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Trading PA Practice - trading the right edge


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Trading PA Practice - trading the right edge

  #11 (permalink)
 
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 benbrooke 
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David ,

its an option!

but the idea of this exercise is not reallying on any indicator , what will happen if pricing come after a crash and you dont have pivot there or is the market is at all time high and you dont have any resistance ?

I think that if you spot a trend join the trend! this is were the big money is !

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

-- Albert Einstein
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  #12 (permalink)
 
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Ben, I agree. My meaning about the pivot level was in context of your example, that if price is short or just under a key level there is a high probability that it will hit that level. I think. But I understand what you are saying completely.

I got you message and will call either Sunday or next week. Ok.

David

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  #13 (permalink)
 
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 benbrooke 
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so here is the second puzzle

I marked trend lines on the 15Min chart (top) and 5 Min chart (bottom)

so what will happen next ????

thanks for your participation (and again no cheating )

ben

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Ben,

My opinion is that the market will break the trend line and move higher. I base that on the volume readings on the 5 minute in conjunction with what the candles sticks are doing.

How did i do?

David

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 cory 
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next direction is still down as price is still lower than prev high, there was the double bottom but price has traveled quite a distance from there.

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  #16 (permalink)
 
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Best thing to do is just like last time. Wait for the following candle for confirmation if the TL will be broken or respected. There is no need to rush into it.

Also it's hard to do with your chart because there is no time stamp, and I use time of day as part of my rules. For instance that big volume push on the last bar or two could be the open, or it could signal a change of momentum.

Mike

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  #17 (permalink)
 
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 benbrooke 
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Mike

good point on the time stamp for the next puzzle i will add time of the day

BTW assume that you have to take a trade right here what will it be?



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

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benbrooke View Post
Mike

good point on the time stamp for the next puzzle i will add time of the day

BTW assume that you have to take a trade right here what will it be?



But I don't have to. Discretion and patience are key.

Hypothetically and pure gambling: you go short until proven otherwise (until the TL has failed with two legs).

Mike

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 benbrooke 
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Mike ,

agree 1000000% with you on patience so lets me put it in a different way

so you were short at the top of the move and now you have runner left what do you do? do you add to position or bailing out?

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 Big Mike 
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benbrooke View Post
Mike ,

agree 1000000% with you on patience so lets me put it in a different way

so you were short at the top of the move and now you have runner left what do you do? do you add to position or bailing out?

Neither, not until the next bar is finished, and maybe not even then. Especially since this appears to be the third tap, at least, against the TL. Each tap that goes by increases the chance of a TL break.

Mike

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Last Updated on April 2, 2010


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