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what are the signs of reversal vs pullback?
- Thread starter mute9003
- Start date
The thing everybody in this topic is missing is that you need to know if it's going to be a pullback or reversal before it's confirmed otherwise you've missed the trade.
If you have just confirmed that it's a pullback what's the confirmation? When it recovers? LOL? Great! You can chart it and show all your buddies what you missed.
Or If you've confirmed it's a reversal, what's the confirmation? That your account blows up?
but how else are you trading then if not anticipating a move based on the information you gathered?(i never said that i want to predict the future in any of my posts even though ive been accused of doing that multiple times)
a little bit more back story to this post
i watch tim sykes because he also trades penny stocks.
i try to trade penny stocks but at the same time i also watch closely what is happening in 1-5 range and 5-15 range. i attempt to trade them once in a while but i noticed CURRENTLY those stocks have ridiculous sellofs(fast and big) much faster selloffs than penny stocks. because ALL scalpers follow same strategy and all of them are trading 5-15 dollar range so its a game of musical chairs at the moment. and ross cameron seems to be good at that. since he is profiting rather big. i tried and failed in that range because im not yet that good at hitting that sell button before the quick selloff by other scalpers.
i was watching ross'sss video yesterday and he was going over last year trades. and something got my attention. as good as he is. he was losing his ass last year on basically same patterns that he is trading this year. and this year he is killing it.
the only thing that changed it seems that he didnt understand the patterns and couldnt get in the zone to trade them successfully.
i started with robbing hood account in 2019 casually trading but spent more time studying than actual chart time.
this year is technically the first year where im consistently sitting in front of charts every day.
so i dont know how you would even add up my "experience"
i cant afford a mentor like tim sykes or ross so i use the interwebs to learn.
and even local people who i personally know who are successful dont want to spend an extra minute teaching anyone
as soon as anyone is profitable they automatically roll out their "pro trader bundle" for the low price of 3000...
If you can't predict the future then why are you trading? I couldn't imagine placing a trade with no directional bias. The whole point of this game is to know where price is going before everybody else knows where price is going.... Not reduce losses willy-nilly with tight stops because you have no clue, and hope you eek out a higher win rate than loss rate...
i understand them better than other price ranges. and suffer smaller losses than trading higher price range. and i like the action.
tops are the only ones that i can spot with very high probability.
unfortunately thats about it. im still blind to almost everything else.
i was looking right at the ascending triangle just few days ago and only saw it when the breakout happened., and then i was like wtf this is like textbook triangle and i didnt see it
i dont see bottoms i dont see pre breakout patterns i dont see basically anything else.
the reason why i get trapped in tops is not because i dont see them but its because i dont sell when i should because when the top rolls over i freeze because when i cant tell whether its a reversal or pullback and i have paralysis and just watch the chart go down and finally sell when im already down alot.
thats why i was asking for some help on how to figure out whether its a pullback or reversal.. because thats where i get fucked up all the time.
ross cameron enters at much earlier time than i do so he has more room to wait fro pullback.
im not that good yet to see the entry point that early so i buy after confirmation which he basically says is too late in scalping.
majority of time i do get profits of 30-150 bucks before it reverses sometimes more. but my paralysis when selling is what eats all my profits.
and also the bigger profit more fomo i get and i hodl lol
i see over 100 dollar profit my brain goes into WSB mode and yolo (ITS GONNA SKYROCKET ITS GONNA KEEP GOING) which i also need to work on. at the same time the more rational part of my brain is in the backgrouns. like that was the top homie. its slowing down and about to reverse. and it does. and i take smaller profits or losses
im not very proficient in reading individual candles yet. mostly because that info is scattered across 100s of different videos and takes long time to find again.
unless yall have a good video that covers that in great detail in a single video that would be appreciated greatly.
anticipating the move is not same as predicting.
Of course it is. You either put your money on that assumption or not. If enough of your assumptions are correct, they will become predictions.
Sounds like you're dealing with some greed issues. Just remember nobody ever went broke taking a profit. You cant lament leaving money on the table because you exited too soon. There'll be plenty more trades ahead.