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NICE! I think I have gotten more from this then I did with several "mentors", good job on making this something I can add to what I am doing now....Thanks
Attached are three charts. As before, look at the far right-hand bar in each chart. I'm focused only on entries for the moment; don't worry about exits. The basic entry rules are outlined previously in this thread. For each chart, I've given three options:
1 short if anything though I'm not real comfy trading off dojis. I'm guessing that's what your looking for but, looking at s/r there I would almost expect a retest of last swing high
2 nothing yet but long could be imminent
3 nothing yet but short could be imminent
I like the idea of your quizes, makes things more interesting even if I'm not giving the answers you maybe looking for
P.S. I guess i'm conflicted by giving the answers I think your looking for and what I might do
Chart 1: I´m not quite sure. It doesn´t look like there there is already a down trend. It looks like chop to me. So I would do nothing at this point near the SMA.
Chart 2: Looks like chop, so I would enter long near the lower envelope, target: SMA.
Chart 3: There is clear uptrend. Perhaps a place for an advanced countertrend trade when price extends above upper envelope > go short with a tight stop.
Thanks for your input worldwary, much appreciated.
1. Enter short position for the brave, I would do nothing
2. chop, do nothing
3. Defined uptrend, consider a short on retracement, or after retracement go long
Chart 1 - Pure congestion, go to the refrigerator and get a sandwich
Chart 2 - Exhausted Tripple bottom. I would have an oscillator on that chart, and if there is a divergence, I am all over it (long) like white on rice.
Chart 3 - Exhausted move pulling away from an MA that reeled the price back to it twice already, again if my oscillator shows divergence, I would be salivating waiting for my short trigger.
Chart 1. Not sure. I would probably hold off and wait. It's possible that a short could develop, but it's only bounced off the MA once. Seems just as likely (to me) that we'll enter a period of chop as a period of trend.
Chart 2. This is chop. I would not try to trade this.
Chart 3. This one is interesting. I think this one illustrates the technique you mentioned earlier in the thread:
In this pic, the price has surged beyond the MA by several ticks. This would seem to suggest that it may be possible to short for 10 ticks or so, collecting the winnings at the SMA. This assumes, of course, that the price is going to snap back to the SMA. Also assumes that you have the guts to take such a trade