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Today I could not trade because I had some familiar commitments in any case when I opened the plattform I just saw the TO and take it, here is the result
The long after the break of the SL was not taken because I went for lunch
Price has dropped for 5-6 days. The bounce came from the 50% level around 4507 area. Notice also that the S/R from the previous range is also in the vicinity. It is profitable to look at the larger bar intervals (weekly/daily) to get the scope of what's happening.
I am expecting price to go up towards the LSH. Failure to get to the LSH and a drop would mean retracement failure (a reversal).
Now price has had a BO and this recent drop has been retracement of that BO. The current rise if it continues would be a continuation of price in the direction of BO after the RET back to BO level.
The rise after the trip back to the BO level which is continuation in the direction of the BO is also a RET in case price fails to make NH above the LSH and changes direction to the downside . And I know some of you already hate me for writing this!
If really confused, then re-visiting the SLA document might not be a bad idea.
Gringo
Edit: I was talking in terms of daily bar intervals. Although this is an intra-day thread the idea is still the same.
Gring0, what is your criteria for a failure to get to thr LSH?
Would you recommend just taking the set ups as they come and not anticipating a failure?
What I mean is, eventually one of the SLA/AMT set ups will capture the "reversal" if it does come.
I hope what I'm trying to say is clear, I'm trying to work on balancing prediction/anticipation/reaction in my own trading now, and this situation/your post really brings it up for me.
Those who are just flirting with this before asking it out for a date should focus on the behavior and remember that these levels are nothing more than indications of strength and weakness, or, if one prefers, will and the lack of it.
Bouncing off the halfway level is an indication of strength. The failure to get back above the upper limit of the daily range is an indication of weakness. Those who'd rather wait until traders decide what they want to do could be forgiven for doing so. And those who were watching price in real time this morning saw an enormous amount of testing, probing, hesitation, reluctance to take a position.
In these situations, it is absolutely imperative that the trader conduct thorough reviews of the day's activity, whether he traded or not, as well as thorough prep for the next day. If one spends the necessary time on prep and review, the trading pretty much takes care of itself.
Has anyone else noticed ES and YM taking leads on up moves? NQ catches up but has a delayed response. I believe yesterday was also similar in behavior.
All three have been decoupled for some time. What is more important in terms of AMT is that the NQ broke out of its daily range and the ES isn't even close. As for the YM . . .