My X trade yesterday did not work out well, but the one from today did
Price rallied above the PDH and retraced to the 34MA (which acted as support) where it printed a lower high. Price bounce from there but it hardly made it above the previous high. Also the volume on the second push higher was not very large so I was curious to see how price would react to the 34MA. This time the MA did not hold, and a few bars after the initial thrust X printed a nice bearish bar just below the MA. I entered on the break of that bar’s low andI held my position until EOD.
Note: This past weekend I started playing with the 34MA in my 5 min chart and all I can say at this point is that it is another interesting point of reference. Right now I am experimenting with it. We'll see if it stays.
6 comments:
Anarco,
Nice trade! Way to pay attention to price action.
Tyler
Nice job Anarco!
I also traded X today, but on the long side in the morning.
Hey Tyler~
Yes, learning about price action is my main focus right now. I think that if one does not really understand that, the use of any indicator is very limited.
Cheers,
Hey Jamie~
Thanks. I had a slow start today. I am not sure what was going on with eSignal this morning. I would not get any data (as if I did not have internet connectivity). Finally, I had to call them up and they told me there was a server down and a number of people were affected. I am glad you were not one of them!
Cheers,
When X fell below 37 on stronger volume and the market continued to decline, seemed like a good time to climb on board.
Hi FS~
Which bar would you consider a good entry there?
Thanks,
Post a Comment