GLOBEX swinging wide.
MR
mreiserer
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Posts: 2,220
quote:
Originally posted by jimkane
Keep one thing in mind. I'm not saying hold some of your position or anything, as I never give advice, but if the primary area doesn't hold (it likely will, I think), this may flush hard, so when I'm in this kind of position, I decide ahead of time if I'll give some of the position a good chunk of breathing room to see if the flush may play out.
yes I am giving it some room. the flipside is that I may want to go long if it shows me something (ideally a pattern off the reversal area)
JI
jimkane
Rep: 3,058
Posts: 33,089
Now, obligatory bounce and then a roll, or significant intermediate up move starting right here? Let the show begin.
JI
jimkane
Rep: 3,058
Posts: 33,089
quote:Again, this isn't advice for anyone, but myself, I would not let this move much against me without taking some off, and I would have already made a decision based on the work where the 'rollover' area would likely be, and then I'd be deciding if I would be willing to wait to just beyond that with some. But if I liked the primary area a lot and wanted to be long, then I'd be factoring that in, because I can't give some a lot of room and still be ready for a long.
Originally posted by mreiserer
quote:
Originally posted by jimkane
Keep one thing in mind. I'm not saying hold some of your position or anything, as I never give advice, but if the primary area doesn't hold (it likely will, I think), this may flush hard, so when I'm in this kind of position, I decide ahead of time if I'll give some of the position a good chunk of breathing room to see if the flush may play out.
yes I am giving it some room. the flipside is that I may want to go long if it shows me something (ideally a pattern off the reversal area)
MR
mreiserer
Rep: 110
Posts: 2,220
it's a tough one. I have taken some off, but I am giving it a bit of room
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.