Monday, January 12, 2009

ATrade We All Should Have Taken


Well, I worked my day job today and missed this baby. But, I got to see it setting up and told one of my chat buddies of the opportunity I was seeing. He took the trade (based on my feedback along with some other things he looks at). It worked out great. On days like this, when the bias is so strongly down, you should be looking for opportunities to get in and watching for a retracement to areas of resistance. 874, 875 (high volume node from the 11:00 period) and 877 (which was the VWAP and the volumePOC) were all possible areas we were looking at. The footprint screamed to take a short. If you don't use the footprints, look for signs of deceleration (volume, candle formations, overbought signals etc.)

Enjoy,

MG

2 comments:

  1. Glad you appreciate it. I post these for two reasons, primarily: 1. Cause it helps me learn and understand better. As Dr. Brett Steenbarger teaches, pattern recognition and repeated exposure to patterns is vital. 2. I love to share and help others. I am a "people person" and trading can be so solitary.

    So, your feedback is music to my ears.

    Thanks,

    MG

    ReplyDelete