ciamears- first off welcome and sounds like are you new and
possible fairly new to techicals.
The trade ideas are just that ideas. We market resistance and
support trendlines, triangles, coils, flags etc. With FBHS
and with any of the ideas there's a variety of ways to play them.
One strategy is to buy a breakout or when resistance is broken.
However many times I buy well before a stock breaks out of a
pattern if I see a reason to do so. I like to look at
multiple time frames and when looking at a daily chart I'll look at
a 60 min, 15 min charts and if you I see a bull flag or divergent
low, some reason that I can buy that stock early vs waiting for it
to break out I will do that. I also like buying near support
as my stops can be much tighter.
I know you are new and looking for clear cut answers but there
really isn't any. Everyone here has their own trading style, time
frame, risk tolerance, patience etc. You can buy breakouts,
you can buy early inside patterns or near supports with tight
stops, you can do a combination of the the two etc.
anyway on FBHS today it did briefly break over the horizontal
resistance line but pulled back below it. Technically the pattern
is still fine and could try to go again. If one bought it and are
still in it, a stop should be in place. Always have some sort of
exit strategy. For me if I wanted to give wiggle room to
FBHS, my stop would probably be just below the 20 day MA
Thank you Matt. I may sound like a new subscriber, but
actually have been a member since 2016 (?) I owned an
RIA firm at that time, followingtrends.com. We used the 20/50
cross on Daily charts; that was the extent of my knowledge. I
see many newbies and just like me they don't know how to trade a
pattern.
Is it possible to have DVT stops for golds and other high
volume ETFs? With gratitude, Andrea
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FBHS please explain " breakout
Posted by ciamears on 30th of Sep 2020 at 04:44 pm
FBHS please explain " breakout over 86.40-86.80 area" do I buy once in that price range? target range? (sorry , still learning)
ciamears- first off welcome and
Posted by matt on 30th of Sep 2020 at 07:32 pm
ciamears- first off welcome and sounds like are you new and possible fairly new to techicals.
The trade ideas are just that ideas. We market resistance and support trendlines, triangles, coils, flags etc. With FBHS and with any of the ideas there's a variety of ways to play them. One strategy is to buy a breakout or when resistance is broken. However many times I buy well before a stock breaks out of a pattern if I see a reason to do so. I like to look at multiple time frames and when looking at a daily chart I'll look at a 60 min, 15 min charts and if you I see a bull flag or divergent low, some reason that I can buy that stock early vs waiting for it to break out I will do that. I also like buying near support as my stops can be much tighter.
I know you are new and looking for clear cut answers but there really isn't any. Everyone here has their own trading style, time frame, risk tolerance, patience etc. You can buy breakouts, you can buy early inside patterns or near supports with tight stops, you can do a combination of the the two etc.
anyway on FBHS today it did briefly break over the horizontal resistance line but pulled back below it. Technically the pattern is still fine and could try to go again. If one bought it and are still in it, a stop should be in place. Always have some sort of exit strategy. For me if I wanted to give wiggle room to FBHS, my stop would probably be just below the 20 day MA
Thank you Matt. I may
Posted by ciamears on 1st of Oct 2020 at 01:03 pm
Thank you Matt. I may sound like a new subscriber, but actually have been a member since 2016 (?) I owned an RIA firm at that time, followingtrends.com. We used the 20/50 cross on Daily charts; that was the extent of my knowledge. I see many newbies and just like me they don't know how to trade a pattern.
Is it possible to have DVT stops for golds and other high volume ETFs? With gratitude, Andrea