tag:blogger.com,1999:blog-19713238.post6804101271756225522..comments2023-11-05T06:41:02.893-05:00Comments on Wall St. Warrior: Technical Picture - Modest Gains on Favorable Jobs ReportTJhttp://www.blogger.com/profile/13294634341130531371noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-19713238.post-3341335996927372662011-04-04T20:45:34.082-04:002011-04-04T20:45:34.082-04:00James,
SLW is consolidating in a range between $4...James,<br /><br />SLW is consolidating in a range between $42.00 and $45.00 on the daily timeframe. Until it breaks above $45.00 you might want to target trade from a lower price if it sets up a proper base intraday.<br /><br />You might also want to confirm your setups on another timeframe in addition to the 15 min. and daily. For example, you might want to confirm your setup on the 5 minute. If I look at the 5 minute chart, I don't see an entry for SLW. I would have waited for a flat base BO.<br /><br />There's no way to avoid losses. The only time I get upset over a loss is when the stock gives me a second chance and I ignore it. I took a long entry in RHT similar to your trade - 8th 15 min. bar. It started to go in my favor, then retested and popped for a slightly higher high which closed with a bearish long upper shadow. If I hadn't folded the trade for a small gain, it would have turned into a loss, and I would have been upset for ignoring the tell.<br /><br />Another example, I shorted RIMM on the open based on my bear flag daily timeframe strategy and pre-market price action and it promptly failed. I had to scratch the trade. In my heart I knew RIMM was going down, but I was becoming increasingly perplexed about how to take the trade as I've been trying this over and over and I keep getting the same result. So I decided to look at it from a slightly different perspective. I placed my fibs from the opening swing low to swing high and decided to trade it only if it printed a NRB at the base of the retracement zone. Finally, I got success.<br /><br />Hope that this is helpful.TJhttps://www.blogger.com/profile/13294634341130531371noreply@blogger.comtag:blogger.com,1999:blog-19713238.post-4038081065390129702011-04-04T18:59:12.742-04:002011-04-04T18:59:12.742-04:00James,
You have to understand that nothing is for ...James,<br />You have to understand that nothing is for sure in the market. If you do it all right, you are god. Jamie must had lots of trades that didn't work out. Just remember when you got it right, make it huge. <br />For SLW today, you need to look at the daily, some resistances ahead.IIhttps://www.blogger.com/profile/15273924854840271495noreply@blogger.comtag:blogger.com,1999:blog-19713238.post-29003869629588554292011-04-04T15:11:33.853-04:002011-04-04T15:11:33.853-04:00This is a somewhat related question to the previou...This is a somewhat related question to the previous post. I feel like when i get stopped out I'm doing something wrong. I'm trying not to take any losses but when I do it feels like my strategy is flawed so I try to tweak my system so I dont take anymore losses. <br /><br />What is your mental process when it comes to trading or even when you take a loss?Jameshttps://www.blogger.com/profile/13708767463859171421noreply@blogger.comtag:blogger.com,1999:blog-19713238.post-76093552567157376282011-04-04T15:02:12.122-04:002011-04-04T15:02:12.122-04:00Hello Jamie,
I took a long trade today in SLW (4/...Hello Jamie,<br /><br />I took a long trade today in SLW (4/4) on the 8th bar (15 min chart) with support from the 5 MA. It promptly fell back and took out my stop.<br /><br />In hindsight it looked like a great trade that didnt work out, do you see something here that made it a bad trade?Jameshttps://www.blogger.com/profile/13708767463859171421noreply@blogger.comtag:blogger.com,1999:blog-19713238.post-5798071158041060332011-04-04T15:00:46.553-04:002011-04-04T15:00:46.553-04:00This comment has been removed by the author.Jameshttps://www.blogger.com/profile/13708767463859171421noreply@blogger.comtag:blogger.com,1999:blog-19713238.post-56074443844141099962011-04-03T23:58:06.462-04:002011-04-03T23:58:06.462-04:00Hi Ash,
Volume peaks in the first and last hour o...Hi Ash,<br /><br />Volume peaks in the first and last hour of the trading session. Sometimes volume doesn't thin out much if the base forms in the first hour.<br /><br />I like the OVTI base because it forms at the whole dollar level. I'm sure I would have traded it had it been on my radar. The TIF setup is a shallow 38% Fib. retracement, which is a little harder to gauge.TJhttps://www.blogger.com/profile/13294634341130531371noreply@blogger.comtag:blogger.com,1999:blog-19713238.post-42450050756222689402011-04-03T21:47:24.554-04:002011-04-03T21:47:24.554-04:00Hi Jamie,
OVTI and TIF formed bases on Friday mor...Hi Jamie,<br /><br />OVTI and TIF formed bases on Friday morning, and I was planning to get in, but felt that the volume didn't thin out in the base. So I passed, only to my disappointment later.<br /><br />Would you have considered trading these bases?<br /><br />Thanks, and as always, I really appreciate the time and effort you put into the blog posts and replies.<br /><br />AshAshishhttps://www.blogger.com/profile/14399527611603529371noreply@blogger.com