This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
Each day I try to look back at what I did, and see if different chart views would yield different results. Specifically, I want to see if there was a better way to capture the move while limiting my risk. Take a look at this 5′ view of the same trade. The setup was just as clear, and the risk was practically the same. The main benefit to using the 5′ charts is the ability to monitor the equity markets at the same time. With a 1′ setup, one market requires my full attention.
It broke out on heavy volume on the 5′, and pulled back to pimp moving average support. On the PnF chart, it completed a double top breakout.
I will try to write a post this weekend regarding my thoughts on PnF charts. They have helped my bottom line, but in a way that was totally unexpected.
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
