Use indicators for timing (a novel idea!)
A second test is common
Drill down to indicators for confirmation
1200 on S&P is seen as an important level.
Flags are bound by parallel lines
There are not only S&P futures, gold futures, oil futures, there is also the 30-yr-bond futures!
Use TYX to track interest rate of 30-yr bond.
Not a day to [...]
“error -you were right but exit was poor — should have locked in profits with trailing stop”
“should have realized move was “over””
“don’t let profit turn into a loss”
“keep an eye on banks”
“if you clear support and resistance, watch out”
“set profit measuring moves” <– yes, why have I stopped using the Pring approach — I always [...]
Here’s what NO OPPORTUNITY looks like for a fade and I’ll tell you why!
Third candle, a doji, seemed to create a top much like pin bars often do. There was a slight turn down in momentum (second subgraph) but really I don’t feel like we had enough data points to determine a breach in momentum.
Stochastics [...]
You can see the bounce at the 38.2% Fib. Traders obviously took profits there. I should too! One could re-enter the breach of 38.2% Fib and again just collect profits at the 50.0% Fib. You would need to be quick.
If I look at the 5″ chart there is a nice bearish engulfing tweezer top printed [...]
MAs Fibs and Candlesticks will be basis for entry for contra move. I will use 5″ and 1″ tf for timing and all larger timeframes and company fundamentals for confirmation. That’s enough. I will tweak the entry part of my system.
I will continue to take momentum plays that look great (begin explosively) and exit using [...]
Here’s what happened to me.
I thought KG was making a HUGE run up and I was eager to short it and make a fortune.
I thought the move was over.
On the 1″ chart below, I thought I saw a shooting star pattern with bearish confirmation. I thought criteria for a short entry were in.
WRONG!
I made a [...]
“Some early advice I got – One of the first pieces of advice I got when I started trading on the floor was that you have to make only one good trade a day to make a living. If you can sit back and wait for that perfect setup and make 6 to 10 ticks [...]
support and resistance
Amylin Pharmaceuticals, Inc. (AMLN)
Tried to short AMLN but support in the 17.55 area held. I didn’t even know there was support there. Do I sound clueless or what?
Had I looked at the 30″ chart I would have seen it, or even the daily for that matter.
Price was perfectly supported but I was trying [...]
We have here a chart of PCX. I was able to short today’s move up but only after two failures. I didn’t expect it to go to 16.50 today because I wasn’t even looking left at the history! 16.50 was ‘psych’ level and also key resistance and prices met that with the morning rally.
I tried [...]