by eric-pal » Thu Jan 12, 2023 11:45 am
First, yesterday was a very slow and grinding day and if you didn't take anything and noted that, that was enough. Trading isn't about "taking trades" or trying to take trades. Actually attempting to do that lengthens the learning process significantly.
The initial channel looks good so we expect a retest. You'll note that previous to 1 where the higher low is expected to attempt to launch into the retest, the bar doesn't appear well. Nothing to do. Mack noted the same.
With respect to #1, you'll note the sideways action into resistance. This is after the 3 good bull bars, so a retest is expected and what happened there was an attempt to see if the orders in that area could be overcome. That is a congestive area and without the great follow through, perfect close, the follow through isn't guaranteed.
The second one is more of a 50% retracement trade, again into resistance.
Yesterday was a great test for patience and watching as momentum and directional bias were much harder to determine for much of the day. At the end of the day one says, oh - here, oh - here, oh - here, but much of the day was not indicative of good biasing, and Mack indicated the same too.
There are many trades, and many trading days. Consider that the last few days have been what separates the professionals from the rest. The ability to only take the best, under the right conditions.
Hopefully helpful and good trades to you!
First, yesterday was a very slow and grinding day and if you didn't take anything and noted that, that was enough. Trading isn't about "taking trades" or trying to take trades. Actually attempting to do that lengthens the learning process significantly.
The initial channel looks good so we expect a retest. You'll note that previous to 1 where the higher low is expected to attempt to launch into the retest, the bar doesn't appear well. Nothing to do. Mack noted the same.
With respect to #1, you'll note the sideways action into resistance. This is after the 3 good bull bars, so a retest is expected and what happened there was an attempt to see if the orders in that area could be overcome. That is a congestive area and without the great follow through, perfect close, the follow through isn't guaranteed.
The second one is more of a 50% retracement trade, again into resistance.
Yesterday was a great test for patience and watching as momentum and directional bias were much harder to determine for much of the day. At the end of the day one says, oh - here, oh - here, oh - here, but much of the day was not indicative of good biasing, and Mack indicated the same too.
There are many trades, and many trading days. Consider that the last few days have been what separates the professionals from the rest. The ability to only take the best, under the right conditions.
Hopefully helpful and good trades to you!
