looking for a technical opinion here

[Batterup]

PS...........if a retrace nears the 50% level of the previous 'RUN" be aware of the possibility of a reversal.

Never reverse until you have retraced past the 50% mark and not until you get a reversal SIGNAL. Never trade in dead zones. Dead zones are the price areas BETWEEN signals. Best way to trade other tactics on same instrument is to trade a second account to trade ranges etc. Never trade ranges in a "run" trend following setup. But thats a different strategy.

 

[SusanaDT]

Batterup,

Thank you for your post.

I've been reading Wyckoff lately as suggested by many experienced traders.

He uses Price Action and Volume. Basically if there is an uptrend price should go up on increasing volume and retrace on decreasing volume. Reverse for downtrends. Are you saying this technique is no good ? Because frankly, I have found it to be quite helpful in my trading.

Susana

 

[btowntrader54]

IMO,

Long's good to ~$50-$52 short term, then a retrace worthy of a short.

 

[Thunderdog]

Quote from jripper55:

what say you?

Technically? If you went short on the basis of that chart, then I would suggest that you crank up your high-speed Hail Mary machine.

 

[ATLien]

Quote from Thunderdog:

Technically? If you went short on the basis of that chart, then I would suggest that you crank up your high-speed Hail Mary machine.

Ahahaha, exactly what I was thinking.

 

[MAESTRO]

Look at the Put/Call ratio and the open interest. It might give you a clue. I also suggest selling OTM puts to offset your short. I would even go with the ratio spread on June options. It is your best bet IMO.

Cheers,
MAESTRO

 

[Thunderdog]

Quote from MAESTRO:

Look at the Put/Call ratio and the open interest. It might give you a clue. I also suggest selling OTM puts to offset your short. I would even go with the ratio spread on June options. It is your best bet IMO.

Cheers,
MAESTRO

Hi, MAESTRO. If a trade needs that much hedging, wouldn't a simple exit be more soothing and therapeutic? Did you see that chart? If that was his time frame, I'd just exit at the very first sign of trouble and then review what prompted me to short there in the first place.

 

[MAESTRO]

Quote from Thunderdog:

Hi, MAESTRO. If a trade needs that much hedging, wouldn't a simple exit be more soothing and therapeutic? Did you see that chart? If that was his time frame I'd just exit at the very first sign of trouble and then review what prompted me to short there in the first place.

Totally agree! I would have never taken this trade in the first place! But I understand the pain and, as you know, I am always willing to help. Of course, taking the small loss on the first dip would be a good move, unfortunately, not a lot of people have the guts to take a small loss. So, the only remedy I know is to minimize the loss by taking the hedge that does not cost money (i.e. covered put). But you are right; it might be not the best resolution.

Cheers,
MAESTRO