Kleft
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I thought I would post some thoughts on days that I have been watching the market unfold from an intraday point of view. I was on holiday on this first one and my tablet is only capable of so much.
18th March:
1. 2nd 3rd PB in this sharp/climactic drop, nothing particularly unusual with this.
2. Price pokes lower and just as quick backs up making a deep ret to the previous swing high, its interesting but checking in on the higher time frames there was nothing obvious about this level that would stop a drop.
3. Now we have a higher low, whilst I have drawn in a fanned DL I was more focused on the behaviour, did not do anything as I was watching and eating.
4. Price rets back 50% of the Hi-Lo and fails which would suggest continued weakness, any DL drawn off the low would be snapped shortly after.
I was overly focused on the standout swing low on the rally to think of a short as it was around the 50% Lo-Hi.
5. Price has moved sideways breaking any spandex tight SL's that might be in place and it is doing so just above the MP of the Lo-Hi.
A long is triggered as price pushes higher.
6. After making a HH price drops off into a deep ret back towards entry, as I enter the trade I accept that my DP can be hit so I am not so worried in taking a loss, second, as price has made a HH I can give it a little space to make a HL which is the basis of an upmove, third, I have a DL that I can work with and can exit on a break of that should it occur.
We get a series of HH and HL before price really takes off with a ret around the opening high.
7. There is a ret followed by a 2 point continuation before price drops off again, this high was right in with earlier rejection on the hourly chart, again as earlier, focus was on behaviour, the weak continuation and drop off was enough for me to exit on a LH on a LTF setting (30 sec TF)
Overall, late entry into an area that might cause a little chop (MP of Hi-Lo) had to grit my teeth a little before it went, exit was a little tight and only "good" as one knows what happened next.
18th March:
1. 2nd 3rd PB in this sharp/climactic drop, nothing particularly unusual with this.
2. Price pokes lower and just as quick backs up making a deep ret to the previous swing high, its interesting but checking in on the higher time frames there was nothing obvious about this level that would stop a drop.
3. Now we have a higher low, whilst I have drawn in a fanned DL I was more focused on the behaviour, did not do anything as I was watching and eating.
4. Price rets back 50% of the Hi-Lo and fails which would suggest continued weakness, any DL drawn off the low would be snapped shortly after.
I was overly focused on the standout swing low on the rally to think of a short as it was around the 50% Lo-Hi.
5. Price has moved sideways breaking any spandex tight SL's that might be in place and it is doing so just above the MP of the Lo-Hi.
A long is triggered as price pushes higher.
6. After making a HH price drops off into a deep ret back towards entry, as I enter the trade I accept that my DP can be hit so I am not so worried in taking a loss, second, as price has made a HH I can give it a little space to make a HL which is the basis of an upmove, third, I have a DL that I can work with and can exit on a break of that should it occur.
We get a series of HH and HL before price really takes off with a ret around the opening high.
7. There is a ret followed by a 2 point continuation before price drops off again, this high was right in with earlier rejection on the hourly chart, again as earlier, focus was on behaviour, the weak continuation and drop off was enough for me to exit on a LH on a LTF setting (30 sec TF)
Overall, late entry into an area that might cause a little chop (MP of Hi-Lo) had to grit my teeth a little before it went, exit was a little tight and only "good" as one knows what happened next.
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