A simple price action approach

[anglagard]

Not sure how to read this one.

Clear resistance but trend is up.

What do you do here ?

Don't feel like fading the trend is the right play.

Any suggestions?

 

[wrbtrader]

Quote from anglagard:

...What do you do here ?

Don't feel like fading the trend is the right play.

Any suggestions?

One of your recent message post suggested you had a trade signal strategy (see below quote). Do you or do you not have a trade opportunity via NoDoji method ???

If not...sit and wait for that trade signal to appear. It's as simple as that.

Quote from anglagard:

This is what Ive been doing.

I use my channel timeframe to obtain directional bias.

Then I move to a 5min chart and use the 20 EMA pullbacks for entries as suggested by No Doji...

 

[JoshDance]

Here are a couple of views of CL channels at the moment on the 60m. Since I took the screen shot a few minutes ago, it has moved up even more... looks very vertical, but the target to the upside looks to be the upper portion of this steeper channel.

 

[JoshDance]

Here's the bigger picture.

 

[JoshDance]

Quote from JoshDance:

Here's the bigger picture.

And then NFP comes out with terrible job numbers, and it changes everything

 

[anglagard]

Quote from wrbtrader:

One of your recent message post suggested you had a trade signal strategy (see below quote). Do you or do you not have a trade opportunity via NoDoji method ???

If not...sit and wait for that trade signal to appear. It's as simple as that.

If we got a downtrend channel and I got a short signal all is good.

My question is, what happens when we got an uptrend channel and we got a short signal, ignore or take the trade against trend?

 

[PABuster]

anglagard,
You posted good charts and also posted good questions. Good work.

Different people have different definitions of trend. One easy definition is, a clear channel you draw is the trend in that time frame. Within that channel you take trades in the direction of the channel so that you have enough r:r to hit the other side of the channel.

With that context, if you draw an uptrend channel, you skip taking shorts as thats counter trend signal if you are a trend trader. Otherwise take the counter trend signal and be nimble with exits & be tight with your stops.

B

Quote from anglagard:

If we got a downtrend channel and I got a short signal all is good.

My question is, what happens when we got an uptrend channel and we got a short signal, ignore or take the trade against trend?

 

[bik]

I'm hoping i can get some feedback for a trade on CL today. (SIM trading)

I set a sell stop one tick below the red 9:10 bar. The reasoning was that price was bouncing off the larger TL and it had tried to cross the 20 EMA but failed (so I set the sell stop below the close of the failing candle). Price reversed and I was stopped out for a 20 pt. loss.

I'd like to get opinions on if this was a reasonable trade and, if not, what others would have done in this situation.

Thanks.

 

[JoshDance]

Quote from bik:

I'm hoping i can get some feedback for a trade on CL today. (SIM trading)

I set a sell stop one tick below the red 9:10 bar. The reasoning was that price was bouncing off the larger TL and it had tried to cross the 20 EMA but failed (so I set the sell stop below the close of the failing candle). Price reversed and I was stopped out for a 20 pt. loss.

I'd like to get opinions on if this was a reasonable trade and, if not, what others would have done in this situation.

Thanks.

It seems that the better short would have been a break of the prior bar, near 96.20 ... at the place you took the short, if I'm understanding you correctly where you took the short (96.07 or so?), price had already significantly broken the trendline.

Also, connect the lows of the 11:40 and 11:50 bars (see the 1m for a better view), and notice that you're shorting into that line. I made some similar mistakes on Wednesday.. just careless trades.

Finally, since you have volume up, look at the volume on that move down--not exactly what you would hope to see for continuation down.

 

[wolfpacker]

Quote from bik:

I'm hoping i can get some feedback for a trade on CL today. (SIM trading)

I set a sell stop one tick below the red 9:10 bar. The reasoning was that price was bouncing off the larger TL and it had tried to cross the 20 EMA but failed (so I set the sell stop below the close of the failing candle). Price reversed and I was stopped out for a 20 pt. loss.

I'd like to get opinions on if this was a reasonable trade and, if not, what others would have done in this situation.

Thanks.

Bik,

After the 0835 Higher Low and the 0845 Higher High followed by a flat to sloping up 20ema, I was looking only to go long at this point.. Pullbacks should be an opportunity to buy and not sell.

This had all of the underpinnings of a trend change and time to look for longs above 20ema on pullbacks. Hope this helps because this was how I looked at it.


Wolf