I start a lot of trades out by looking at the 30m chart to see if it appears to be doing something "new", very much like CAT did today.
She finally got the squiggly lines in a nice and tight formation and made haste to start closing time periods higher. As much as I really feel psyched out by the slow grind, I really had to fight myself to just hold this overnight. After all, the premise is, when a trade works right out of the gate, you'd say you've got to hold it.
I've spent a lot of time looking for a particular sequence on this time period within context of "finding a low". Consider it the formation of a double bottom. Price was correcting, but then makes 2 bullish candles in a row. Ideally somewhat tight and within a range, but clearly as to say that the buyers are stepping in. Seeing a Red candle to retrace some of the two without closing below, and then a follow-up Green candle, and I'm taking that against the low that was made.
But when I saw CAT make that kind of close over many hours of prior price action and aligned it with the 4 hour chart, mm mm mm, had to be in that.
The nuance will be where you define a Target and whether you'd be able to hold through a downward thrust. Hard to think that the Bears will just let it run.
The alignment with the catch-up that we appear to be getting in the DIA and it looks good to me.
She finally got the squiggly lines in a nice and tight formation and made haste to start closing time periods higher. As much as I really feel psyched out by the slow grind, I really had to fight myself to just hold this overnight. After all, the premise is, when a trade works right out of the gate, you'd say you've got to hold it.
I've spent a lot of time looking for a particular sequence on this time period within context of "finding a low". Consider it the formation of a double bottom. Price was correcting, but then makes 2 bullish candles in a row. Ideally somewhat tight and within a range, but clearly as to say that the buyers are stepping in. Seeing a Red candle to retrace some of the two without closing below, and then a follow-up Green candle, and I'm taking that against the low that was made.
But when I saw CAT make that kind of close over many hours of prior price action and aligned it with the 4 hour chart, mm mm mm, had to be in that.
The nuance will be where you define a Target and whether you'd be able to hold through a downward thrust. Hard to think that the Bears will just let it run.
The alignment with the catch-up that we appear to be getting in the DIA and it looks good to me.
Trade closed: target reached:
I don't think I can fault myself for missing Target by $0.28 on a $200 stock.
Speaking of $200, what a nice level.
Speaking of $200, what a nice level.