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Hey man thanks as always for sharing the above and congrats on a great trading day. Just wondering I can see clearly why you took the last 2 trades but the first I can understand the logic but looking at the action the selling actually looked more aggressive than the buying with long tails absorbing all the strength. Looking at the structure you had a big aggressive move down then price was making higher lows so strength coming back in but had got quickly rejected before it could get above the previous major swing high. Can I ask what made you confident long was the trade to go with? To me looking at it and being honest with myself I think I would have looked at that as a more complex pullback continuation of the downtrend. I know you have excellent trade management so your entry was good anyway and I'm sure if it showed you that it was an incorrect trade you would have been out with a minimal loss. What I find interesting looking at this chart is it does seem to me that the hardest trades to place sometimes are the best that is what I am finding with my trading at the moment.
Can you help answer these questions from other members on NexusFi?
Yes, the push down from A to B, certainly strong bearish move. As we pull back to C, we're looking to get short and follow that strength to the downside.
The problem is that as we attempt to push lower heading down to D, buyers step in and we aren't even able to get down to the lows of the previous swing low B. Not only that, but buyers now push price up strongly to E. We've now printed a higher low and a higher high.
As we swing down to F, momentum slows, and offers a textbook entry.
It makes perfect sense thank you for taking the time to do such a detailed analysis. I would definitely have been looking at the fact that it was failing to make new lows which I suppose should have overridden any other nuances (like the selling tails) and given me the sign that strength was coming back into the market.
" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"
Great stuff my man thanks for this, I love how your biggest trade of the day was when you reversed your position bias completely changed took the loss and got in the opposite side. Masterful trading.
What are you using as your short and long term charts these days?
I know you've studied Beggs as well have you read any Al Brooks?