shane93676

AVZ Trade overview using Mod_Schiff

Long
ASX:AVZ   AVZ MINERALS LIMITED
AVZ had a rally to 0.995, and looked for an opportunity to get long on a pull back.
Price dropped to an area of previous high volume , narrow spread (1st purple box)
There is a confirmed no supply at (1) but I missed the entry.
We have a Ross hook set-up and left a buy order at the (2) break out point, with a s/l under (3).
Easily got filled and price chops around for the next 2 weeks.
Just missed getting stopped out at (X1) which is also support for the LML of the Mod-Schiff which has a nice test/retest to provide, in hindsight, an alternative (better?) entry point, which would require a s/l under (1).
Price moves back to the median line and move the s/l to b/e.
Another 2 weeks of frustrating price action follows, , again almost stopping me out twice at B/E
At (X2) I thought the trade was about to fail and seriously thought about squaring up for a couple of cents profit.
A huge volume spike, but reasonable narrow spread relatively, saves me. Price goes vertical after that.
It'a hard to find a stop that isn't just the prior candle.
Out at the blue arrow, original objective, the UML, for 4RR plus change.
Maybe it goes to the first UML warning line now.

Lesson learned.
1) Price fluctuates, and the more chop there is, if you can survive it with a logical s/l, then the greater the results, when the chop breaks. The frustration in the chop when it boils over, usually means that there will be price extension when it breaks. You have to make sure you're in the best position when it does. Don't skimp a trade for a few cents. Let the market take you out, either on the S/L or T/P.
2) avoid looking at the chart daily. set your levels & price alerts, and come back to the chart when they are triggered.


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