Please comment on this chart if you have time.

[semperfrosty]

I agree that the chart looks more bullish than bearish at this very moment regardless of what clouds may or may not be forming. I have no idea what market you are referring to* and, even if I did, I would not know the direction it would take. Further, it is not a moment in time I would likely want to enter. But if pressed, I would rather be long at this very moment than short.

*
Oh. okay.

Thanks Fred.

I'm probably just apprehensive about my first trade back.

Its not like I have to trade at market or anything.

I'll follow your best advice and 'trade what i see' as things unveil themselves.

Cheers,

 

[semperfrosty]

Thanks Fred.

I'm probably just apprehensive about my first trade back.

Its not like I have to trade at market or anything.

I'll follow your best advice and 'trade what i see' as things unveil themselves.

Cheers,

For anyone interested,this is the daily for same period:

 

[semperfrosty]

For anyone interested,this is the daily for same period:

View attachment 315403

And 60 minute for last couple of days below.

I'll be trying to trade it tomorrow,1 hour after the open.

Will be good for my pysch going forward if I can nail a part of the move.

 

[SunTrader]

Apologies,Uncle SunT.

It is an Australian index.

The futures equivalent of the ASX200 I guess you could say.

Ok. I don't have it in TradeStation so the best I can come up with is TradingView daily index chart short term (covering this year) current support and resistance with lines up fairly well with Fibo Ret:-

No opinion which way it eventually breaks. I let market tell me once it does.

 

[semperfrosty]

Ok. I don't have it in TradeStation so the best I can come up with is TradingView daily index chart short term (covering this year) current support and resistance with lines up fairly well with Fibo Ret:-
View attachment 315409
No opinion which way it eventually breaks. I let market tell me once it does.

Aweome.Thanks UST.

Im sort of looking at long above 7322 and prepared to be stopped and reset trade a couple of times at that level.

Would that make sense?

I really want to have tighter stop than I have in the past and just retrade the level if it still makes sense.

 

[KCalhoun]

Compare vs this strong non choppy chart

https://stockcharts.com/h-sc/ui?s=Tio

 

[semperfrosty]

Ok I see what you mean.

So buying above $1.30 and trailing stop?

 

[SunTrader]

Aweome.Thanks UST.

Im sort of looking at long above 7322 and prepared to be stopped and reset trade a couple of times at that level.

Would that make sense?

I really want to have tighter stop than I have in the past and just retrade the level if it still makes sense.

Well obviously you ultimately decide where to enter and exit but if it were me I would look at entering, as yourself, on a break above 7322 but stop a tick below last Thursday's low.
If that were to occur on Monday and end day closing above the open then I would consider moving stop to a tick below Friday's low. And go from there each day stop trailing previous day's low.

 

[semperfrosty]

Well obviously you ultimately decide where to enter and exit but if it were me I would look at entering, as yourself, on a break above 7322 but stop a tick below last Thursday's low.
If that were to occur on Monday and end day closing above the open then I would consider moving stop to a tick below Friday's low. And go from there each day stop trailing previous day's low.

awesome! thanks mate.

 

[semperfrosty]

awesome! thanks mate.

Sorry to be a pest.

What do you think of the horizontal I've drawn at 7289?

I don't want to trade at open but it looks like a decent pivot to me?