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NO trading for me today. I have been busy working. Got a great possibility that will allow me to retire and trade all day and all night for the rest of my life. I am in big hopes it flushes out! This will be my third time hitting it BIG, but won't get there for a few years as these things take forever!
Well, I thought for sure that I had the breakout of the 23% retracement heading south, but it had one more in it. I think this was merely confusion over which was the 23% retracement as it had a few pullbacks.
I then took a short at the better area, but I scaled way way way too soon. I didn't let it play out as I got too impatient w/ a crying baby in the background. All the reason to only trade w/ complete concentration.
I am minimizing my trades though. Once I have broken that bad habit then I can focus on the others! Onward and upward!
I had the 76 fib pullback on the longer term chart on that long. You are right, that would have been a nice entry. (I was done as I couldn't focus)
If you trade off bearish divergence after a big run, then I believe you will make a lot of challenging shorts possibly. Since QE2 issues, there have been a TON of setups just like this where the market then shoots up up up.
Separated (WIDE) bands just means VOLATILITY or MOVEMENT and it has two choices. 1. BULL FLAG (which is what has been happening regardless of separation and 2. A retracement to some good area.
I am now cautious on what you have perceived as it is what I learned also, but take a look back in early February and boy, oh boy, that would have killed you much like it did me. I pretty much use divergence as a last indicator after AREA, MACD's, the way the bars are moving up/down (strong/weak) and then divergence last. I got my ass handed to me the last few weeks trading divergence.
I have pretty much given up on divergence unless the market has been open for a while, trending well and then forms some divergence. With the government intervention it has been like standing in front of a freight train. The market dynamic using this system has changed significantly in the last few months and it is eye-opening.
That is why I believe it o-so-important to see different market attitudes to know what is possible, likely etc. if it doesn't work out.
Thanks for your input, and it is greatly appreciated! I just have a block accepting some of it. haha...
