Junkie and Students...Notice the Daily triggers shown on this
chart in cyan blue...now after today's move where would you adjust
your stop? If you don't know the answer, you should listen to
tutorial. Also, one should consider taking partial profits as price
reached target of 20 day MA and swing the balance (that's one
option). Trade YOUR PLAN. The trade short would have
been good for around 16 pts on this chart..one could have covered
earlier on the trendline break shown on SPX 10 below at lower
levels but this is a simple daily view.
Pardon me, if I am asking the same question. Where should have
been my stop on my short going into this morning if I trade
on daily charts: at the 50% of yesterday's solid candle (from open
to close)?
And the second question: since the price exceeded the size of
yesterday's candle (so we have had an
outsideday today), is the downtrend now over? Or
how would I be able to answer that question?
sbwoman..that is not the correct answer. Stops should now be
adjusted upward to approximately 50% of today's range AND one must
consider taking partial profits near 20 day MA on today's rally.
You don't have to trade "all or none" In fact, if you take
some profits, you can keep a looser stop on the balance.
SPX Daily
Posted by steve on 24th of Sep 2014 at 04:51 pm
$SPX - Chart Link
Junkie and Students...Notice the Daily triggers shown on this chart in cyan blue...now after today's move where would you adjust your stop? If you don't know the answer, you should listen to tutorial. Also, one should consider taking partial profits as price reached target of 20 day MA and swing the balance (that's one option). Trade YOUR PLAN. The trade short would have been good for around 16 pts on this chart..one could have covered earlier on the trendline break shown on SPX 10 below at lower levels but this is a simple daily view.
Title: more trading questions Pardon me,
Posted by junkie on 24th of Sep 2014 at 05:31 pm
Pardon me, if I am asking the same question. Where should have been my stop on my short going into this morning if I trade on daily charts: at the 50% of yesterday's solid candle (from open to close)?
And the second question: since the price exceeded the size of yesterday's candle (so we have had an outsideday today), is the downtrend now over? Or how would I be able to answer that question?
Thank you in advance for your answers, Steve!
Yes to first question around
Posted by steve on 24th of Sep 2014 at 05:35 pm
Yes to first question around 1990
Second question...the IMMEDIATE downtrend completed with a break in symmetry. Until new highs are made, we cannot say anymore.
Steve, Is my stop just
Posted by sbwoman on 24th of Sep 2014 at 05:24 pm
Steve, Is my stop just below yesterday's low?
sbwoman..that is not the correct
Posted by steve on 24th of Sep 2014 at 05:38 pm
sbwoman..that is not the correct answer. Stops should now be adjusted upward to approximately 50% of today's range AND one must consider taking partial profits near 20 day MA on today's rally. You don't have to trade "all or none" In fact, if you take some profits, you can keep a looser stop on the balance.
Dang! That just about sums
Posted by sbwoman on 24th of Sep 2014 at 05:53 pm
Dang! That just about sums me up, a day late and many dollars short. Thanks for the clarification Steve. It is zipped into my brain (hopefully
)