Breakouts

Chad Seven

Active member
207 13
Dude, do you even Crude Oil?

1594301138164.png
 

Chad Seven

Active member
207 13

Can 't sleep, which is unusual for me.

I have been reviewing my trades and noticed something on the Soyabean chart. The price had dropped sharply then reversed to form a hammer/pin at a level I had already marked as weak support and was surprised at the reaction.

Looking at it more closely now there is a gap which formed on March 9th (yes...three months ago) which corresponds with the level exactly. If I was able I would close this trade now as it is clear the price is consolidating in anticipation of a reversal and could very well gap up on the Monday open.

Reversals at gaps are such a consistent phenomena I am started to wonder if I should be trying to trade them rather than breakouts.

1594435679255.png
 

Chad Seven

Active member
207 13
Can 't sleep, which is unusual for me.

I have been reviewing my trades and noticed something on the Soyabean chart. The price had dropped sharply then reversed to form a hammer/pin at a level I had already marked as weak support and was surprised at the reaction.

Looking at it more closely now there is a gap which formed on March 9th (yes...three months ago) which corresponds with the level exactly. If I was able I would close this trade now as it is clear the price is consolidating in anticipation of a reversal and could very well gap up on the Monday open.

Reversals at gaps are such a consistent phenomena I am started to wonder if I should be trying to trade them rather than breakouts.

View attachment 283543

Gapped down which was a pleasant surprise. Stop moved to BE.
 

Chad Seven

Active member
207 13
Everybody watching copper? Holy...

I see the stock market shows no sign of slowing down either.
 
Last edited:

Chad Seven

Active member
207 13
I have been thinking about gold nearing all time highs and the 2,000 level. I wonder if a significant, historical level like this behaves like a magnet, drawing in exuberant buyers and thereby becoming a self-fulfilling prophecy.
 
 
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