The break in symmetry did support a higher low...it does not
always equate to a higher high. The bottom line is to look
for objective entries. The SPX put in an INTRADAY double bottom as
well and bounced into the close after it also broke short term
symmetry on the rally to 2049. Thus, a stop out and re-entry
was possible if following intraday. Remember, I always suggest
taking at least partial profits on the first big move vs. being an
all or none player. The early weakness (terrible internal
readings) that the pullback was likely to be deep.
Posted by sptrader on 13th of Mar 2015 at 04:11 pm
Thanks - I understand that regarding today's price action, but
trying to project ahead, it gave back half of yesterday's candle,
so would that suggest a stronger potential for lower prices, or too
close to determine since it closed at the halfway point.
Perhaps better to observe the intra-day charts where the upward
price symmetry is still in charge.
I don't know if this will help, but I like to take it one trade
at time. Just let it play out. It is not about predicting where
price is going to go. You set objective entries with stops and
targets based on a system (like in Steve's tutorial) and then, once
it's triggered, managed the trade--one day at time, or 15 minutes
at a time. If you move up your stop to 50% of bar and get taken
out, you get taken out. Just take profits and write down on paper
how you will manage the trade.
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The break in symmetry did
Tutorial question - higher low and double bottom??
Posted by steve on 13th of Mar 2015 at 03:59 pm
The break in symmetry did support a higher low...it does not always equate to a higher high. The bottom line is to look for objective entries. The SPX put in an INTRADAY double bottom as well and bounced into the close after it also broke short term symmetry on the rally to 2049. Thus, a stop out and re-entry was possible if following intraday. Remember, I always suggest taking at least partial profits on the first big move vs. being an all or none player. The early weakness (terrible internal readings) that the pullback was likely to be deep.
Thanks - I understand that
Posted by sptrader on 13th of Mar 2015 at 04:11 pm
Thanks - I understand that regarding today's price action, but trying to project ahead, it gave back half of yesterday's candle, so would that suggest a stronger potential for lower prices, or too close to determine since it closed at the halfway point.
Perhaps better to observe the intra-day charts where the upward price symmetry is still in charge.
I don't know if this
Posted by zenman on 13th of Mar 2015 at 10:16 pm
I don't know if this will help, but I like to take it one trade at time. Just let it play out. It is not about predicting where price is going to go. You set objective entries with stops and targets based on a system (like in Steve's tutorial) and then, once it's triggered, managed the trade--one day at time, or 15 minutes at a time. If you move up your stop to 50% of bar and get taken out, you get taken out. Just take profits and write down on paper how you will manage the trade.