Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
01 Oct - 2012 : First short was taken as for continuation of down trend , being developing below yday 's demand/supply inflection zone. With time consumption in 2nd SD zone, this was natural to take that action. But it didnt worked and had to quit with local heavy buy side delta.
It hinted its doing something else, but didnt appeared very good for long either. There was very slow rise in channel but i was not considering it worth ... neither that is a decision element in my plan. Long taken after a short squeeze prompt and again buy side delta. Though i had decided to long on clear penetration of yday demand/supply inflection zone...but it was my discretion and to put trade in relation to squeeze low so that it do not fall beyond max risk.
Harvest The Moon Nest The Market
Can you help answer these questions from other members on NexusFi?
03-Oct-2012 : Both trade taken as per perceived context, but i took trades with little confirmations ( delay) and obviously with some momentum on trade side. First long was taken with larger bias risking against down opening. At location A, i was waiting price to test LTZ around 5742 , that would have also make a good pullback on 15-min. But acted on reverse. Exit of long was purely opportunistic , coinciding with Friday high.
Now for second trade i was not in hurry to act. I could easily recognize the four step development after it retraced much from day's high. This was not the case at the time of Creek Jump bar entry...rather it could only be said ( after consolidation at B completes) with some reasonable sign that its four step development and current move is most probably heading for lower 2nd SD after reversing from upper 2ndSD. I had already LTZ as a reference level ( which is from dissipative profile of 1st Oct ) that was potentially the target this time. Hence short taken.
There is a finer point - if Creek Jump Bar entry was used for entering short then its outcome would have been solely attributed to momentum alone. I understood my all previous Creek Jump entries in past that were successful just because of momentum - just a 50:50 coin toss. But this short was not on that, its just on context.
Momentum dont architect context , rather its context that architects momentum - Lesson learned.
There are many nested four steps with their own hierarchy.
I didnt followed my plan, to being present within 15 min of opening- was sleeping and came late.
Its on multi month high and hooking targets of some nested four step development.
For me now, after it has completed 100% of ADR[5], is just observe. Move in direction of trend now may come late...no idea,...might be big trend...no idea, might be reversal--perhaps wont take in this today's context.
But definitely costed me of being not following simple rule.