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What Should I Be Looking For?
Posted: Wed Oct 29, 2008 9:29 am
by Trader Question
I’m trading the daily, and price is in a C-wave down.
The daily market has already gone through the bottom of the weekly and monthly envelopes.
What should I be looking for here?
R.L.
Re: What Should I Be Looking For?
Posted: Wed Oct 29, 2008 9:30 am
by pldot
You would be looking for HTP and Daily support patterns to set up and hold. Depending on the configuration of the Weekly, Monthly and Quarterly, and where the daily 52 and 59's are, and top of daily nearby support, you would be making a judgment about where you anticipate support being located, and then monitoring the hourly or 30 minute for signs that this support is gaining traction. What symbol are you trading? I can take a peek at it...
Re: What Should I Be Looking For?
Posted: Wed Oct 29, 2008 9:30 am
by Trader Question
It was a question about a past trade, so it wouldn’t be pertinent now. Thanks. Your feedback is helpful.
R.L.
Re: What Should I Be Looking For?
Posted: Wed Oct 29, 2008 9:31 am
by pldot
Sure, no problem. The reason I asked is that the configuration of the HTP's vis-a-vis the daily can show a lot of different faces...