Why do i keep buying at the wrong time?

M

mute9003

trying to figure out if there is some faulty programming that makes me see something that is not there.
I got caught in this exact type of chart pattern more than i can count. So obviously there is something in that chart that is making me think that its a good entry point.

Where chart cuts off is where i bought. Thinking that it will have another run up.
The price seemed to have a strong push upward wirh alot of green order walls coming through.
The volume was good.
And then it reversed and buying pressure just died.
I dont want to mention the ticker yet because i want to see what other people see when looking at that chart.
Is there a trap that im not seeing in this move?
Can yall tell me wha you see on this chart?
I want to compare it to what i see and maybe find the fault in my thinking
 

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mute9003 said:
trying to figure out if there is some faulty programming that makes me see something that is not there.
I got caught in this exact type of chart pattern more than i can count. So obviously there is something in that chart that is making me think that its a good entry point.

Where chart cuts off is where i bought. Thinking that it will have another run up.
The price seemed to have a strong push upward wirh alot of green order walls coming through.
The volume was good.
And then it reversed and buying pressure just died.
I dont want to mention the ticker yet because i want to see what other people see when looking at that chart.
Is there a trap that im not seeing in this move?
Can yall tell me wha you see on this chart?
I want to compare it to what i see and maybe find the fault in my thinking
More...

If you give me the ticker I can add fibs. It looks like 4 is actually to the right more with a wxy in between. Your problem is you are trying to trade breakouts like every other day trader. It is a losing strategy because breakouts using support and resistance don't exist. Also get rid of the useless moving averages.

Also, no RSI for relative strength?

upload_2024-6-8_10-20-29.png
 
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deaddog said:
Not enough info.
Need a higher time frame to see what the price has been doing.
More...
%%
Good rebuke;
1] need a higher time frame.
777] I'V made plenty of money buying there/ on good trending stuff, not penny stocks \;
have to cut a loss also + use a higher time some.
QQQ trends well sometimes ;
so many unknowns in single stocks\ unless your name is Peter Lynch-Fidelity or Mike Masters-Marlin Fund................................................................................................................
888] Benard Baruch as far as we know, never fished for marlin;
Paul Tudor Jones shoots ducks+ B Baruch shot quail.
999] Don't run out of bullets UK fund manager warned Jack Scwager;
THEN THE ELEPhANT WALKS BY :caution::caution:
I ran out of ammo shooting gamebirds, once\ good thing the landowner sold ammo LOL:D:D
 
deaddog said:
Not enough info.
Need a higher time frame to see what the price has been doing.
What made you think the price would continue in the direction you wanted?
More...
murray t turtle said:
%%
Good rebuke;
1] need a higher time frame.
777] I'V made plenty of money buying there/ on good trending stuff, not penny stocks \;
have to cut a loss also + use a higher time some.
QQQ trends well sometimes ;
so many unknowns in single stocks\ unless your name is Peter Lynch-Fidelity or Mike Masters-Marlin Fund................................................................................................................
888] Benard Baruch as far as we know, never fished for marlin;
Paul Tudor Jones shoots ducks+ B Baruch shot quail.
999] Don't run out of bullets UK fund manager warned Jack Scwager;
THEN THE ELEPhANT WALKS BY :caution::caution:
I ran out of ammo shooting gamebirds, once\ good thing the landowner sold ammo LOL:D:D
More...


Time frames are irrelevant. Same price cycles at different degrees. IMO Elliott wave should be mandatory teaching for traders, like a drivers test is for drivers. If you don't have an understanding of EW then you are only seeing snapshots, not the big picture, so you formulate erroneous conclusions about price action.
 
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mute9003 said:
trying to figure out if there is some faulty programming that makes me see something that is not there.

Can yall tell me wha you see on this chart?

I want to compare it to what i see and maybe find the fault in my thinking
More...

There's nothing wrong with your thinking, but the market is live combat and you felt safe to get in there, but it was just a trap!

What I see is momentum coming out after a huge volume burst upward, with no real volume on the second one which you bought. And you bought the top!

Experienced traderz prey on your innocent instincts. And they work, in the real world. The market is a matrix of mirrors, looking back at you and exposing your weakness.

The only solution is to reverse your buy and sell buttons.

:D
 

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Wide Tailz said:
There's nothing wrong with your thinking, but the market is live combat and you felt safe to get in there, but it was just a trap!

What I see is momentum coming out after a huge volume burst upward, with no real volume on the second one which you bought. And you bought the top!

Experienced traderz prey on your innocent instincts. And they work, in the real world. The market is a matrix of mirrors, looking back at you and exposing your weakness.

The only solution is to reverse your buy and sell buttons.

:D
More...


The second push went almost the same distance as the first push with a disproportionate amount of volume. Volume and price have no meaningful correlation.
 
mute9003 said:
trying to figure out if there is some faulty programming that makes me see something that is not there.
I got caught in this exact type of chart pattern more than i can count. So obviously there is something in that chart that is making me think that its a good entry point.

Where chart cuts off is where i bought. Thinking that it will have another run up.
The price seemed to have a strong push upward wirh alot of green order walls coming through.
The volume was good.
And then it reversed and buying pressure just died.
I dont want to mention the ticker yet because i want to see what other people see when looking at that chart.
Is there a trap that im not seeing in this move?
Can yall tell me wha you see on this chart?
I want to compare it to what i see and maybe find the fault in my thinking
More...

Hey, I should note first that I am not a profitable trader. I am studying Brooks' price action and this is my take on the chart.

- What I see are three pushes up that look like a wedge.
- You can see that the top of the first push and the bottom of the pullback after the second push - have left a gap (transparent rectangle below). That to me signifies that there is good buying pressure and I would probably consider to get long somewhere during the pullback after second push expecting a third.
- The third push came but look to where it reached. It tested the top of the second push and that bar has a big wick on top. Big wick on top signifies to me that the bulls met strong bear resistance at that level. If the bar closed close to its top I might be thinking that the 3rd push is not over and that it will leave a gap like it did between push 1 and 2.
- Instead it formed a double top with previous push. Imagine being a bull buying a top of push 1. You sat through the pullback after push 1 trapped in a losing position and if you are not convinced that the trend is strong you will get out at breakeven which is at the same level as top of push 1. The fact that the second top formed signifies to me that those bulls did just that - covered their losses at top 2 because majority of them didn't believe the trend was strong. And as a result wasn't.
- On top of that, top 3 is a wedge top so in next 10-15 bars, best that bulls can hope for is a trading range (sideways price action). Or at least the odds are in that direction.
- In the next 10-15 bars after push 3 I would look for a signal bar that closes on its low to enter a short.
- If on the other hand the price keeps going sideways I think the odds that there will be a sell-off gradually go down and after 20-30 bars I would say it is again 50:50 that the breakout would go in either direction.

That's my take on it. Hope it contributes a bit. :)

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