Section 7
- Thread starter trip
- Start date
.Friday recap.
As price moved briskly after the open the first entry short was from a very small retrace (09:34, posted here in real time). The next entry opportunity would have been 09:40 and had the market been slower that is where I would have entered. Anyway, in and short all there was to do was wait.
The exit and the next trade long (also posted here in real time) are really textbook so there is not much to comment on. After that long sellers returned and I entered a new short (also posted here in real time) which was exited after price made double bottom.
I missed the next trade because I lost focus for a while (marked with gray dots). Finally there's the last short.
Days like this are somewhat scary because it's not usually this easy and I for one get carried away and tend to forget that.
As price moved briskly after the open the first entry short was from a very small retrace (09:34, posted here in real time). The next entry opportunity would have been 09:40 and had the market been slower that is where I would have entered. Anyway, in and short all there was to do was wait.
The exit and the next trade long (also posted here in real time) are really textbook so there is not much to comment on. After that long sellers returned and I entered a new short (also posted here in real time) which was exited after price made double bottom.
I missed the next trade because I lost focus for a while (marked with gray dots). Finally there's the last short.
Days like this are somewhat scary because it's not usually this easy and I for one get carried away and tend to forget that.
Friday recap.
I missed the next trade because I lost focus for a while (marked with gray dots).
Did you take the red dot after the grey dot or is that the same entry? (I like the red one a lot more).
Yes, I took that. Sorry if I wasn't explicit. It's the last short, nothing special about it really. Price formed what some pattern traders would call a "beautiful 1-2-3" at the 50% swing level. Just a normal retrace.
The grey dots represent entry and exit of a valid trade that I missed being preoccupied.
Posting in real time - which I did for the first three trades - actually had me slightly out of balance for the whole session so I won't try that again in the near future.
That makes a lot more sense. I wasn't sure what short was missed at the grey dot but as an exit it's clear.
I've spent part of today reading the AMT-SLA document again, after the latest update. Anyone studying Wyckoff - and not necessarily the "straight line approach" - should do the same. I'm just sayin'. Wow. This is clearly an iterative process.
I've put re-reading it on my weekly to-do-list for now.
I've put re-reading it on my weekly to-do-list for now.
Prep for Monday.
Line of least resistance is down.
I will not be surprised if price decides to rise and test 3533-ish first. Next level up after that would be 3580.
My short term prep is posted in the chart above and is really all I can focus on during the session. With the risk of sounding like a broken record: longs above the range, shorts below. It's a tight range so it will hopefully not hold for long. There are no major news reports due for today so we'll see.
Line of least resistance is down.
I will not be surprised if price decides to rise and test 3533-ish first. Next level up after that would be 3580.
My short term prep is posted in the chart above and is really all I can focus on during the session. With the risk of sounding like a broken record: longs above the range, shorts below. It's a tight range so it will hopefully not hold for long. There are no major news reports due for today so we'll see.
There's a level between those at 3560-ish which would be the next logical "target" as we've now passed 33.
Monday recap.
It took me a while to discover that price had begun moving and weren't constrained by the pre-market range anymore (dotted rectangle is where I was wrong). It did keep me out of an initial short that looks like it would have been a scratch, and I missed the correct entry long at 3510 (gray marker). I took it at 3517 instead. Apart from that a pretty uneventful day. Price did go up but the buyers did not follow through so price fell back into what is now a range between 10 and 27 (ish).
It took me a while to discover that price had begun moving and weren't constrained by the pre-market range anymore (dotted rectangle is where I was wrong). It did keep me out of an initial short that looks like it would have been a scratch, and I missed the correct entry long at 3510 (gray marker). I took it at 3517 instead. Apart from that a pretty uneventful day. Price did go up but the buyers did not follow through so price fell back into what is now a range between 10 and 27 (ish).