Hi@Tanotfa
Always nice to see your posts. Good catch on the Outside Day bar, it would have turned out to be a great entry.
Entering trades while patterns are still information and yet to be validated can be very profitable when they work out.
The downside is the challenge with clear stop-loss levels and a higher failure rate when the patterns do not come to
fruition. Extra tough in the case of H&S (especially of the complex variety) as although the ideal H&S will form the
right shoulder at the same approximate level of the left one, this is very often not the case in actuality...
That is why I mostly refrain from them as a primarily breakout-focused trader unless I have a smaller pattern within
the larger one that is forming.
A retest of the Neckline is always a possibility and a chance for second/late entry as you say, but I am much more hesitant
to trade a retest when the trade has already made it 50% to the target before the "pull-back". The best trades often do not
pull back at all. I find often enough that is true even after a sustained rise till the breakout point which can be counter-intuitive
and make the entry psychologically challenging.
My knowledge of Pitchfork use is rusty at best, has been a long time since I played around with them in the earlier years
and Classical Charting has taken the forefront for me. Also struggled a bit to see exactly what Fib levels and number you
are using but the picture is clear enough and always good to see other styles of analysis coinciding...
A simple Fib trend extension (which I occasionally use but mostly when pattern targets have been surpassed) confirms
the 1.59 level to me, but that is no surprise as in the case of a good H&S Continuation after a run-up that will almost
always be the case. Possible weekly Channel also coincides with that rough area.
Regarding, the other stock you mentioned, I am thankfully in for quite a while now on what has turned out to be a longer duration
position trade/investment and liking the fundamentals too. Happy to see how that unfolds...
All the best,
YLJ
- Forums
- ASX - By Stock
- WAF
- WAF - About to Breakout
WAF - About to Breakout, page-176
-
- There are more pages in this discussion • 2 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add WAF (ASX) to my watchlist
|
|||||
Last
$1.47 |
Change
0.005(0.34%) |
Mkt cap ! $1.671B |
Open | High | Low | Value | Volume |
$1.44 | $1.47 | $1.44 | $4.298M | 2.954M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 1048 | $1.46 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$1.48 | 56012 | 4 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 20290 | 1.540 |
1 | 1 | 1.530 |
1 | 5156 | 1.480 |
2 | 10312 | 1.475 |
1 | 5156 | 1.470 |
Price($) | Vol. | No. |
---|---|---|
1.445 | 1623 | 1 |
1.450 | 245 | 1 |
1.475 | 12629 | 3 |
1.480 | 5 | 1 |
1.485 | 5156 | 1 |
Last trade - 16.10pm 21/08/2024 (20 minute delay) ? |
Featured News
WAF (ASX) Chart |