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first of all i'll say i am not trading this particular time slot as I dont trade the news euphoria, you had ADP coming out here and then Trichet of the ECB speaking at the top of the hour. I find this time is a good time to enjoy the coffee and breakfast, wait until after the news and let things resume more normal trading
to review the chart as you asked see this 377 chart as you were correct the 1508 chart was setting up properly
#1 trigger bar closing above trigger lines
#2 hidden divergence
#3 if you elect to tail your stop as I do you would be stopped out 1 tick under this bar for a small gain
#4 again the trigger bar closing above the trigger lines
#5 again the hidden divergence
#6 note on this high that stochastic at #7 did not go higher be prepared for a possible exit as you would have been forced out with the bar closing back in the cloud or could have just got out on the bar before with stochastic diverging to save a few ticks
the trades if you took them both were valid setups, my only point is the volatile time period with news effecting the moves
I hope this helps -
Charles
Can you help answer these questions from other members on NexusFi?
Thanks for your reply. I was not sure what was wrong with the trdes other than that it was only 5 minutes after the news. The first trade was a small winner and the second one was be. If you could when you have time post DONTS that would help a lot
My intention is in no way what so ever to give trading advice. I am just simply sharing my method with you and will offer my opinion as to how I trade
My opinion of trading news is - simply don't
My setups will occur throughout the day and night for some of us without the influence of news driven moves. trading the news is just to dangerous to my trading account. If I get one right I feel like a hero, but if I am wrong I can get run over in an instant, and if the news is enough to cause a violent reaction your stop can get jumped without getting you out. that has happened to me before and let me tell you that is U-G-L-Y
You will miss moves sometimes when the market just flies off on news, to me thats ok it was not my trade there will be another one
Right after this M top, there was another pullback on the 1508 chart at 5:43 EST. Was that considered a short opportunity? The entry looked very close to the support line of lower part of the cloud. Am I reading this correctly?
Thanks,
-C
“Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.” - Sun Tzu
Notice the up candle that closes through the trigger lines, it appears to be a valid long trade - right
notice how exceptionally wide the trigger lines are, this candle is unlikely to turn the trigger lines and price will pull back to them and in this case stopped you out had you traded it
Was watching the beast this morning but within a rising channel. In such a case as indicated on the chart, to go long in the middle i would prefer to have the TriggerLines in my back, not in front of me. This illustrate very well the importance of getting the right perspective or visual to assess the current conditions.
#1 was a lower low you need to make sure you have confirmation on point #2 as point #1 is also an ABCD retrace - if you look left we have seen several of these already today when the market explodes to higher highs which is what that pattern usually does
look at 377 chart
#1 trigger bar closing below trigger lines
#2 hidden divergence on stochastic for strong confirmation to sell and that the ABCD would possibly fail
you have seen me take many trades like this on the forum, this is what I do all day everyday
feel free to post any questions - I will be away for awhile, if you ask a question here I will check back later
took the same trade but I got stopped out at a 7 tick profit. I had a trailing stop that was allowing room for 10 ticks and as I was approaching 21 tick target it had trade room that narrowed to 7 ticks. I did not get a fill and it turned back. Stop was trailing at 10 ticks, then 9, then 7. What is more approperiate