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AMZN trade today. It did not adequately fit my rules:
1. Market trending? Check.
2. Strong break of the trendline? Check.
3. Weak retest of the trend extreme? I thought so at the time. In hindsight the bears were still overwhelming the bulls.
4. Strong signal bar? No. It has the looks of a strong signal bar (marked with the green arrow), but the context is more important. Here, instead of being a rejection of lower prices, it was just an overlapping bar in a range.
5. Trade triggered? Check, but there wasn't enough reasons to take it. I got out on the following bar with a small loss.
It just dawned on me that I don't have those rules printed or written anywhere... I have them in my head and saved in a Word document. Little good that does me. Failing to plan is planning to fail, or something like that...
Can you help answer these questions from other members on NexusFi?
This is what happened later on in GLD. I don't think my initial analysis was wrong, but maybe it was? If I draw a different trendline it makes more sense, and it's easier to see the bulls getting stronger. There's also a failed L2 before it rocketed up, so I think that might have been a big contributing factor.
I'm leaving tomorrow for a short trip, so I won't be trading Thursday or Friday. But I do plan to study each day while I'm gone. Hope you all have a strong finish to your week.
I got back from my trip late Sunday night, and didn't have time to post yesterday.
I did my homework over the weekend as planned. Learned a few things, but I'm still left with a few questions. I've decided I'm best off moving my journal to the forum on Al Brooks' site, in hopes of getting more feedback on how well I'm reading the price action. Nothing against futures.io (formerly BMT) because it is a great resource, but I think a smaller community focused on one style of trading will be better for me. If that doesn't work out, I'll be back. Cheers!