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SNHY: Sure did take a nice bounce off 26.50!!
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On FORD, I'm talking about the 50% retrace system in my other thread 'swing trading Mr. Market's Top 5', have you seen it yet? That's the long from 12.20.Originally posted by dmk112
As far as channels failing, I don't use the term 'failed'; but rather the channel expanded, which is a caution for longs, but doesn't qualify as a break yet. If price clearly breaks it and continues, then it's clearly a failure. An expansion is just a heads up that your entry (had you got a good one) may be taken out. I've gone long on plenty of expanding channels that worked out OK.
And for FORD, I just drew this one; not marked with a price, but still a low point. The one from 7.51 is the expanding channel. Either way, there may be a db in today now, with a channel long, which makes me feel better about the 50% system long anyway.
SNHY: I got in at 28.50 near the db at 28.35 this morning.
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Yep. Now forming a 12345abc c entry. I'll move stop to b/e and won't take a loss on it now. It's up or out for me.Originally posted by dmk112
Them's the breaks. FORD just didn't give me the perfect entry I needed, move on to greener pastures, ya know. There's always going to be setups like those ones.Originally posted by dmk112Comment
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Took NGPS triangle breakout here at 20.30...not looking good so far.
EDIT: Actually a strong close... are you bullish on this one spike? Ima head over to the Cashmaker thread and see if he's still chasing this one.Last edited by dmk112; 04-12-2005, 04:01 PM.Comment
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oh oh...double top on ARO...do you see it spike??
This intraday pattern thing just makes it more complicated!! ahh... We got weekly, daily, not intraday...jeez...whiche one do you trust??Comment
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Chasing entry that one lolOriginally posted by dmk112
Looks like you entered at the wave 3 completion up, which ain't the best entry, but hey, the channel from yesterday is actually turned up, which is bullish. But I would have passed on it myself. Needs to do some work first, but Good Luck with it!!!!Comment
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not a perfect one, but potentially could prove to be one. This is the test for the channel long now. Is it just a truncated 5th (overlapping 4 on 1) and now an abc correction. Maybe. In any case, if you were long from the triangle break down the bottom, you'd be holding tight onto your great entry and not fuss with double topsOriginally posted by dmk112
lol Let the knuckas that missed the perfect entry worry about it ya know.
lol - look at weekly as taking precedence; then daily, then intraday pattern.Comment
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Yes indeed...but most of the time I'm not at my computer therefore getting the perfect entry is almost impossible.Originally posted by spikefaderDon't sweat it if you missed the entry. If you go and take a trade now and get stopped or suffer some red it's nuts. It really is worth the wait and worth lying in ambush. If you chase it'll catch you out more times than you will want. Be the ambusher, not the ambushee.
What do you suggest doing instead?Comment
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RE FORD:
I can't get over this one..LOL...I just discovered that two different FIBs coincided but at different retracements AND a channel long!
I'll see how tomorrow goes, but I may have to chase this one.
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From reading your posts, you guys look like you're having a lot of fun.
I'll join you when I retire in 13 years or when I strike a big real estate deal, whichever comes first. lol
Last edited by Websman; 04-12-2005, 05:47 PM.Comment
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