Mr De-o-luxe
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Should call this the misery thread. Re-adjust your charts set sail for bull land..Into the maelstrom with my trusty rug, i go.
Slapshot
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Pat494 said:Not much of a bounce last night or this morning !
Could be significant ?
It's certainly worth keeping an eye on. Quite frequently after a significant decline we've seen the futures pushed up after hours and before the next session.
Last week there was big support at the 10420 area and it's sat there once again.
roguetrader
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Like most things GKB, there are text book examples and then there is real life. A tidy volume pattern to accompany your candle pattern, is a nice bonus and goes some way to confirming what is actually going on, but virtually all proponents that I have read will say that for most patterns the volume component is not essential.GKB said:
Patterns in charts should always be respected imho, and not dismissed, that doesn't mean of course if you are long in a well thought out position, that you abandon it at the first sign of a bearish pattern. But a trader should acknowledge the pattern and calculate the impact of such a pattern triggering, and if necessary and appropriate adjust his plan to accommodate it. Depending on the position you are in, and your reasoning and plan, this may of course be no action at all, but if you dismiss the pattern as "It aint so." then you don't have that option.
leovirgo
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kriesau said:
Trade what I see TWIS means entering a position only after price confirmation has been observed rather than taking a pre emptive action based on chart, likelyhood of a news event or what market experts say so. Time frame and targets can be employed, in fact, should be set according to your own trading strategy and style. But it tells you not to wait for a bus unless you see it coming regardless of what the timetable says. It also applies to news impact- trade when there is some action in price... e.g, crude futures may go up or down but trade only when DOW reacts to it.. in summary it is a reactive style of trading with an open mindset.
I don't buy this at all - by the time you see the bus coming it's usually already too late and you've missed it ! This is knee-jerk trading. Also it represents almost instantaneous interpretation of what you see which can and does change from minute to minute.leovirgo said:
Another method of TWYS is to have a plan. If the Index moves up/down and crosses this threshhold then I'll go long/short either with a target of x or with a trailing stop of y away from the actual price.
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