Plan the Trade

Again no fill cancel

Would have been a +1 anyway

Well tomorrow is another day I'll take my 1 and try and get 3 tomorrow

pulled it back:

This is why i like to keep an eye on the bigger picture. We've reacted exactly off of the LOD extreme from Tuesday of last week (blue line);



Notice how the main trend (Long) simply drives and is difficult to get onboard, once it's underway. Now compare that to the corrective moves inbetween... Lots of crossovers and deep retraces.

I've often said that our methodology works better in corrective moves, where you frequently get 123, trigger and then deep retraces on all scales. Unfortunately that means missing out on the best gains for the most part.

So, the above was 2000 tick (I leave that chart open to refer too every now and then)... After seeing where we've reacted, it gives a Long bias and as i've just explained, it means a likely different approach, as price will drive harder once each cycle gets underway.

Here now is the 133 tick from earlier.;



Pretty similar story. The most obvious trade (other than Long from demand at the low), is the corrective 123, trigger retrace trade.

i think i've asked this before, but there's no web based sierra charting is there?

No mate, installation only.

Where do you guys get the beginning (and end - erasmus66) coloring bars that shows when the session start (and ends - eramus66)?

I have been looking up and down but are not sure what it is called so find nothing.

Under studies time transparent

Thank you!

What a storming trade this was (would have been!);





The reason for posting is to highlight the importance of determining trend first. It shows it beautifully...

Determine trend, then look for the pullbacks obeying THAT trend. Always in that order. Match the trend to the cycle that your viewing.

On the smaller scale the immediately prior trend was down, in corrective waves - they are more dangerous, because of countless X waves, which can break the cycle only for it to then continue...

+41 on Dax, was +53 but had couple of losers, the biggest shown after the large bar spike.

1 down 2 to go

Not enough pullback ras on first one I had a short at 7825 went up 10 +1 then went down 17 so be it

Trying 7825 again and BINGO