Normal
CoyotteRegarding those countback entries on OXR.....I notice that OXR was staggering around like a drunken sailor in a cyclone at the time, no clearly defined trend, basically drifting around in no mans land, going more or less sideways.Such stocks whipsaw you to pieces....they're difficult to trade profitably no matter whether your entries are based on CB lines or anything else.I think you'll find that trading is much easier and more profitable if you trade only stocks that are in clear uptrends, (or clear downtrends for short trades).Regarding the 'upsloping triangle' on LHG.....I presume you mean 'ascending triangle'. There are a couple of things wrong with the ascending triangle you marked on the LHG chart. The first is that it's not an ascending triangle at all. No disrespect, but you need to learn how to correctly identify chart patterns. Suggest you try www.chartpatterns.comThe second thing wrong with the pattern you've outlined is that it occurred while the trend was sideways to down. By going long from this pattern you're trading against the trend.....no wonder the trade is staggering around and showing reluctance to head north.Triangles can be reliable patterns, but only when they're traded in the direction of a clearly established trend. An ascending triangle should be preceded by a decent uptrend. A descending triangle should be preceded by a decent downtrend.Symmetrical triangles can be traded long during uptrends, and short during downtrends.Coyotte, I give you credit for your willingness to help a new trader like Barney. However, some of your information is unintentionally misleading. Bunyip
Coyotte
Regarding those countback entries on OXR.....I notice that OXR was staggering around like a drunken sailor in a cyclone at the time, no clearly defined trend, basically drifting around in no mans land, going more or less sideways.
Such stocks whipsaw you to pieces....they're difficult to trade profitably no matter whether your entries are based on CB lines or anything else.
I think you'll find that trading is much easier and more profitable if you trade only stocks that are in clear uptrends, (or clear downtrends for short trades).
Regarding the 'upsloping triangle' on LHG.....I presume you mean 'ascending triangle'. There are a couple of things wrong with the ascending triangle you marked on the LHG chart. The first is that it's not an ascending triangle at all. No disrespect, but you need to learn how to correctly identify chart patterns. Suggest you try www.chartpatterns.com
The second thing wrong with the pattern you've outlined is that it occurred while the trend was sideways to down. By going long from this pattern you're trading against the trend.....no wonder the trade is staggering around and showing reluctance to head north.
Triangles can be reliable patterns, but only when they're traded in the direction of a clearly established trend. An ascending triangle should be preceded by a decent uptrend. A descending triangle should be preceded by a decent downtrend.
Symmetrical triangles can be traded long during uptrends, and short during downtrends.
Coyotte, I give you credit for your willingness to help a new trader like Barney. However, some of your information is unintentionally misleading.
Bunyip
Hello and welcome to Aussie Stock Forums!
To gain full access you must register. Registration is free and takes only a few seconds to complete.
Already a member? Log in here.