Im still using wcci, I just have it squeezed at the bottom on 4range chrt. Mainly wcci is used for divergenge for me. The others are Volume & 3 W%R's...8 period red, 21 blue, & 55 green.
When all w%r's point down or up is just a signal for a potantial reversal and when green & blue stay up while red goes down its likely a continuation. Theres more into reading the 3 w%r's with interpreting pa. Im not an expert at it but I think its time that I try to be one.
I worked some of my Bear Market Bulldog all day yesterday, I forgot markets close today, should of traded yesterday & today study. And Im going over Tommys Revenge today as well.
A nice bearish set-up, but pa did break above resistance, however not enough grounds for a reversal! We got a 3 candle swing to the downside...excellent set-up! with trend direction in play..low risk relative to swing structure, captured 1st wave.
Support was hit about 4 times & a desending wedge was being printed...it broke out..in hind sight I should of allowed for a higher swing low to print confirming swing structure. Non- the less I didnt get out on top, that minor swng low made by price bars would of been the spot to take profit.
Confidance is building.
Im not gonna bother to put pic up for this. I was anticipating a major higher swing low, I jumped it some, not quite a completed 3 candle swing to the upside, did have a tight stp, it got hit -$30 Ahhh there she blows!! as I write..stop too tight for sure.
Last edited by Billbb; April 13th, 2012 at 12:33 PM.
Okay, back to trading..yesterday babysat grandchild.
At 8:28 before unemployment #s pa broke consolidation..I shorted & placed stp at red line..13 points=$65. As news came out pa shot like a rocket! Down. 55 below 200. I kept myself satisfied w/ a $65 price to pay to play! I waited for pa to show me its time to cut & run, ofcourse giving up on a little extra profit to do so! Thats the price! Nothing's free.
As I write to...MY SELF..I see (stop reading! Go back to some one else's journal!) that it paid off.
GOOD JOB ME ! I would thank myself but I cant! My remarks dont apply to zt379 or anyone who has displayed graditude on my journal..only intended for those who read & move on.
Missed that long! Got stped out at minor sw low..that was my shot, took it & missed. Its hard to reload to go again, even in sim. Thank you daytrader999
Last edited by Billbb; April 19th, 2012 at 10:50 AM.
The following user says Thank You to Billbb for this post:
I was down $145 by trying to catch the reversal. Kept saying to myself, go w/ the trend! Then I finaly did, took a short after the pullback, put a stop on for $130, the last major swing. Went outside for a cigar came back in and I was up $315 & actually more but I waited for a failed swing to the down side.
Im gonna go live in 2 weeks and I beg of myself to take trend trades only and not to get tricked into reversals. I must lose the habit of going againts the trend. I think allow pa to reach beyond 55ema to ensure reversal?