Hi Richard,
Hi Tim,
Nice going!
Would I be right in thinking that you closed the CELG trade just below the RN?
I closed it at the point shown as always.
I ask as most peeps (i.e. me!) would have exited as price approached the RN for fear of a bounce. If price was moving with some momentum and I held on as it breached the RN, I would have been watching out for a pullback.
I was too.
If this materialized with small candles on low volume, I would then try to hold on in expectation of a further price collapse. On the other hand, if there's evidence of buyers coming in in force - then I'd head for the exits.
That is exactly what happened and yes, I saw strong buying on level 2 with big players bidding the price up and people covering and sellers pulling out. It was so strong I did indeed close my position.
I must add that volume frequently does not behave as you'd expect or read in books on retracements.
As it happens that final red candle on the chart ended up being the low of the entire day.
Others professional players clearly recognised the bid strength at that level as it formed and it was never even challenged - tested - again all day. It looks as if you didn't play it this way at all which, I dare say, is why you're a fraction more successful at this game than what I is! I'm guessing your answer will be that you could see things happening on level II that aren't/weren't apparent on the chart?
![Wink ;) ;)](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
Tim.