guys consider this: topping is a process generally
especially when you have all faster MA's moving up with strong
slope: 9 EMA, 20 MA etc. You don't just top and drop like a
rock, it's fits and starts, stages. you get quick pullbacks, then
bounces, pullbacks, bounces etc. The stronger down moves
occur after a sideways type move that causes the MA's slope to
flatten out. When picking a top - my approach is when I get a
good entry and a nice profit I book it because I know that price
isn't just going to crater typically and I'll get many more
opportunities to take another trade. I'm also a bit impatient.
Now if you took a position and chose to give it wide room
and not look at it for a while I think it could work out eventually
but I find that people don't have the patience generally.
also side note: this monthly Gold chart I posted on the
weekend that shows one scenario of gold metal forming a handle of a
cup and handle pattern. Well you have to take into the context of
the time frames of the charts. If gold actually did something
like that, realize it would take probably 6 - 9 months at least.
However sure thing if gold pulled back for a few weeks people
would ask me (Matt is the handle in?) NOOOOO look at the time frame
of the chart. That's also why I don't like to post a lot of monthly
or weekly chart patterns - people don't' have the time patience to
trade them and then make emotional trade decisions based on daily
or even 60 min time frames on
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Good job!
Covered my QQQ short from pre market this morning. Nice ...
Posted by tgo5043 on 27th of May 2020 at 11:34 am
Good job!
yeah I took profits earlier
Posted by matt on 27th of May 2020 at 12:51 pm
yeah I took profits earlier as well.
guys consider this: topping is a process generally especially when you have all faster MA's moving up with strong slope: 9 EMA, 20 MA etc. You don't just top and drop like a rock, it's fits and starts, stages. you get quick pullbacks, then bounces, pullbacks, bounces etc. The stronger down moves occur after a sideways type move that causes the MA's slope to flatten out. When picking a top - my approach is when I get a good entry and a nice profit I book it because I know that price isn't just going to crater typically and I'll get many more opportunities to take another trade. I'm also a bit impatient. Now if you took a position and chose to give it wide room and not look at it for a while I think it could work out eventually but I find that people don't have the patience generally.
also side note: this monthly Gold chart I posted on the weekend that shows one scenario of gold metal forming a handle of a cup and handle pattern. Well you have to take into the context of the time frames of the charts. If gold actually did something like that, realize it would take probably 6 - 9 months at least. However sure thing if gold pulled back for a few weeks people would ask me (Matt is the handle in?) NOOOOO look at the time frame of the chart. That's also why I don't like to post a lot of monthly or weekly chart patterns - people don't' have the time patience to trade them and then make emotional trade decisions based on daily or even 60 min time frames on