AUY, Set other cancels other order for target/stop prices, still learning.
Target: 3.20 Stop: 3.90 Time Frame: March 1st
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moving along nicely so far, I recommend to take some profits from a trade when it goes your way. Sell 1/3 of your position first, then wait for another drop. Sell the next 2/3 of it and then move your stop up real tight to finish off the last 3rd so if that goes against you still locked in profits for the trade.
I like the short idea, I'm just not sure if the next-to-none XB retractment is of reason to be concerned with the validation of the pattern
Dem456
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@croganm, Yeah it looks like today is forming a dragonfly doji so that might push through my stop but i saw that the pattern numbers were close to get the harmonic setup so i figured why not and give it a try. I don't place money on all my ideas and even with that if your stops are tight you can still make decent income with minimal losses if you have a plan and stick to it.
croganm
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@Dem456, well I mean the market is definitely needing a little a correction and I think now would be a decent time, so I don't think this was the wrong idea to have by any means, still is very valid
LanaFL
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LMAO, Are you paying attention to gold market? Miner's price will go down when gold rallying up? Yeh, sure)
Dem456
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@LanaFL, I don't follow the news reports, or really any other noise so to speak. the money is in the charts and sure I maybe wrong here and there because of some obscure news piece but overall i just see patterns and they tend to follow through, not always but statistical probability is on my side so I still make decent gains. If I'm wrong here, this will not deter me from trying the same pattern else where with the same neutral perspective as before.
LanaFL
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@Dem456, It was a good call. I admitting that. Congrats!
LanaFL
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@Dem456, I see an H&Swas formed(most stocks did it today) with a target at 2.88. What do you think?
Dem456
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@LanaFL, depends on your time horizon, It might hit my target and bounce so be careful.
I recommend you try and develop an edge of some sort, An edge is nothing more then an indication of a higher probability of one thing happening over another. I'm not sure what kind of trader you are or want to be. if you are just posting ideas without using real money then sure post the idea and see if it works out, it may keep going down.
But if real money is on the line get a strategy going where you know your entries and exits for both target/stop. Check out Trading in the Zone, its a free audio book on youtube, 8 hours so you break it up over a week but it tells you some of the best things about trading. 5 fundamental truths of trading is a must.
Eventually you realize that most news, social media, tweets, etc... is just more variables added on top of your decision to make trades. The fewer indicators and noise you have clogging your mind the better.
I don't really use H&S patterns but I noticed they can fake you out sometimes after the right shoulder forms cause you think its going to break out and it continues failing.