her writing style and way of expression is the same on all the characters, perhaps with the exception of the original thread starter...but that is irrelevant. what is relevant is that this bucket of shit as someone stated previously keeps getting churned over and over again and it is supposed to be for the benefit of traders in this forum...to make you think and find a different way to trade and become profitable. Here is the thing, if you have spend time trading without improvement to the bottom line (profit) and you haven't changed anything in your trading using critical thinking and analysis of what is simple and obvious in a chart then reading what these five clowns are telling you won't change anything. correct way to draw TL's, the retrace must make new high/low before you can use the two points to draw TL, and you re-adjust as a new retrace makes new high/low. But that won't make you money, at least as far as i know.
Support & Resistance is the most important thing to watch when trading..but not as regurgitated in textbook rubbish!! I did say..that when even shown.. people would not "do it"..and that has not changed!
Let me ask you a specific question MrScalper on a very specific case: You asked me what happened to GILD that day and I told you. I also told you what I would do. So far my position in GILD has an unrealized gain of ~15% in about 1 1/2 months. I like your opinion of what I should do based on the charts up to today. You don't need to give me detail explanations, just what you would do in this specific situation as I am considering exiting my position instead of keeping it as a long term investment. Appreciate your comments. Regards,
Mr ironchef..the truth is I really don't have a clue what GILD will do next..but..if I was in your position.. depending on how much I am in profit..I would move stops up based on the monthly chart if investing for the longer term. I am not following the markets closely at the moment..due to other commitments..but if I was I would watch for any changes in ES futures OI..and total volume levels for SP 500..to see if we are starting to run out of steam with this bull market. Bond yields are rising with anticipated hike in interest rates..and I am starting to watch them from here on out. You have the option of selling some GILD calls..but look at IV's first..and the model prices if you have access to same. Final word.. current monthly chart shows no need to exit yet..but be prepared..as re-entry is but a few commissions!
First of all, this is like a real time lesson for me. Your comments and chart pointed out the importance of MTFA: By going to monthly, I can see that the breakout likely still have legs, so doing a trailing stop and ride the run up makes sense, provided I don't get stop out like on July 7 after the first breakout. Here is the 30 min chart. What can you tell me about it? For a swing trader like me, combining the three time frame did tell me something? And your first sentence make the most sense if I set my trailing stop with a little more wiggle room. Also, I may sell some calls butI need to understand more of "the charts" and IV to place my covered calls. I made this trade in June based solely on fundamental analysis for entry (my trading methodology). The charts are beginning to tell me a different way to trade. Thank you for all the comments from everyone. All are welcome to join in to comment and make this a learning lessons for those of us trying to learn chart reading and find out why the obvious is not so obvious. Thanks.