Posted by frtaylor on 11th of Apr 2012 at 08:31 pm
Exactly. I am getting out on the bounce - the trade looks
too much like the trade of August 2011 for my liking. Will be
watching for overbought conditions - 60/89/144 stochastics on a 15
min chart, any day-long 60 stochastics over 80 on a 5-min chart,
MACD, RSI 5 on a 60 min chart over 70, ABC wave count, etc. to help
find the exit. Also, if it's a decent bounce, I will put a
stop-loss just above entry.
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Exactly. I am getting out
Current Trade Status
Posted by frtaylor on 11th of Apr 2012 at 08:31 pm
Exactly. I am getting out on the bounce - the trade looks too much like the trade of August 2011 for my liking. Will be watching for overbought conditions - 60/89/144 stochastics on a 15 min chart, any day-long 60 stochastics over 80 on a 5-min chart, MACD, RSI 5 on a 60 min chart over 70, ABC wave count, etc. to help find the exit. Also, if it's a decent bounce, I will put a stop-loss just above entry.