Thanks Toastman.always good to see how others look at a chart...

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11/11/18

12:06

Post #: 36461733
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Originally posted by Toastman: ↑

Hope you don't mind me responding - I like that a lot, never having seen or heard of it before.

There is a simple trade idea that I've stolen from Dr Tim. It may or may not work in this case, but I've certainly added this chart to my potential setups group.

The idea is based on median lines and day-to-day bar reading. Of course, if you're not familiar with these tools it may not make a lot of sense, but it is really extremely simple. The main thing is having the confidence in your tools - that takes as much time as it takes, but once it comes it is unshakeable. In this case, a fork is a tool that may give you some predictable behaviours for price should it pull down to consolidate.

The idea is to get a solid entry with a good RR and a good stop-loss (32c should now be pretty decent weekly horizontal support). Then if things go sweetly, as price moves up, you sneak you stop up to lock in some gains. As price goes up, use the minor pivots on the way to hide your stop.

Of course, if price breaks down below the swing low, it is game over and wait for something else.

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Thanks Toastman.
always good to see how others look at a chart and their take on it.

Some scenarios that would give a bit more confidence of a change in trend:
1. A low volume test or spring of that high vol low
2. A strong move up, or gap up, of that tight box post the 2 bar reversal

MMy problem with these ones is they seem to go into a sideways motion for months sometimes before moving, by then my short term attention span has moved onto something else and i miss the initial mark up
that is why i quite like the wykoff phases and building a cause terminolgy. It helps me keep some patience!
I find my best trades come when I keep my patience and discipline. All the head stuff that seems to be the hardest to manage at times, especially when we all have many other dimensions going on in our lives.

XTL Value at posting: 3,314.7
3 Upvote

0 Great analysis

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