Easy Morning
Posted on December 4th, 2009
Written by Richard
Posted in: N/A (old archives)
I’m still working out the right balance between public and private posting. I thought I’d share how easy the morning was to trade, if you knew what you were looking for. The first thing I do when I drag myself out of bed, is glance at some kind of overview chart. It doesn’t really matter what it is. I often use point-and-figure charts since it’s easy to see a lot of time in relatively few bars. Today, I scrunched up a 30-minute chart and saw this formation (click to enlarge):
(”scrunching up” is a highly technical term, used by many advanced chartists)
I wrote in our team area’s realtime chart reading section that I was looking short, since we were coming off the top of a broadening wedge pattern.
Then, I posted two easy-to-spot trades off the 5-minute chart. Once your long-short bias is correct, then your entry signals tend to work very well. If you just take entry signals without any kind of context, you will get screwed.
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© 2010 Richard Todd. I am not a financial advisor, and nothing on the site should be considered investment advice or actionable recommendations. I'm just an individual, saying what I think, and sharing my experiences.