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  1. Default Using Charts and Tools to Anticipate Price Action

    Earlier this week I took a loss. I am sure it is miniscule by comparison to what others have experienced, but it was stupidity on my part and I am trying to learn from it. Anyway, one thing I am trying to figure out is there something that in the charts that would have warned me that the price was about to change direction?

    I am certain I made errors in timing as well judgment and I hope I have learned from that. I just want to know is there something in the multitude of studies in eTrade Pro’s charts that would have smacked me upside the head and allowed me to see the danger ahead of the actual price drop.
    If I had a do over I would have waited maybe 30 minutes to see how the price reacted and if the momentum had continued I would have jumped in. Of course as you can see from the chart that didn’t happen.

    Please take a look at the chart and if there is something I could have used to gleam some hints as to what would happen just a few minutes later or even allowed me a warning that I needed to exit ASAP? I do use stops, but in this case I didn’t even have time to set them.

    Constructive criticism welcome!

  2. Default

    You chased a gap up AFTER it ran previous day. Usually a bad time to buy. I had clients play this the day before off of 2. I like to look for potential short setups the following day IF it gaps up. Now, there can be a time that it sets up for continuation, but this was not one of those.

    In short, just don't chase gap ups AFTER if it already ran 50% the day before....

  3. Default

    I agree with you guys. This was one of those cases that I knew I shouldn't, but did it anyway. Hopefully the cheapest lesson I will get. However, I doubt that. I guess in this case it is just a case of knowing what goes up fast and with no apparent reason will likely come down even faster. And responding accordingly.

    The goal of my post was to see if there was a charting feature that would have shown me an increase in sell orders before the price went into free fall.

  4. Default

    Well if it gaps up, you buy, and then it goes green to red, you're screwed; to put it nicely.... No fancy indicator needed to tell us that.

 

 

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