"Luck is when opportunity meets preparation"
Ratios & Harmonics: a Different Way to Trade
- #40,586
- May 17, 2018 10:15am May 17, 2018 10:15am
Well.. my morning is in the red -21.
Would have been -13 but I went against my rules and entered again even after price hit structure. Havent done that in a few weeks, wont do it again that's for sure.
Also on the long term it looks like price hit a nice structure. Was expecting price to make a deeper correction on the long term so lets see.
Would have been -13 but I went against my rules and entered again even after price hit structure. Havent done that in a few weeks, wont do it again that's for sure.
Also on the long term it looks like price hit a nice structure. Was expecting price to make a deeper correction on the long term so lets see.
- #40,587
- May 17, 2018 10:27am May 17, 2018 10:27am
Long. I welcome feedback on this one 
. Please notice my entry candle as there were many similar candles prior to this one that I did not like.
EDIT: I'm terrible at including all the details with my original post so get used to seeing "EDIT" on mine
Since there has been talk of rotation candles, this is a good opportunity for us to reinforce our knowledge. Damian - please chime here with anything you feel you should add or correct. Take a look at the 3 or 4 potential rotation candle prior to my entry here. I did not like them because (a) it took 2 UP candles to match the level of 1 DOWN candle, (b) The UP candles did not push up far enough (not high enough relative to the previous DOWN candles open) or (c) the tail to the upside of the UP candle was a bit too large for my liking. The candle I entered on closed at 100% of its total volume AND closed higher than the previous candles open. Again, guys please help me out here if I am missing anything. Thanks!
. Please notice my entry candle as there were many similar candles prior to this one that I did not like.EDIT: I'm terrible at including all the details with my original post so get used to seeing "EDIT" on mine
Since there has been talk of rotation candles, this is a good opportunity for us to reinforce our knowledge. Damian - please chime here with anything you feel you should add or correct. Take a look at the 3 or 4 potential rotation candle prior to my entry here. I did not like them because (a) it took 2 UP candles to match the level of 1 DOWN candle, (b) The UP candles did not push up far enough (not high enough relative to the previous DOWN candles open) or (c) the tail to the upside of the UP candle was a bit too large for my liking. The candle I entered on closed at 100% of its total volume AND closed higher than the previous candles open. Again, guys please help me out here if I am missing anything. Thanks!
- #40,588
- May 17, 2018 10:34am May 17, 2018 10:34am
- | Joined Dec 2017 | Status: Trader | 1,054 Posts
Long. I welcome feedback on this one
Long. I welcome feedback on this one
If you trade this kind of situations it's best to wait for a deep correction.
{quote} Yes it does not look good so far. But we entered, we are responsible so we let it play out. Good luck to us both. @x3m-pippin - good to know, I have not heard this before but it appears you are correct on the deep correction. We will see if it ends up as an expectation change. Side note: can someone tell me how to add multiple quotes in one reply here
- #40,594
- Edited 12:38pm May 17, 2018 11:00am | Edited 12:38pm
{quote} Yes it does not look good so far. But we entered, we are responsible so we let it play out. Good luck to us both. @x3m-pippin - good to know, I have not heard this before but it appears you are correct on the deep correction. We will see if it ends up as an expectation change. Side note: can someone tell me how to add multiple quotes in one reply here
I was able to short this since it corrected so deeply and now am a tiny bit green for the day. Hopefully this makes sense if not please let me know.
- #40,597
- Edited 11:35am May 17, 2018 11:18am | Edited 11:35am
{quote} What should have been my indication not to enter was how little trouble the bears had breaking through structure and the fact that the bulls struggled moving up through structure. Your reply does bring up a question though - the 1.27% fib ext is an indication of a shallow correction? I was under the impression that 1.27 is low-mid projection, not a strong projection, meaning we expect a mid-deep correction. Am I wrong about that?
