Sunny. I don't need one. It never fails. But if it DID, the stop would be two ticks. Mike.
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Do Trendlines work?
- Thread starter duard
- Start date
Quote from sunnyskies:
Where precisely would you enter?
Well, this trade was not too pretty of a set up.
I like nice contracting candles and then increased volume on the break out or a candle that closes at the high of the candle and right on the trend line and then increasing volume.
But with this one, there were so many touches on the trend line that it showed me that it was a strong level to break. So, I entered as soon as I saw volume kick in which was at the 10622/23 area.
Can you say volatility SQUEEEEZE.
Watch out breakout here we come.
IBD front page re: 94/95 similarity to currrent market portends end of FOMC rate hikes. Market uber rally.
But we're stalling at our 3/7/05 and 12/31/04 peaks.
Historical data suggests the breakout should cycle the volatility back up.
If we break up and hold blue sky above to 1246.
Down well we know that territory very well as we've been there for a few years now.
D.
Watch out breakout here we come.
IBD front page re: 94/95 similarity to currrent market portends end of FOMC rate hikes. Market uber rally.
But we're stalling at our 3/7/05 and 12/31/04 peaks.
Historical data suggests the breakout should cycle the volatility back up.
If we break up and hold blue sky above to 1246.
Down well we know that territory very well as we've been there for a few years now.
D.
Quote from tradersaavy:
Well, this trade was not too pretty of a set up.
I like nice contracting candles and then increased volume on the break out or a candle that closes at the high of the candle and right on the trend line and then increasing volume.
But with this one, there were so many touches on the trend line that it showed me that it was a strong level to break. So, I entered as soon as I saw volume kick in which was at the 10622/23 area.
OK about volume kicking in. How do you watch volume kick in? Do you scale down to 1 min and look for a volume spike there or something? Because very often you will get very good volume on the breakout bar but by the time it's completed, it's so big and so far up or down, it makes for bad risk/reward to enter there. u know what i mean?
Quote from sunnyskies:
OK about volume kicking in. How do you watch volume kick in? Do you scale down to 1 min and look for a volume spike there or something? Because very often you will get very good volume on the breakout bar but by the time it's completed, it's so big and so far up or down, it makes for bad risk/reward to enter there. u know what i mean?
I watch Time and Sales.
Once the level is being passed that I need price to pass I look to Time and Sales to confirm the move. There should be size and pace pick up.
Like any Tech Analysis, Time and Sales is used in confluence.
ahh. whats your win % with this?