The Actual Grail
- Thread starter Buy1Sell2
- Start date
the short in question is a real positional. But to answer your Q regarding the trade I suggested here, it would have been stopped as stop was 1305.50, it went to 1305.75 I believe.
But!
B1S2's stop would have been above reaction high of 1305.50, assuming it was at least a couple of points away, then this trade would have been a winning trade, of course depending on the hold period, PT was a point away.
ALSO!
It was based on (still) a shorter TF, compared to the ones B1S2 is trading of in his positional.
I'll leave him to make the next call, when opportunity comes about.
Not much grail in that trade eh? Lots of BS was stirred up though. BTW the 1305.75 was hit before you posted the short. So no stop was hit and no target was hit, and still no clear answer whether you closed the trade that you personally posted. No matter. 1305.75 marked the peak of the right shoulder on a HnS top 60 minute chart. I would have thought a short right there on a breakdown of that 12:30 pm.... 60 minute bar [1302.90] would have made a lot more sense and much better risk reward setup as the stop was only 3 points or so instead of 9 points?...geeez. 1292.50 would have made a good place to cover as it was the first test of gap support [no one even mentioned the damn gap]. Downside from the HnS measures 1289, and is still valid as long as 1300 remains resistance. This afternoon, another pattern has formed which gives an objective point in which to trade from.
I have no idea what the RSI is saying at this point. It could have bottomed and started back up on the 60 minute chart, and it might still be floating down on the daily chart, but that is the dilema with indicators isn't it? When they don't act right, or when the market does something unexpected we just change our "interpretation" of them, stir in a little more Bs and voila, we can still hail the grail... Right?
