What are some good ways to predict targets.
One thing that hurts my trading is that even if I get into a good trade (maybe I buy a prior resistance level expecttig it to be support) I always get out at a bad time. Either cutting my winner early and then watching it rally like a bat out of hell, or trying to 'let it run' and then watching it take back what would have been a nice profit as it retraces to my entry price/stop
Some people seem to really have a great idea of where price is going and make such bold predictions that I have no idea how they do it.
Like yesterday near the highs (ES emini) a trader said there was a very high liklihood we'd go all the way down to the market open some 60 points down so he shorted. Even though it didn't QUITE make it that far, it was an amazing call in my eyes. Especially since it looked like a super strong up day at the time. I shorted at a good level too but snatched 6 ES points as price came back into a prior high volume node on the 5min
The same person also shorted the market at the open a few days prior on the 10th of May and had an outrageous downside target that filled! I have no idea what sort of TA these people use
One idea that gives 'targets' is elliott wave although i've never been able to get it to work for me personally
There's also classic chart patterns that give targets I guess (so you spot a h+s pattern and when it breaks you tarket a certain level)
And some people claim to use 'calculations' to tell them where the price is going to go at any given time. Not entirely sure what exact method this is. Maybe something like gann?
One thing that hurts my trading is that even if I get into a good trade (maybe I buy a prior resistance level expecttig it to be support) I always get out at a bad time. Either cutting my winner early and then watching it rally like a bat out of hell, or trying to 'let it run' and then watching it take back what would have been a nice profit as it retraces to my entry price/stop
Some people seem to really have a great idea of where price is going and make such bold predictions that I have no idea how they do it.
Like yesterday near the highs (ES emini) a trader said there was a very high liklihood we'd go all the way down to the market open some 60 points down so he shorted. Even though it didn't QUITE make it that far, it was an amazing call in my eyes. Especially since it looked like a super strong up day at the time. I shorted at a good level too but snatched 6 ES points as price came back into a prior high volume node on the 5min
The same person also shorted the market at the open a few days prior on the 10th of May and had an outrageous downside target that filled! I have no idea what sort of TA these people use
One idea that gives 'targets' is elliott wave although i've never been able to get it to work for me personally
There's also classic chart patterns that give targets I guess (so you spot a h+s pattern and when it breaks you tarket a certain level)
And some people claim to use 'calculations' to tell them where the price is going to go at any given time. Not entirely sure what exact method this is. Maybe something like gann?
