When you apply technical analysis to this chart what do you see? I have shorts from 73000. What do you suggest ? Where should I put my stop? And profit target? I am short but I have no idea how to handle the rest.
================= Wellmr lyrkla; i like 10 year monthly candles & 3 year weekly & fund/fundamentals before i do any.But 6 month candles can be quite helpful- buyers @$58 area. Prefer 2 color volume; that can be a clue sometimes
I could not manage to exit. Now the graph is this. Tomorrow what should be my plan? I have problem with exits. I could not manage exits. Please advice. Just tell me the reason why you want me to exit. I need info about how to catch fish.
Info is in the attached.There you`ll see the pattern and the scoring system.The exit is the same thing as the enter.The reason you`d want to exit is the trend overlap.You are trading Daily period,so your tomorrow`s plan should be observing and exit at around '7'.
Dear Ocean5 you seem to know what you are talking about absolutely. So to clarify this I want to ask 1- Because I am short I have to sell my shorts when price breaks upwards of its descending channel as you show in 7 right?Then Two choices coming to my mind . According to your esperiences would you suggest A or B? A) Should I wait for the close to see if it breaks upper channel and should I wait fot the close to buy if it breaks? B) Should I put a buy market order for my shorts on a little higher upper channel intraday and wait? But when I do this I am afraid that it will enter into channel again and will fake me. 2- When I buy my shorts should I reverse or wait? I can put a stop a few ticks under Lowest Low of previous bar. Is it a good idea? Should I sell all my contracts or half? 3- When I look at chart you prepared and scanned(thanks for the great effort) can you explain what is A, D (It seems Accumulation Distribution? What is FRY and DU? What I understood is I should draw trendlines and wait for the price to break it upwards. You said exit at 7 but why not I exit at 6? Till 6, is it possible to see the price break up? Past 3 years just summed zero profit so I should learn the basics again. How much should I exit is another question. Half or full ?
The system`s name is PVT.I do not do PVT,but it wouldn`t be enough just to answer your questions,some work is required.This maybe a good place to start: http://www.elitetrader.com/vb/showthread.php?threadid=130435 HTH