I trade this way every single day.. It requires a lot screen time and back testing to understand how to trade this way.. Some people think price action is silly and stupid.. But I'm cool with that.. More money for me!!