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Trading PA Practice - trading the right edge


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Trading PA Practice - trading the right edge

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  #41 (permalink)
virginia
 
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benbrooke View Post
so here is another puzzle

can you guess the next move?
where will you enter and why and were will be your stop loss


ben

next move is probl up because the current bar closes above the horizontal red line.

sell stop below yellow box, target a, b
stop loss at top of yellow box.

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  #42 (permalink)
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Hi David

IMHO, I don't think you can conclude that the trend line held, since the line is simply drawn through the low of the last bar. Using the low of the last bar, means by definition that the bar "held" since it's low is use to anchor the line.

I don't think a trend line can be drawn until a new high is made. If trend lines are drawn like in the picture above, then two bars ago the trend line would have looked like the purple one in the attached picture and look like it held as well, simply because at that point it was the last bar. If the next bar make a lower low, then the trend line would look like the blue one and one would conclude again that the trend line held.

I admit that I don't use trend lines, and I could be completely wrong here. I found trend lines too subjective and too easy to draw lines the way one wants to see them. I think Trader Vic has a good explanation of drawing trend lines in a consistent and mechanical way in one of his books.

I'm sorry if this is off topic for this thread and hope it is not perceived as me being arguementative. My feelings won't be hurt if the post is moved or deleted.

Thatguy,

No argument at all. I appreciate all other outlooks. I said below the trendline, but at the same time my meaning was below that swing low for the stop placement. I agree with you about trendline in general. I think if they contact 3 points they have more validity though.

D

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  #43 (permalink)
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up? green candle on 5 min.

 
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  #44 (permalink)
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hey guys ,

The right answer for this puzzle is to go long

stop should have been below the trend line
the reason i draw this line like this was in the last 2 bars the trend line "held" which mean for me that we still going higher


thanks all for participating

ben

Keep on sowing your seed, for you never know which will grow -- perhaps it all will.

-- Albert Einstein
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  #45 (permalink)
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benbrooke View Post
hey guys ,

The right answer for this puzzle is to go long

stop should have been below the trend line
the reason i draw this line like this was in the last 2 bars the trend line "held" which mean for me that we still going higher


thanks all for participating

ben

I wanted to point one thing out that I saw on the chart and would like to know what others think about it.

Before the small green up candle there are to red bars. The volume on the second red bar is greater than the volume on the first red bar, but the range of the body of the second red bar is narrower, or not as long as the body on the first red bar. What I was taught that in VSA terms, the only way that this can happen is because there is more buying in that bar. I was taught it is a sign of accumulation. Any other opinions or thoughts?

David

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  #46 (permalink)
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Hello All,

I hope Ben does not mind me hijacking his thread with a a chart of my own. Since this is a price action thread I hope there is enough info on the chart to make a determination. Based on what is seen on the right edge, what would we anticipate happening next. Or, I guess as Ben would say, would you go long or short and why?

Added a second chart. First is the 5 minute the second is the 15 minute.

David

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  #47 (permalink)
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David ,

feel free to publish more puzzle i really like it and encourage every one to do it (but one puzzle at the time)

one problem when you publish a puzzle , publish also higher time frame like i do

thanks

ben

Keep on sowing your seed, for you never know which will grow -- perhaps it all will.

-- Albert Einstein
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  #48 (permalink)
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David ,

i will go long with a tight stop below support (see pic) if fails i will reverse
the way i see that is that the market is going side way (15Min) and this kind of market i will buy the low and sell the high with tight stops

thanks for the puzzle

Ben

Keep on sowing your seed, for you never know which will grow -- perhaps it all will.

-- Albert Einstein
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  #49 (permalink)
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I was trading that market, I wouldn't be doing anything at this point. If I have to do something, I'd go short at low of the last bar with a stop just above the high. Profit target would be two times risk.

Failure to make a new high and then a breakdown on high volume looks to me like it is going lower. The last bar attempted to be a rally from a double bottom, but failed on high volume. I'd say it is going lower.

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  #50 (permalink)
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Can I play?

If so, here is my chart for today.



Do we hit 85 or 75 first from here? Simple question, what is your answer?

Closing price is 81.49 so I've even given you a skewed risk/reward, it could be skewed in your favor depending on your answer.

Mike

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