Son of If You Can Draw a Straight Line . . .
- Thread starter dbphoenix
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If you're asking me, and you didn't take the long at 86, there was another opportunity at 0938, and another at 0954, and four more after that, working on another now, but it's more than a little late.
If one understands what retracements are and are about and trades a small enough interval, there can be tons of ops. But if one sucks as a manager, it's best to leave them alone.
Remember though that you took the early short when all the other threads were oddly quiet. Pat yourself on the back for that one.
Why would you want to enter now? Notice the large move up. 40D just managing his long now. Once the exit takes place then one could look at going short or re-long but not when the move is closer to the end or the meat of the move has already taken place. Now the end isn't written in stone but there's a context to the price move and you may have to chalk it up to CWS.
Gringo
Edit: Apologies if I sounded a bit harsh here
It'll come. It's all part of the process.
Note that we're having a bit of trouble at yesterday's air pocket. I don't think any of the "smart money" threads have mentioned that. Could be wrong.
In any case, as long as the demand line isn't broken, there's no need to exit. OTOH, if it does, then just follow the drill. If it fills the pocket at 15, then reassess.
Incidentally, I suppose I should point out that 15 is also the midpoint of last week's range.
Is this "real time" enough?
Umm ... crawls? Game, we're up more than 30 points from the low. What about the retraces that ended 9:32, 9:34, 9:37, 9:54, the ddb at 10:17, 10:18, 10:24 (though the longer you wait the less likelihood of a positive result)?
FWIW, I find it much easier to enter the shallow retraces or pauses - less price risk, and a show of strength increases probability of a continuation. Although if you go back to the original straight line thread, you'll see a time in late June or early-mid July where I tried shorting a few of those shallow retraces (ask how I learned quickly what fuels these runaway trains :eek: )
Also, recall DbPhonix's lesson from a few weeks ago about a "V bottom reversal," This morning looked like that, and price was way oversold relative to its short-term channel, and I think this morning qualifies as a DogDidn'tBark trade, in that everyone seemed to be laying bets on the short side, as the world must surely be about to end because 500+ egomaniacs in Washington are busy having a "mine is bigger than yours contest."
At some point, you have to ask yourself, "how many reasons does it really take to justify a trade?" And, in your case, and I mean this in a helpful spirit, so please take it that way, you might ask yourself "What am I afraid of?"
In the end, Game, its only money - not your health, your family, your principles, your character - its only money. You can always get more
EDIT: I too hope not to sound to harsh. Your journal has been an inspiration and a help to me, and I am really trying to be helpful. If you were sitting here with me, that would come across better than it can using this form of communication.
You appear to be the only one who 'gets it' though! Maybe you're just a genius?
Fair play, though. Good trade. I don't know why you went long there though. Isn't there supposed to be a break of a supply line?
Quote from fortydraws:
Umm ... crawls? Game, we're up more than 30 points from the low. What about the retraces that ended 9:32, 9:34, 9:37, 9:54, the ddb at 10:17, 10:18, 10:24 (though the longer you wait the less likelihood of a positive result)?
FWIW, I find it much easier to enter the shallow retraces or pauses - less price risk, and a show of strength increases probability of a continuation. Although if you go back to the original straight line thread, you'll see a time in late June or early-mid July where I tried shorting a few of those shallow retraces (ask how I learned quickly what fuels these runaway trains :eek: )
Also, recall DbPhonix's lesson from a few weeks ago about a "V bottom reversal," This morning looked like that, and price was way oversold relative to its short-term channel, and I think this morning qualifies as a DogDidn'tBark trade, in that everyone seemed to be laying bets on the short side, as the world must surely be about to end because 500+ egomaniacs in Washington are busy having a "mine is bigger than yours contest."
At some point, you have to ask yourself, "how many reasons does it really take to justify a trade?" And, in your case, and I mean this in a helpful spirit, so please take it that way, you might ask yourself "What am I afraid of?"
In the end, Game, its only money - not your health, your family, your principles, your character - its only money. You can always get more
EDIT: I too hope not to sound to harsh. Your journal has been an inspiration and a help to me, and I am really trying to be helpful. If you were sitting here with me, that would come across better than it can using this form of communication.
Not harsh at all. Very good stuff written by you to reflect on. I will try and answer this during my review today.
I think he entered at the very 1st RET which is the one before your circle when there was strength coming in rejecting the bottom with a BUY STOP.
It's a "closing air pocket" day~
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