fxtrader66
Long

YM breakout trade

CBOT:YM1!   None
90 14 1
Go long on the YM above the .618 and 2/1 tp1 at 15454, go long again on the breakout of the 8/1 above 15454
I am not going to take this trade anymore since the SPX is at all time highs on a friday, I would prefer to buy on a pullback.
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alex.a fxtrader66
such a wise decision - very prudent when the entry point is decided, which I am not good at it. I have been rushing and losing ... cycle again and again... But, I am recovering, though -
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With the indices, it is important to not chase price, wait for price to come to you.
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alex.a fxtrader66
Wow, wait for price to come to you. by Mr. Puerto
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This is very difficult to read Mr. Puerto. Go long(=buy) if the price goes above 0.618 (=15314.20) and take profit at some point and then when it breaks out again at 8/1 (where is it? I see 8/1 at the bottom and at the leftest one from top to bottom direction)? Also, what does it mean 2/1 tp 1??? Thanks in advance -
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with the spx at near all time highs, this might not work out. The thought is if the 61.8 breaks it could go to the next level of resistance, plus its over the 100 point handle rule, (make a 100 points, take profit - tp) the 2/1 is a gann fann level
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alex.a fxtrader66
100 - take profit rules - Aha - I see.
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alex.a fxtrader66
Do you also keep this rule for XAUUSD? 100 pts handle rule?
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No the 100 point rule is for the spx. Gold likes to test former resistance as support and vice versa.
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What is YM? Is it a name of stock?
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