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Classic Geometric Patterns and Narrow Range Setups
- Thread starter inandlong
- Start date
I will try to post a pic, but I have recently been scanning for NR7 ID and NR4 ID's. Also trying to scan for NR7-2, which would be 2 NR7's in a row.
Currently watching- TRMB (an NR7), TASR (an NR4 ID), and BMHC (an NR7).
If anyone can suggest a site to get HISVOL, it would be appreciated. Recent trades were UPL, MRVL, and POG.
Regards,
Kevin
Currently watching- TRMB (an NR7), TASR (an NR4 ID), and BMHC (an NR7).
If anyone can suggest a site to get HISVOL, it would be appreciated. Recent trades were UPL, MRVL, and POG.
Regards,
Kevin
Attachments
Ouch! The true outside day is the absolute nemesis of the NRID patterns. However, the Live Cattle chart illustrates something that I have watched occur time and again, but have never studied.
When I looked at the chart last nite using my charts, I noticed that the NRID was just below the 40 and 50 day sma's. In my mind I was thinking that I would only be willing to take a short trade because of the presence of the ma's. Elsewhere on ET I have posted this same thought... maybe in this thread, I don't remember.
Today demonstrates what I am talking about and what I have seen many times before. This chart is delayed... but it doesn't matter. However I should also point out that this trade highlights something else I have mentioned as being a benefit to the NR day. If one had gone long first and did not take any profit but rather absorbed the loss until the stop and reverse were hit, the profit from the reverse trade has nearly, if not completely, eliminated the loss from the first trade. I'm not saying don't take any profit on the first trade, just if you didn't and had absorbed the full loss....
When I looked at the chart last nite using my charts, I noticed that the NRID was just below the 40 and 50 day sma's. In my mind I was thinking that I would only be willing to take a short trade because of the presence of the ma's. Elsewhere on ET I have posted this same thought... maybe in this thread, I don't remember.
Today demonstrates what I am talking about and what I have seen many times before. This chart is delayed... but it doesn't matter. However I should also point out that this trade highlights something else I have mentioned as being a benefit to the NR day. If one had gone long first and did not take any profit but rather absorbed the loss until the stop and reverse were hit, the profit from the reverse trade has nearly, if not completely, eliminated the loss from the first trade. I'm not saying don't take any profit on the first trade, just if you didn't and had absorbed the full loss....