If You Can Draw A Straight Line . . .
- Thread starter dbphoenix
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It seems SLV is showing the supply to be taking over and possibly a short signal here. Of course price could reverse and hence one's plan regarding where to exit comes into play. I am talking about mainly EOD and the day hasn't ended. But it's something that would trigger an entry.
GLD and QQQ are also similarly close to giving signals. You guys here are mostly intra-day but hey someone has got to keep the slow movers alert. Q's are in an uptrend hence a short initiated is shorter term and for the relatively quicker trader. SLV and GLD have dropped quite a bit already so keep these things in mind. My idea to mention these is not to initiate trades but to learn by observing from these situations.
Gringo
GLD and QQQ are also similarly close to giving signals. You guys here are mostly intra-day but hey someone has got to keep the slow movers alert. Q's are in an uptrend hence a short initiated is shorter term and for the relatively quicker trader. SLV and GLD have dropped quite a bit already so keep these things in mind. My idea to mention these is not to initiate trades but to learn by observing from these situations.
Gringo
.Today´s action in the NQ.
1. After a LH at the open it took the short. 1 contract was closed at the break of the first Supply Line (SL), although I hesitated (something to think about). The second contract was exited after what I understood at the time as a Selling Climax (SC) so I decided to close as soon as I got demand and a new high.
2. Like prices did not went up but instead I got a new LH i decided to reenter, but then I spotted that 32 could be potential S from yest trading Range so i decided to close the trade as soon as it failed to break through S.
After that and the break of SL from the open I thought about taking a long, but the first break above 40 was on very low volume (now I am trying to include vol in the equation) so I decided to pass, then as price descended to 34 I thought about the possibility of being in the chop, and given the time i decided to call it a day.
In Couldashouldawoulda (CSW) mode I guess 3 was a valid entry after the BO of 40. And if taken with more than 1 contract, It would have stayed open until the time of this post.
1. After a LH at the open it took the short. 1 contract was closed at the break of the first Supply Line (SL), although I hesitated (something to think about). The second contract was exited after what I understood at the time as a Selling Climax (SC) so I decided to close as soon as I got demand and a new high.
2. Like prices did not went up but instead I got a new LH i decided to reenter, but then I spotted that 32 could be potential S from yest trading Range so i decided to close the trade as soon as it failed to break through S.
After that and the break of SL from the open I thought about taking a long, but the first break above 40 was on very low volume (now I am trying to include vol in the equation) so I decided to pass, then as price descended to 34 I thought about the possibility of being in the chop, and given the time i decided to call it a day.
In Couldashouldawoulda (CSW) mode I guess 3 was a valid entry after the BO of 40. And if taken with more than 1 contract, It would have stayed open until the time of this post.
This looks weak as well. Of course I was just looking through and thought of putting some thoughts to the chart. I am not into trading individual stocks much but hey, the more the better. Someone could identify faults with my analysis and we could all learn something.
Here's FSLR Daily:
Gringo
Here's FSLR Daily:
Gringo
This may further clarify the relationship between finding a trading op on the daily chart and using the 1m chart to locate an entry. This process should provide trades that are worth more than a couple of points.
As I said earlier, pick your spot.
http://cdn3.traderslaboratory.com/f...402-re-trading-off-daily-charts-quintych2.png
This is also a big chart. Note that the arrows "zoom in" to possible entry ops and the red dots on the last chart indicate potential shorts. If it isn't obvious, the charts are in sequence from the daily to the 60m to the 15m to the 5m to the 1m.
Before my editing window closes, I should point out that none of this has to do with multiple timeframes and multiple trends and countertrends within multiple timeframes and ups and downs and this ways and that ways. It's all the same trend, the same timeframe, the same entry, the same price movement. The only difference has to do with zooming in toward the trade entry. That can be made off the 1m, the 2m, the 7m, the 13m, the 47m, etc.
As I said earlier, pick your spot.
http://cdn3.traderslaboratory.com/f...402-re-trading-off-daily-charts-quintych2.png
This is also a big chart. Note that the arrows "zoom in" to possible entry ops and the red dots on the last chart indicate potential shorts. If it isn't obvious, the charts are in sequence from the daily to the 60m to the 15m to the 5m to the 1m.
Before my editing window closes, I should point out that none of this has to do with multiple timeframes and multiple trends and countertrends within multiple timeframes and ups and downs and this ways and that ways. It's all the same trend, the same timeframe, the same entry, the same price movement. The only difference has to do with zooming in toward the trade entry. That can be made off the 1m, the 2m, the 7m, the 13m, the 47m, etc.
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