Thursday, March 29, 2012
Major Time Frames
I actually saw the triple bottom as it happened -- sort of. Not really. I was wrong but then it resolved a few minutes later.
What I learned today was -- I should have been switching back to the 5 min. candles and realized going into Friday, eoq -- (I was thinking about this ) - the market could easily run back into the descending trendline -- not changing the structure -- but it was a 100 tick run from the triple bottom. There was every reason to take a chance and hold with a rising stop.
/gc did a similar move -- after getting crushed -- it ran all the way back up to form a triple top -- easily seen with 5 min candles.
And furthermore -- the triple bottom on /tf today was very tradeable as it was just past a nice round number, 820. Notice it essentially ran to 830. /tf loves round numbers.
The Market Signals were keeping me too cautious. Market signals were saying trend down day - but I think I also learned -- give the CHARTS priority. Charts were saying up we go and only at the end of day did a few markets like gold and silver turn green. You don't need to wait for it. You do need to wait for the chart patterns but after that... you just follow the charts...
Much of everything else - news, your thoughts/opinions are noise. Filter out the noise. It will help a lot.