Disliked{quote} My twopenneth; {image} When PA reacted at the prior pullback level and made a LH (as opposed to a new HH), it becomes a risky trade. That is not to say that it might not have been a valid trade - just purely a risky one. When the drop is steeper, with less fluctuations and the 123 trigger that you labelled was much smaller in relation to the drop, (what i call 'blue sky') it has more likelihood of working, but a pullback to the prior Supply without breaking through it to create a HH (and thus likely trend change) is risky... There are always...Ignored
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- May 15, 2018 10:55am May 15, 2018 10:55am
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- #6,204
- May 15, 2018 11:45am May 15, 2018 11:45am
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- #6,205
- May 15, 2018 1:26pm May 15, 2018 1:26pm
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just got back level:
Become the casino
- #6,209
- May 16, 2018 3:30am May 16, 2018 3:30am
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Similar day to me Ras. CG how often do you think those types of trades work out? How are you managing your Take Profit? Assume differently than say a 123 pullback?
Don't forget, it is a large 123, trigger retrace to start in straight lines up and back.
It's just the pattern of the move. Buyers took over and bought it up in a straight line, i'm looking for a reaction back at the start of the move, as a minimum. Remember - that is all we need to get a 'free trade'. Regarding taking profits, i usually get taken out by SL. I chase PA as it goes into profit. In this instance it shot straight to limit.
I try to eliminate the 'noise' and concentrate on the larger reaction points where possible. Years of EW study has made me view the markets moves in phases or cycles and whereas at times i have found it a hindrance, in fact often it gives me clues as to when to expect a deeper pullback, eg;
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- #6,210
- Edited 4:17am May 16, 2018 3:43am | Edited 4:17am
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If you apply the above diagram to yesterdays PA, you would be looking for a retrace to the start of the move for a short;
Easy in hindsight, of course, (especially as the indicated 'LL', isn't a LL on the larger scale), but by cutting out the 'noise' inbetween, you take a storming trade. You only need one of those each session to either wipe out half a dozen wrong trades, or hopefully, (eventually) make it your only trade - a winner and then close the charts and walk away.
Easy in hindsight, of course, (especially as the indicated 'LL', isn't a LL on the larger scale), but by cutting out the 'noise' inbetween, you take a storming trade. You only need one of those each session to either wipe out half a dozen wrong trades, or hopefully, (eventually) make it your only trade - a winner and then close the charts and walk away.
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- #6,213
- May 16, 2018 8:22am May 16, 2018 8:22am
- Joined Apr 2011 | Status: NQ eta moi lybov... | 3,030 Posts
Yes, perhaps not quite what i meant, as it is difficult to explain... the 450t chart will contain the same, only on a bigger scale!
Here i have the same chart but circled the two distinctive different styles of PA;
See how much easier it is to determine the level for a pullback in the green circle compared to the red? When i say 'noise' i mean that kind of action - where there is no real thrusts of action each time... we make LL's but only slightly...
Here i have the same chart but circled the two distinctive different styles of PA;
See how much easier it is to determine the level for a pullback in the green circle compared to the red? When i say 'noise' i mean that kind of action - where there is no real thrusts of action each time... we make LL's but only slightly...
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- #6,217
- May 16, 2018 1:39pm May 16, 2018 1:39pm
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Slow going in the afternoon session today, the danger of which is losing discipline. Impatience crept in, but grabbed enough in the end.
EW helping me out a bit (expect a larger correction after 5w complete) here, wave 5 broke down visibly into 5 subwaves, followed by a 2B break and pullback for the first winner;
EW helping me out a bit (expect a larger correction after 5w complete) here, wave 5 broke down visibly into 5 subwaves, followed by a 2B break and pullback for the first winner;
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