Trade this Chart

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inandlong

Here is what I call a random entry. The discussion here is not about random as it is preached in the realms of academentia, but just as a means of saying here is the chart, you are long above the line and short below it. Obviously I know the chart, so I am disqualified.

Trade the chart!

We can add indicators if you want to. But this is your entry. You are presently short.

PS: I have soccer practice with my son, I'll be back in a bit, and we can scroll forward.
 

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Looking left to right, you have a low 10 bars into the chart, and a subsequent high 13 bars later. The action of the last 9 bars shows a bounce off of the (~) 61.8% Fib Retracement of that low to high.

I would draw a trendline from the high through the top of the white candle yesterday. A break of that trendline would be a signal to go long with a first target being the recent high. I would watch the action around that high for a continuation move to the 38.2% extension.

And, I also would short the break of the inside range bar to the downside!!!!!


:D :eek: :)
 
Quote from kernan:

Looking left to right, you have a low 10 bars into the chart, and a subsequent high 13 bars later. The action of the last 9 bars shows a bounce off of the (~) 61.8% Fib Retracement of that low to high.

I would draw a trendline from the high through the top of the white candle yesterday. A break of that trendline would be a signal to go long with a first target being the recent high. I would watch the action around that high for a continuation move to the 38.2% extension.

And, I also would short the break of the inside range bar to the downside!!!!!


:D :eek: :)
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I thought we were trading from the Hard Right Edge, and you would show us what the chart did from the last bar? Am I mistaken?

:D
 
I haven't even looked at the chart, but here's what I'd do.

Figure out how much money I have, and how much I want to risk on any one trade, and then how much I need to make to make up for all the stops if I am ever lucky enough to get on the right side of a trend.

I wouldn't worry too much about this trade, it is just the first of many.

But if the market got really bullish, I might close it on a pullback if one ever comes. Cause like I said, who cares about this one, it is just the first of many, but it would be nice if I could start the rest of them off with a scalping profit in my pocket.
 
Why bother. There are so many more patterns that are much easier to trade. I know people who do very well trading breakouts and ping ponging ranges but they are the exception, not the rule.
 
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