Quote from ocean5:
Info is in the attached.There you`ll see the pattern and the scoring system.The exit is the same thing as the enter.The reason you`d want to exit is the trend overlap.You are trading Daily period,so your tomorrow`s plan should be observing and exit at around '7'.
Dear Ocean5 you seem to know what you are talking about absolutely.
So to clarify this I want to ask
1- Because I am short I have to sell my shorts when price breaks upwards of its descending channel as you show in 7 right?Then Two choices coming to my mind . According to your esperiences would you suggest A or B?
A) Should I wait for the close to see if it breaks upper channel and should I wait fot the close to buy if it breaks?
B) Should I put a buy market order for my shorts on a little higher upper channel intraday and wait? But when I do this I am afraid that it will enter into channel again and will fake me.
2- When I buy my shorts should I reverse or wait? I can put a stop a few ticks under Lowest Low of previous bar. Is it a good idea? Should I sell all my contracts or half?
3- When I look at chart you prepared and scanned(thanks for the great effort) can you explain what is A, D (It seems Accumulation Distribution? What is FRY and DU?
What I understood is I should draw trendlines and wait for the price to break it upwards. You said exit at 7 but why not I exit at 6? Till 6, is it possible to see the price break up?
Past 3 years just summed zero profit so I should learn the basics again.
How much should I exit is another question. Half or full ?
