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- 9 June 2011
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I feel like good traders are on the right side of these consolidation break outs more often than not. For me right now I have no idea which way its going to break
I feel like good traders are on the right side of these consolidation break outs more often than not. For me right now I have no idea which way its going to break
I wonder how many take the retest instead of the break though? It seems you take less heat on retest....
well I reckon they do, but it's a lift in a couple levels of the offer or a few bids hit, not a few candles on a 1 minuteYeah fair point and that's my 'plan'. The good ones don't test though
shorts just got told to shut the front door
Obligatory one last short squeeze before falling away is seen often on topping patterns and makes the H&S pattern a lot. The fake breakdown of neck support (bear trap) was noted the other day. It's a hell of a manoeuvre and you would think traders are aware that this does happen. Even this short squeeze could turn into a rally to new highs. Mr. Market isn't a nice person if you tell it what you want to happen next. It seems to have a strong dislike of in too soon.And today's price action is proudly brought to you by the letters "W", "T" and "F"
Obligatory one last short squeeze before falling away is seen often on topping patterns and makes the H&S pattern a lot. The fake breakdown of neck support (bear trap) was noted the other day. It's a hell of a manoeuvre and you would think traders are aware that this does happen. Even this short squeeze could turn into a rally to new highs. Mr. Market isn't a nice person if you tell it what you want to happen next. It seems to have a strong dislike of in too soon.
Even my dog and my aunties Budgie were talking about the head and shoulders on the s&p. Was never going to happen. I mentioned it last week when I said to start soaking your keyboardI'm not trying to be a smarty here but we need to learn to fade the obvious.
There is an art in stop placement on its own. Tight stops and re enter, or wider stops and let it sort itself out. I've had success and losses with both. Still not sure whsts right for me but sticking with the first one gor now. Less damage if im wrong.Yup, tried to fade that move into 5300 with a coupla Aussie 200 micros, stopped out by one tick, lol...my bad, should have had a wider stop.
There is an art in stop placement on its own. Tight stops and re enter, or wider stops and let it sort itself out. I've had success and losses with both. Still not sure whsts right for me but sticking with the first one gor now. Less damage if im wrong.
True and lately i've been giving things a wide berth with a 24 period ATR on an hourly and also considering the average daily range...not sure why i didn't this time!The ATR was at 13.4 and i used a 10 tick stop. I was in a hurry to get to an appointment and clearly didn't apply my initial stop properly. In this case i would have been still in the trade.
Will it break out?
Will I be at the screen to see this break out?
Will I fade this breakout?
View attachment 66823
Will it break out?
Will I be at the screen to see this break out?
Will I fade this breakout?
View attachment 66823
There is an art in stop placement on its own. Tight stops and re enter, or wider stops and let it sort itself out. I've had success and losses with both. Still not sure whsts right for me but sticking with the first one gor now. Less damage if im wrong.
There sure is an art to it! Non DMA CFDs and stops are quite simply not a good mix!
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