MightyOne wrote:The question was whether or not it is possible to trade the momo bar (event) and not get burnt.
If you read a few posts back where I described the actions traders should take if they want to be more than mediocre then you would know that we are waiting for MOVEMENT ie MOMENTUM.
So if you are waiting for momentum and momentum is defined by a CLOSED body then how do you trade the soon to be momentum candle?
2. Momentum of a smaller time frame and holding until the longer term close.
What usually happens after momentum?
Traders are sitting with profit.
What usually happens when traders are sitting with a profit?
Do you really need to know anything else?
Position in the longer term picture would be nice!
Can you trade chart formations, breakouts, congestion, and trends?
Of course you can...
But that is not what I am talking about here.
1. I am a postmomentum trader
2. postmomentum traders wait for movement as a sign of both activity and held profits.
3. We can trade in either direction AFTER movement
4. Our only tools are movement, support, resistance, & retracement.
PS: If you are talented enough to trade without market movement then by all means
prochargedmopar wrote:MightyOne wrote: So is it possible to trade the event and not get burnt?
Thanks for your help.
A short term trade would have to turn into a larger move and longer term trade.
Retreat prior to a correction and then enter in the previous direction.
Trading is a delicate balance between short term momentum and long term position.
TRO's said it before.
#1New high/low (breakout)
#2Reversal from (correction)
#3Consolidaton (my addition)
#4Return to New high/low (main trend)
Is there anything else a market can do? reallly?
I think there are tallented individuals that trade them ALL
The truth will "make" you free.
I like answers that give useful information that will help me to grow as a trader.