This is an interesting h-like continuation pattern just below the previous day low and exactly at S1. Of course I did not see this in real time.
Monday, August 25, 2008
August 25 - LEH - HWAY - + chart
I had two failed trades today. I am not sure what is going on but I am not experiencing the same rate of success during this second half of August. Some blame the vacation schedule, the no-volume factor, the politics, the economy, etc., etc. I want to believe that a good and versatile trader would know how to profit in all market conditions. I am certainly not there yet. So I'll have to keep studying, observing the different market conditions, and learning as much as I can on my own.
This is an interesting h-like continuation pattern just below the previous day low and exactly at S1. Of course I did not see this in real time.
This is an interesting h-like continuation pattern just below the previous day low and exactly at S1. Of course I did not see this in real time.
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6 comments:
Anarco,
I am not an experienced trader to give any advice but this month has been my worst so far. Now, I am taking a little profit and closing my trades to be on the safe side.
I would have not taken the HWAY trade. My reason being: price moved near the 50% of the first big candle where according to Steve Nison, price finds S/R. In HWAY trade, it moved near the 40-50% area of the candle on a 5 min. chart and began to meander. I try to avoid these base setups just to be on the safe side. Also, if I were to enter, I would enter near 2-3 pm. This is based on my failed trades and observations in the recent market conditions.
Maybe it is time to be extremely picky about the B&B setups
Anarco,
I'm seeing an inverse hs pattern with b/o long at 10:15 on 1 min chart on HWAY. Looking at premkt +/- grades, gaps: like amgn(4/5" reversal) cvc ann osk wern ener apwr. 18 total
I am not sure I understand your comment bl.
Are you saying you would trade HWAY on the long side using the 1min chart on the 10:15bar? I honestly do not see a setup there.
I do not see the setup on AMGN 4/5" either.
anarco... I've found the last 10 trading days to be tough. There are setups out there but I think the lack of volume is what's really to blame. I remember this time last year being the same way but then I couldn't find anything to trade. Now I'm finding tradeable setups that just lack movement. This could last till mid-September (as it did in '07). I'm trying to make some adjustments myself.
Thanks for letting me know OONR7!
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