Question on the mechanics of trading The Buy Zone
Posted: Thu Oct 09, 2008 4:13 pm
TRO........let me say again, accolades fall short of expressing my thanks for all that you do. I have a question concerning trading the Buy Zone. This comes from probably over complicating things especially when considering the hourly range information.
1. How should I intreprete the hourly range information?
2. I just entered a trade Short that reversed on me and traded above the open so I exited the trade. The market went on to trigger a Long trade which I took figuring if down wasn't the right direction then up must be. The market fell short of the profit target. I suppose I could have got something had I been quicker. Damn if it didn't immediately reverse back Short. Of course I didn't take the Short again for fear of getting whipsawed. Naturally as it always seems to happen with the market, it accelerated to the downside leaving me with 2 back to back losses wondering what the hell just happened. I attached a screenshot for your review.
3. When do you take a reversal or do you? Any insights would be greatly appreciated.
Regards, Ken Pollard
1. How should I intreprete the hourly range information?
2. I just entered a trade Short that reversed on me and traded above the open so I exited the trade. The market went on to trigger a Long trade which I took figuring if down wasn't the right direction then up must be. The market fell short of the profit target. I suppose I could have got something had I been quicker. Damn if it didn't immediately reverse back Short. Of course I didn't take the Short again for fear of getting whipsawed. Naturally as it always seems to happen with the market, it accelerated to the downside leaving me with 2 back to back losses wondering what the hell just happened. I attached a screenshot for your review.
3. When do you take a reversal or do you? Any insights would be greatly appreciated.
Regards, Ken Pollard