In the 5th paragraph of screen 137, lesson 19 it begins
"On day 7, our traders........."
My question is regarding your usual trading pointer which goes "went long just off the daily nearby support and over the close of the previous day"
Here on day 7, you did go long but not over the close of the previous day.
I presume that it would be too close to the daily resistance to enter the trade over the close of the previous day.
Up to now, I have not bothered with this refinement of "over/under the close of the previous day". Instead, I have been concentrating on the larger basic aspects of P&L.
How important is "over/under the cl. of the pr. day"? If one has checked everything (hopefully!) then why not jump on the trade a little earlier and reap more benefit?
I presume your answer is that it has to do with flow and it is more conservative to wait until price moves past the close of the previous day.
I don't recollect that this was expounded on in the course. Maybe I skipped it along the way.
I will try of course to employ this trading pointer at all times, now that I am ready to use it in my paper trading.
J.F.
Lesson 19
Re: Lesson 19
I think that you are correct... and I will pass this on to Charlie in the event he wants to add to the question about entry placement...
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BaliNekiJogi
Re: Lesson 19
I think somewhere in the course it's mentioned that if previous bar's close is close to nearby support, enter above the previous close, but if current bar's nearby-S is way under, than enter in the top 1/3-1/4th of the nearby support. Is that correct? HB
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AyanPrince
Re: Lesson 19
AyanPrince wrote:Nice post
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