WHEN BEING RIGHT, CAN BE BETTER

Like many of you, I'm confident in my ability to read the charts.  I feel I'm good at understanding where the market key points of interest are, and where the market is likely to go.  trades have been good this week (see prior post).  But being right can be better.


So, if you feel like everything is falling into place, and seem right, how could it be any better?

For me, it's patience.  Even when price hits a key target, There are times when patience is needed to get a better entry.  Waiting for a pull back to enter the next, stronger leg of a trend is difficult.  The open of today's market was an excellent example.  Price is at the long target, so go long.  Three pushes and bang, out at the stop, and the market runs to the short target.  Fails.  Here is the patience entry, where being right was better.  Patience for the reversal would allow for a better long entry.



TODAY:

[09:13] <Chartmaster> ES to open with support around 55.5-56. currently bearish bias, and break of support sees 52.25-53 challenged. long: not interested until 57.75 area

As stated above, the market move to the long target. then reversed to the support (look for short).  A variation of a symmetrical triangle was noted, as well as two bullish trend lines.  We continued to play EMA support near the long target, the latter moving into the HOD outlook.


[11:41] <Chartmaster> trgts from am still in play  59.25-60.25


A bearish trend developed, but tight stops limited  trade success.  The bullish trend at the end of the day was more productive.

[15:39] <Chartmaster> 61-65 anyone? :)

61-65 was an estimate of the BO run for the market.  At 6-10 points, and using the support level, the market would see 1361-1365.

click to enlarge