Potential & Breakout trading--Technical tips and tricks

[$20shoes]

Here's an interesting one. Tech/A often shows the influence of control bars. Although not a perfect example, you can see that on the weekly, MGX had a wide ranging high volume bar in Feb 2017. Although price capitulates shortly after, that one weekly bar continues to exert a supply and demand zone at its extremities.

You could interpret the failed breakout in Nov as supply from Feb 2017 bulls. If this is the main reason for background supply, we shouldnt really see prices fall below 48c. Woudl be looking for some bullish interest crossing past 54c to get me interested.

 

[tech/a]

 

[Boggo]

Along similiar lines tech/a
(click to expand)

 

[$20shoes]

Here's an interesting one. Tech/A often shows the influence of control bars. Although not a perfect example, you can see that on the weekly, MGX had a wide ranging high volume bar in Feb 2017. Although price capitulates shortly after, that one weekly bar continues to exert a supply and demand zone at its extremities.

You could interpret the failed breakout in Nov as supply from Feb 2017 bulls. If this is the main reason for background supply, we shouldnt really see prices fall below 48c. Woudl be looking for some bullish interest crossing past 54c to get me interested.

View attachment 91030

Stopped in on MGX yesterday on a nice day of trading.

 

[$20shoes]

MGX has had a nice run since these posts.

 

[willoneau]

hi just thought i would try and kick start this thread a little as i have been interested in getting to learn about VSA and breakouts and using both to jump on board . Enjoyed your charts and comments tech/a.

 

[tech/a]

Post up some charts and have a go at analysis

 

[Garpal Gumnut]

Post up some charts and have a go at analysis

Support resistance at $95 $90

RSI trending down

Reasonable volume over last few days

 

[tech/a]

GG

Any VSA ?

What is your analysis
What are you anticipating?

What does the chart tell you?

You have noted a few things but how do you
Use it?

 

[willoneau]

Hi tech/a i started a thread doing that as a record for me , to help me learn.
now i just need to learn how to get chart out of amibroker

 

[Garpal Gumnut]

GG

Any VSA ?

What is your analysis
What are you anticipating?

What does the chart tell you?

You have noted a few things but how do you
Use it?

I'd be anticipating a rise in volume as there could be a Wave 3 EW commencing which would be confirmed by RIO holding around $95 and an increase in volume.

gg

 

[Garpal Gumnut]

VSA on my limited reading says stay put.

gg

 

[willoneau]

View attachment 91045

From this chart tech/a were would you have entered or look to enter?
close out of box?
close above the high high?
or after the pullback?
I would have entry stop above high of close outside box with a stop at the bottom of box. Not sure if i would use a close below bottom of box or just put in a conditional order on it. A push down to it cries weakness to me.

 

[tech/a]

There is a number of entries but I have marked a chart of MGX
if Id have traded it---I didnt. Right up until now.

 

[Boggo]

Believe this at your peril, but, always a possibility ??
Just my input.

(Click to expand)

 

[willoneau]

There is a number of entries but I have marked a chart of MGX
if Id have traded it---I didnt. Right up until now.

View attachment 94616

I agree with your entry at green line , my stop low of box and only move up to BE the same as you on the close of that bar.
my stop would now be at bottom of the latest box

 

[tech/a]

W
The last 4 weeks closes have been above
$1.10
I think the bottom of the control bar is giving back too much
Personally when volatility appears
I prefer to get out near the top of it and look for re entry
But that’s me

 

[willoneau]

my thought would be to wait for it to close above the box then move my stop up to the higher low in the box or wait for another high volume bar to move my stop below that.

 

[willoneau]

So you would place an exit stop just below $1.10 or get out on a close below it?

 

[willoneau]

There is a number of entries but I have marked a chart of MGX
if Id have traded it---I didnt. Right up until now.

View attachment 94616

I bought this on the weekly at the break at 0.65 and closed it out on the daily up at 1.20 but never got back in after i closed the position.
Was part of my weekly trend system but the close was discretionary.