Thursday 5 December 2013

Trade Pullbacks in Early Trend, Breakouts in Late Trend?

P/L: £+32.67      R 1.5

 Series of HLs so looking to get long. Despite "M" top, the UWTL hadn't broken. These are my rules but...

1. was considering getting short at bar 1 when price ticked below the middle of the "M" (taking out the bull stops).
2. EMA/TL PB long, didn't feel good after 2 legs up and a "M" top but trying to follow rules.   R -0.33
3. Trend REV to Short.  TLB - LL - LH. R 1.8
I'm a snotty congested mess = done for day.
4.  would have been a straight forward L1 but I wasn't around for it.


Notes:
Listen to the market.  2 large legs up and a perfect "M" top =  market is topping and look for shorts, did the UWTL really need to break in this circumstance before getting short?

Can't help feeling that PB/RL trades are only really that safe at the beginning of the trend. Once a trend develops its probably better to trade BO/BD as these will take out the Counter trend traders stops and so add momentum to the move as they are forced to cover. Had I done this trade 2 could have been avoided.
Posted by at
Labels:

4 comments:

  1. Attitude Trader5 December 2013 at 13:59

    Just discovered you through JMF3. Love what you're doing here with your analysis and explanations. Great job and thanks for sharing.

    -AT

    ReplyDelete
  2. BuyDSellS5 December 2013 at 16:59

    AT, thank you so much the feed back and encouragement. Very kind of you to take the time. Great looking blog you've got, will look forward to a good rummage. Are you on google plus? do say hello if you are, got a small community of blogging traders on there if you're interested in joining us? best George.

    ReplyDelete
  3. Attitude Trader5 December 2013 at 18:28

    Thanks George.

    I appreciate the Google+ offer, but to be honest it has confused the **** out of me (due to having more than one Google account). I'll see if I can't get it figured out sometime soon. ;)

    Take care,

    -AT

    ReplyDelete
    Replies
    1. BuyDSellS5 December 2013 at 19:33

      haha no worries mate, I'll catch you on here ; -)

      Delete

Note: only a member of this blog may post a comment.

Subscribe to: Post Comments (Atom)