Right as I'm finishing this, the trend has broken scary. The yellow circle represents "neutral" green is "bullish" and red is "bearish" These bubbles are how I track price movements in real time between ranges. So inside look at what I'm doing real time as the trends shift and flow.
As for the current dip, I believe its simply a trend check, checking to make sure there really is ground beneath our feet.
For those wondering how my bubble system works, this is what I do. Say I'm bullish (as I am) I'd stagger my buy orders at or beneath the black support line, (orange in other charts). I'd place a 20-33% buy in at that level, then place a 100% buy in at the blue. If I were bearish, I'd only put 40% on the blue and 100% near the bottom of my red circle. (Sorry I don't have the supports graphed for that range, but I'm also waiting for the bounce back to flip my previous call). On it's way back up, if prices start to falter near the boarder of the red circle and begins to move sideways into more bearish territory, I'd set a 33% sell wall on the boundary, to test incoming buy pressure. If it pushes through, I put a buy back at the same price to wait for the retrace to pick it back up. If the prices drop from my 33% sell wall, and I'm down, say 33%, my 66% turns to roughly 50% of my balance, as does the 33% I sold out at the 'top.' During this, I project the bearish bottom and the bullish break away points based around the active supports. I then scale back in 20% 40% 100% buy backs where ever the trends/supports are suggesting the most likely bounce back. If all my buy backs aren't filled, I pull my lowest one, and refill positions above, and place remaining at next retrace point. This is how I remove a lot of risk and emotion from my investing. I stay calm, and 'play both sides,' If I'm heavy, I tell myself "I'm going to get it back on the bounce back. If I'm light, I tell myself "I'll catch it on the retrace." These are often half truths, as losses are not so easily avoidable. But if you implement the simple strategy I've laid out here, you'll be able to pad your losses by strengthening your over all position.
The only difference between the above logic in a bear trend is you'd be buying 33% of your position and keeping the other 66% liquid/FIAT and setting sell walls at 20%-40%-100% into what you projected jump, with a "33% buy in" set for if your range is broken, (similar to the 33% sell wall a bull should set at the bottom and top of the red circle's boundaries). Ultimately when I map out these circles, I'm projecting "fake outs" thus why my trades occur on their edges. Anyways, since I know a few of you are following these for pointers, this is the extent to my insight to successfully day trade between the hourly bars. I really don't advise anyone doing this with anymore than you're ready to lose. Lastly, as it's highly probable. If the price 'flattens' sideways out of the red circle, into the yellow, I treat those as 'cautionary' bottoms, just as I treat candles that trade sideways through a green circle as 'cautionary' tops. I personally like to look at these as 50/50 position points where I split my holdings, and layer buy/sell orders on both sides of the "channel." Which are projected above with the blue lines.
Are there a lot of indicators to pay attention to in this scenario and is it hard to position where you should be at, at any given time in these? YES! That's why even when if you trust my trading skills, you should still take my advice with a grain of salt as it's impossible for anyone to make an unbiased call. Which is ultimately why I'm providing these methods I use to 'play catch up' after a bad trade. Watch the price have already broken this particular example and make me look like an idiot. But that's the price I pay trying to create examples of good trades in real time now. Haha
Also, as a disclaimer, I'm a self-taught trader, I don't know if anything I'm doing is 'technically' correct. These are simply the methods I've found success over the last two years of charting and making projections. I've only used my talents for the last year to buy weekly lows. I'm not certain how well these tools will hold out in the chaos that is short term trading, but I'm up 8 out of 11 of my trades today, so it seems to be 'mostly' reliable.
As for the current dip, I believe its simply a trend check, checking to make sure there really is ground beneath our feet.
For those wondering how my bubble system works, this is what I do. Say I'm bullish (as I am) I'd stagger my buy orders at or beneath the black support line, (orange in other charts). I'd place a 20-33% buy in at that level, then place a 100% buy in at the blue. If I were bearish, I'd only put 40% on the blue and 100% near the bottom of my red circle. (Sorry I don't have the supports graphed for that range, but I'm also waiting for the bounce back to flip my previous call). On it's way back up, if prices start to falter near the boarder of the red circle and begins to move sideways into more bearish territory, I'd set a 33% sell wall on the boundary, to test incoming buy pressure. If it pushes through, I put a buy back at the same price to wait for the retrace to pick it back up. If the prices drop from my 33% sell wall, and I'm down, say 33%, my 66% turns to roughly 50% of my balance, as does the 33% I sold out at the 'top.' During this, I project the bearish bottom and the bullish break away points based around the active supports. I then scale back in 20% 40% 100% buy backs where ever the trends/supports are suggesting the most likely bounce back. If all my buy backs aren't filled, I pull my lowest one, and refill positions above, and place remaining at next retrace point. This is how I remove a lot of risk and emotion from my investing. I stay calm, and 'play both sides,' If I'm heavy, I tell myself "I'm going to get it back on the bounce back. If I'm light, I tell myself "I'll catch it on the retrace." These are often half truths, as losses are not so easily avoidable. But if you implement the simple strategy I've laid out here, you'll be able to pad your losses by strengthening your over all position.
The only difference between the above logic in a bear trend is you'd be buying 33% of your position and keeping the other 66% liquid/FIAT and setting sell walls at 20%-40%-100% into what you projected jump, with a "33% buy in" set for if your range is broken, (similar to the 33% sell wall a bull should set at the bottom and top of the red circle's boundaries). Ultimately when I map out these circles, I'm projecting "fake outs" thus why my trades occur on their edges. Anyways, since I know a few of you are following these for pointers, this is the extent to my insight to successfully day trade between the hourly bars. I really don't advise anyone doing this with anymore than you're ready to lose. Lastly, as it's highly probable. If the price 'flattens' sideways out of the red circle, into the yellow, I treat those as 'cautionary' bottoms, just as I treat candles that trade sideways through a green circle as 'cautionary' tops. I personally like to look at these as 50/50 position points where I split my holdings, and layer buy/sell orders on both sides of the "channel." Which are projected above with the blue lines.
Are there a lot of indicators to pay attention to in this scenario and is it hard to position where you should be at, at any given time in these? YES! That's why even when if you trust my trading skills, you should still take my advice with a grain of salt as it's impossible for anyone to make an unbiased call. Which is ultimately why I'm providing these methods I use to 'play catch up' after a bad trade. Watch the price have already broken this particular example and make me look like an idiot. But that's the price I pay trying to create examples of good trades in real time now. Haha
Also, as a disclaimer, I'm a self-taught trader, I don't know if anything I'm doing is 'technically' correct. These are simply the methods I've found success over the last two years of charting and making projections. I've only used my talents for the last year to buy weekly lows. I'm not certain how well these tools will hold out in the chaos that is short term trading, but I'm up 8 out of 11 of my trades today, so it seems to be 'mostly' reliable.