Son of If You Can Draw a Straight Line . . .
- Thread starter dbphoenix
- Start date
- Status
It sure is fascinating to watch you demonstrate your understanding of the market sometimes DB. It is clear that I was missing a few pieces of the puzzle here this morning. I will definitely have to make more effort to spot potential relevant points of interest for price off the daily and the hourly, and begin testing which ones seem to hold the most weight.
Checking the mean of the down-move and watching for potential resistance there didn't occur to me at all. I don't see how the Supply Line of the Daily intersects there, because when I zoom in and draw one it hits somewhere around 53-56. Perhaps it is due to slight different in investing.com data vs. your feed, if that's what you're using.
The real beauty of this approach is that even with making the large blunder of going long right under strong Resistance, the position still would've been break-even if I was trading live. It still strikes me as a, "too good to be true" feeling on some level that the opportunity frequently exists to enter on huge potential moves with virtually no risk.
Checking the mean of the down-move and watching for potential resistance there didn't occur to me at all. I don't see how the Supply Line of the Daily intersects there, because when I zoom in and draw one it hits somewhere around 53-56. Perhaps it is due to slight different in investing.com data vs. your feed, if that's what you're using.
The real beauty of this approach is that even with making the large blunder of going long right under strong Resistance, the position still would've been break-even if I was trading live. It still strikes me as a, "too good to be true" feeling on some level that the opportunity frequently exists to enter on huge potential moves with virtually no risk.
Still in the 1 min, trying to identify the chop.
At the open my reading was that buyers were unable to get above 46 and sellers were stuck above 41, so (the darker area)
Just before the open, sellers tried but they failed, then buyers did the same but also failed to break out..
Then at 9:40 things got aggressive, sellers managed to take the bottom of the TR and buyers failed to get back in. This is where the first short was considered. It failed.
After struggling trying to get to the Top of the TR and being taken back down, buyers finally managed to break. This is there the second entry was spotted on the RET, but it failed as well.
Sellers went back inside the range and tested the bottom once again around 10:30.
A next attempt to break above, came at 10:37, got in on what looked like the RET at the time, but did not last long.
Sellers were rejected around 10:53 a SL was broken and a RET meant a new opportunity to go long.
Looks like we are getting a little bit more synchronized . Hehehe. I would have avoided the short, under the idea that it would take me back inside the TR, It had a nice run though. The other thing I notice is that your channel would have prevented me from taking the short that failed as it occurred at the bottom of the channel, but....
Yeah, haha. The woes of us beginners.
By the way, the first Red dash you see was me covering the long, so back to flat as we head back under 3346. The long at the end of the chart was still live at the time of the chart, or would be, theoretically. I suppose I could start to use blue lines to indicate the closing of a position if that's easier to read.
There are a few dozen people following this, though apparently none of them post to the *** thread. Be that as it may, I encourage traders to take a longer-term view here and look for a trade that will last several days or weeks, like the NQ trade I placed last April. A trip from the top of this trend channel to the bottom will be worth several hundred points.
- Status