Deeper look @ breakout setups.
Blindly selling Lows or buying Highs is a recipe for disaster in the long run.
But the right kind of buildup can legitimize a breakout (BO) entry. When a breakout failure (BOF) does NOT immediately make a strong move in the other direction, you've got to ask yourself -- has the power balance really shifted?
If not, it could just...
See chart for notes.
When a breakout failure DOESN'T immediately create a strong move, ask yourself who's really in control.
BOF's can create powerful moves, but early entrants can also be proved wrong really quickly. If they are, what does that do for your narrative?
The NQ is one of the trappiest contracts out there, so watch what happens at this level. It's worth zooming in to the 15m just to study the aftereffects in a few days.
The longer it builds up near the High WITHOUT breaking it, the more I'll be biased long. If we probe it overnight, I'll be back to cautiously looking.
Ideally I either want a naked attack in the...
Tradingview won't let me post the timeframes I'd like to, so please do check out the 5m for a beautiful picture of the breakout failure @ A and the subsequent recovery + breakout @ B soon after.
Hit me up with any questions.
Update to a previous post I made about the CL level breakdown.
Bias remains short until proven otherwise. Flat, no clear entries for me until tomorrow morning when we look at premarket price action and range.
Yesterday's trade posted to twitter. 11.25R despite mismanaging the hell out of it.
It's imperative you learn to take wholesale entries, understand...
Price tried to breakout of double top resistance and make higher highs. Breakout failed and is creating a bearish candle pattern.
Sell Stops are listed
Take Profit is listed
Macd is currently in a buy position being above the 0 level line.
Bullish Continuation Trend failed
Possibly will make Macd fall below 0 level line
Macd will be my stop loss if below 0 level...
# Price marked up from previous low breakdown failure(less volume are interested to the breakdown).
# Mark up is supported by volume spike showing interest.
# RSI higher high. MACD lines up below 0, histogram converge.
# News: Restructuring plan.
1. If price gaps up high at pre-market or market open, I will cancel the orders and wait for a gap up...
Telecoms caught some weakness after earnings release. $51.50 was important resistance above which buyers failed to hold eventhough company released numbers higher than expectations.
Now, we have tight consolidation near lows with resistance at $49.15. Break below consolidation support $48.50 will trigger Short entry and will open doors to $46 major support.
Apple (AAPL) was down yeasterday 1% . In the morning it went through prev high of the day and gave another $3 up move but reversed and get back below our pivot point at $601 with engulfing bear move right to $597.29. I started to trade it for Short on retest of failure point at $601 and when it confirmed resistance there from another side it built some...