4 days ago. 1st, as you can see from my last post the channel that i've drawn isn't so clear as this one.
Still, the falling knife hit my long triggered @S1 of that day which is 65.21.
Knowing that price 100% will go lower to clear up all the bulls (who felt the pain and had to cut loss), i purposely put in another long @63.33 which is S2 to average up. But the lowest it went that day was only 64.74.
Took handsome profit when market open today, sold 9 contracts of call @81, left 1 call options to ride whatever trend.
P.S. I am willing to take initially loses every single trade i initiated.
I was initially a "Textbook" trader when i started trading 1.5 years ago where i follow the 1 tick above/below rule on S/R line. I was stopped out all over the place making me that got me to start learning on psychological of trading.
Hence, i have become extremely unorthodox in my approach to trading certain stocks frequently which will definitely incur losses first to have a larger profit later. This might spook some traders and they might even ridicule my way of trading.
Yes, even Tim (Moderator) felt i was a bit crazy to sell short KO when Buffett has huge holding on it, a fundamentally sound company. But it is the CHANNEL & Lagging indicator like RSI & MACD that gave me so much conviction that i was compelled to take the short trade
I believe many would find me insane to buy when a H&S top broke down the neckline, which is supposed to be a strong sell for the case of GPRO :-)
So my chart is very simple and not colorful, based on Channel, EMAs, pivot points, S/R line or zone, chart pattern plus RSI & MACD divergence. As this is already sufficient for me to trade.
See you around
I am still learning a great deal myself. I am looking to perfect my swing trading, the less I day trade, the less stress I will feel ;-) . I see that a lot of your charts are based on swings... Excellent. And thanks for your response
Anything less than a day trade in futures & fores, like 1min, 5min, 15mins, 30mins, your technical analysis has too be extremely strong with your tenacity and conviction with the psychology which can take a lot of tolls on us.
Channel is my main guidance which has worked exceptionally well for me, plus the RSI & MACD divergence, i can say that my trade is almost 70-75% of winning.
I still get very impatient to jump start trades very often :-) Lets keep learning by starting from empty piece of chart with only candles/bars.