agreed.i got a phone call today from a trader who works for a hedge asking did i want to go long on this stock.they said there target was $46
root canal is a safer bet
root canal is a safer bet
Learning to read Price Action with P&F Charting
- Thread starter HolyGrail
- Start date
YIKES!
Man, that chart is fugly.
***
I used a method of horizontal confirmation for my analysis (looking across to complimentary indice), Holy Grail has used a method of vertical confirmation (looking at the higher frame-of-reference) one of my personal favorites, btw.
By combining the two methods you have amazing synergy and overwhelming odds of putting on successful trade(s) and becoming a successful trader.
I see what your friend is looking at. I don't think its such a bad trade to be long ABX from the recent lows with a target of 46.00
My method would let me get long this stock on the retrace to 35.00 it just missed that level so i would have had no trade.
When you look at the ticker symbol GLD The picture looks much more bullish. What this tells me is that there may be accumulation going on here in gold stocks at these levels. There are better stocks to own than ABX but none the less it may hit his objective if the sector as whole moves topside
My method would let me get long this stock on the retrace to 35.00 it just missed that level so i would have had no trade.
When you look at the ticker symbol GLD The picture looks much more bullish. What this tells me is that there may be accumulation going on here in gold stocks at these levels. There are better stocks to own than ABX but none the less it may hit his objective if the sector as whole moves topside
Um, you could do that if you wanted to.
But remember, the rules by which we trade are the only way we have of determining what direction is up from down (literally).
If we don't heed them, we could very easily crash and burn.
Quote from HolyGrail:
OK, now for another powerful signal that if you are wrong YOU CAN REVENGE TRADE AMD STILL MAKE MONEY.
It's the triangle, and occasionally you will get some false breakouts. but this is only occasionally and when that occasion occurs you are almost a guaranteed winner on the reversal.
I have a question. When you mean you can revenge trade, do you mean if there is a false buy signal and you buy, when it dips back down go short?
thanks.
Is this only good for ES, or do you think it can be used on equities?
Now if you are talking daytrading equities the only thing you have to worry about is coming up with a box size that does not give you many false signals.
I use three charts to day trade es.
a .5, .75 and 1.0. I use the 1.0 for trend. IMO you need something to give you the overall direction and the 1.0 does that. I will not take trades against the trend daytrading.
If you are daytrading stocks you NEED that higher box chart. Each stock's box may be different based on its Average True Range, and price.