Here is John's chart with the trendline and trigger bar marked (John, if I drew the trendline wrong please let me know in "comments"):
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Mentoring: The Key to Developing as a Trader
6 days ago
Saturday, March 24, 2012
A trade from John
"I'm not sure if my trades are worthy of highlighting, but maybe it is good for comments section. It is a little similar to the two charts from David and David - classic X type setup, 15-minute chart, Fibonacci over the opening range (symbol = GLUU). The trade is later in the day, however, so I am not sure that X would take it but other readers might have. Also, I use a trendline on this chart. Here are the specifics: Gap up, rally, pullback - the pullback never closed below the 50% retracement. Trendline from the pivot high on the third bar to the 12th bar. Entry was a break of the 2:30EST bar's high - that bar was also a hammer, and price had broken the trendline, and had support from the 8EMA. I closed the trade with a .20 profit which doesn't sound like a lot, but due to the price of GLUU it was actually over 4% gain."
Here is John's chart with the trendline and trigger bar marked (John, if I drew the trendline wrong please let me know in "comments"):
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Here is John's chart with the trendline and trigger bar marked (John, if I drew the trendline wrong please let me know in "comments"):
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5 comments:
nice to see how other ppl trade
Thanks and the trendline is correct!
I think the market is testing the upper boundary.
Nice trade. I find trendlines to be very hit and miss. Do you use them on all charts? What is your experience?
Thom
I use trendlines if they are blatantly obvious - as it was here. Otherwise I avoid them because of what you said Thom.
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