GLOBEX swinging wide.
JI
jimkane
Rep: 3,058
Posts: 33,089
quote:Yes, and 1.618 DT ABCD.
Originally posted by mreiserer
881= major lower // and 447
JI
jimkane
Rep: 3,058
Posts: 33,089
When I look at the GLOBEX 5-min chart and see how far it's come, and how small this bounce is, and then the minor area it is rising off of, and a primary area just below, I don't like the short side starting here (holding some from a GLOBEX trade I'm okay with). It would have to bounce more, and convince me it hadn't reversed off the minor area.
JI
jimkane
Rep: 3,058
Posts: 33,089
It may well play out, I was just saying the odds are not as good as I usually want. If there is still a net seller, it could dump easy from here, but we don't know until after if one is still around.
MR
mreiserer
Rep: 110
Posts: 2,220
I understand what you're saying, T.
I guess my comment was referring to traded timeframe and management.
If one were to trade this as a DT at a key line and 447 the traded timeframe should be a 120min chart.
Based on that it produced three minor bars that, imo, are inconclusive either way.
I didn't take the trade because just a trigger off the PTA wasn't good enough for me. For a daytrade I wanted to see a nice Wave 2 type pullback to get in (which it ultimately still might produce on the traded timeframe). It didn't give me that so I stood aside.
I guess my point is that I have often mismanaged trades in the past because I got caught up on lower timeframes where everything is magnified. while I find it important to see what goes on there and it has helped me understand price action better I have also found it misleading at times.
Like you said, you have the experience to tell the difference on a lower timeframe.
For me it's a work in progress.
I guess my comment was referring to traded timeframe and management.
If one were to trade this as a DT at a key line and 447 the traded timeframe should be a 120min chart.
Based on that it produced three minor bars that, imo, are inconclusive either way.
I didn't take the trade because just a trigger off the PTA wasn't good enough for me. For a daytrade I wanted to see a nice Wave 2 type pullback to get in (which it ultimately still might produce on the traded timeframe). It didn't give me that so I stood aside.
I guess my point is that I have often mismanaged trades in the past because I got caught up on lower timeframes where everything is magnified. while I find it important to see what goes on there and it has helped me understand price action better I have also found it misleading at times.
Like you said, you have the experience to tell the difference on a lower timeframe.
For me it's a work in progress.