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TSCM - Monthly Pullback Candidate
- Thread starter Bankedout
- Start date
I'm just thinking about a simple trade with TSCM.
-Buy when it crosses the white line to the upside.
-Set an initial sell stop below the yellow line to get me out of the trade if I am wrong.
The bet is that the long term trend will resume if TSCM trades above the white line.
I would follow the trade with my standard trend following tactics if I am right.
Banker
-Buy when it crosses the white line to the upside.
-Set an initial sell stop below the yellow line to get me out of the trade if I am wrong.
The bet is that the long term trend will resume if TSCM trades above the white line.
I would follow the trade with my standard trend following tactics if I am right.
Banker
This is the first time that I have traded this setup. I'll post here when I exit the trade.
It's kind of difficult to stomach the idea of buying into all of that congestion on the daily chart. I think it's necessary to make some assumptions when trading pullbacks though.
I bought ARLC today as a pullback. That was a pullback on the daily chart, not the monthly.
Good luck to you in your trading,
Banker
It's kind of difficult to stomach the idea of buying into all of that congestion on the daily chart. I think it's necessary to make some assumptions when trading pullbacks though.
I bought ARLC today as a pullback. That was a pullback on the daily chart, not the monthly.
Good luck to you in your trading,
Banker
Quote from Bankedout:
This is the first time that I have traded this setup. I'll post here when I exit the trade.
It's kind of difficult to stomach the idea of buying into all of that congestion on the daily chart. I think it's necessary to make some assumptions when trading pullbacks though.
Banker
It seems to me that the setup wouuld be even better (and it's pretty good as you present it) if there were a higher reaction low on the daily chart prior to a breakout through the white line. Most often the ascending reaction lows demonstrate that upward momentum is truly under way.
I agree, a higher reaction low would be nice. I suppose if you look at it post "breakout" there is one. Pretty minor though. I decided the swelling volume with the bullish wide range bar were enough evidence to place the buy stop. It's nearly impossible to find the "perfect" setup or candidate, so I usually end up settling with something I deem "good enough".
TSCM closed pretty well. It looked a little shaky post "breakout" during the day. We'll have to wait and see what happens with the big picture.
Banker
TSCM closed pretty well. It looked a little shaky post "breakout" during the day. We'll have to wait and see what happens with the big picture.
Banker