The Foresight Thread

[k p]

Too bad the Squigglers don't know what a range is. Or what a breakout is.

There was this initial breakout that failed, marked by the red arrow. Price certainly moved up far enough above the level to make a BO look good.

 

[dbphoenix]

AMT Suspense Theatre . . .

 

[dbphoenix]

Keep Your Hands And Feet Inside The Stochastic
Until Your Oscillator Comes To A Complete Stop

 

[dbphoenix]

One of the more frequent questions I get has to do with holding trades overnight. Given that we appear to be clearing away this median, and given that the other side is about 200pts away, this is a trade that I want to hold overnight.

We'll see how things look at the close.

Next level down is about 4325.

 

[dbphoenix]

I don't usually draw trend channels on such brief timeframes, but you'd have to be blind not to notice this:

We need to close below the low of the day to warrant an overnight hold.

 

[dbphoenix]

While I don't want to nag, I do want to point out, again, the advantages of trading a longer bar interval. I realize no one who's posting is doing this, but I continue to encourage those who are not in a position to daytrade to explore this option.

 

[dbphoenix]

A 1m chart of today's activity. 0800 is not especially early, even if one works at home.

 

[dbphoenix]

The 1m chart so far:

 

[dbphoenix]

 

[k p]

1. Why don't you extend the line at 4378 to show that right after the open price does in fact break out above this line which is in fact the ONH?

2. This breakout clearly fails, but it did go over 4 points above the level.

3. You've got that level at 4396, and you are prepared to take a short just below there, on I guess the failed BO to go above. But if you take these failed BO trades, then you should have also taken a short right after the open when price failed at the BO above, and offered a chance to short below the bar.

I think I know why... because you already knew what happened!

Over and over again you claim to take breakout trades that work, or you claim to take failed breakouts and hence the reversal trade. But there is no consistency to how you take them, and no mention of the ones that might actually set up but don't work out.