B193 I wonât coddle, sugar coat, enable, or make excuses for - any one â in any way But if you think for one moment I was talking down to you Then I sincerely apologize to you Sir Market is quite capable of handing me my ass in a split second â been there done that numerous times, and not even a Tee shirt (probably could have bought the damn factory by now) I am no better than anyone RN
We don't know each other personaly, but it appears the way someone expreses him/her self on a forum speaks volumes about their personality, at least i think so, as like trading we never really know for sure, do we? Nonetheless, you sir, i admire. Sincerely, Ant.
IMO...the lowest risk entry is selling the intraday spike into resistance. Whenever you get a wide-spread move into a level like that it means that move is getting extended. The reaction off of the resistance level tells you that the sellers have came in. It like action/reaction...don't sell a grinding move higher into a resistance area. Its had enough time to build energy to move through. The vertical move hasn't.
I don't remember! without the benefit of intraday trading you have to exit as soon as you get a hint of wrong direction, that is unless you are near a good S/R, where you might have a chance of salvaging the trade somewhat. Overnight can be brutal huh? I don't trade Daily and definetely not stocks.
Dissect what you see You have no idea if there is resistance up there or not Side note Whenever we review a chart â we must always be careful not to induce hindsight bias Weâll never have that luxury â but we can use it to learn⦠then as the day unfolds in front of us â exploit it Also â never assume high is too high⦠or low is too low Make price prove it to you, otherwise you will be unhappily surprised - time..., and time again RN
One i just played now and made a mess of, i won't explain what the marks on the chart mean, you all are experienced enough to know where the entries should have been and why..
Define a "hint" btw in the current environment - using a hint will get your ass whipsawed. racking up commission, and losing to boot So what do we do??? ======================================= On another note.... How would you define "good" S/R What would it look like - either after the fact... and/or as its being formed Both are exploitable after all RN
RN - Here is what I have from 1000 yards to the 5min The weekly and daily just broke the down channel line to the upside. Monthly and weekly bounced off support (what i see as support). This is in picture A. It cut through the demand and bounced off that spike from 10/1/06. I saw 35.41 as first monthly support and 32.34 as second but it didnt bounce until 27.46 in the current month. Then on the daily there is a clear down channel where price was riding the top of the channel. It breaks over the upside of the channel on 10/10/11. ^^In my mind I am seeing a bounce off monthly and weekly support and a break in the daily channel so I am thinking longs are in play^^ Then on the one hour we have support spikes at 33.24 that seem to be dealing with the demand from 10/7. We have resistance at the earlier monthly 35.41 Then there is a 1hour upchannel break on the hourly 1 oclock bar. On the 5min I could enter on the first 5min consolidation break for a short after the 1hour breakdown bar completed. I can target the resistance because my ADR is roughly 2.00 and I have 1 dollar to go with a stop placed above the upchannel line. This is a 30 cent stop. ((This does not consider any outside factors vix, futures, trin, tick etc)). ---Here is the mind F***. With monthly and weekly and daily suggesting up, not knowing if those s/r areas are the right ones in general because there are a million ways people pick them, hourly overall price movement is sideways, daily just had its downchannel broken so the only thing telling me to short his is the hourly 2 day break in the upchannel line and the bounce off of resistance. The majority of what I see tells me long.--