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Posted (edited)

Hello friends,

 

Very often, I find myself confused while making a trading decision under this circumstance - After a good move, the price retraces upto certain level or let's say there's a pullback. Now, let's say under the present situation in the chart below (an example), what would be your decision?

 

http://i43.tinypic.com/moo5f.gif

 

How & why would you personally decide if you would close your long position and initiate a short or simply hold your long trade?

 

 

Thank you

Edited by sheetal
Posted (edited)

Or look Mcdady's (Macdbay) videos about price momentum :) .. he would say definitely UP UP UP (pullback) :D

 

Barbara

 

p.s. BTW this is not the place to enter the trade (your sell)

Edited by barbara
  • 1 month later...
Posted
i urge you to please take a look at Bill McLaren's "Foundations for Success" (videos). I've watched a lot and i must say his videos are excellent regarding understanding of trends...

 

Hi radical,

 

Where could I find them? Because I often get confused & nervouse while entering in a retracement.

 

Anybody, could please provide some insights?

 

Thanks

  • 5 weeks later...
Posted

Hi Sheetal,

 

I do not know if you have your answer to this question yet, But your question is quite genuine and does create quite a predicament in deciding to trade or not. How ever what I do is to use look at the same chart in two higher time frames and decide if it is a reversal or a retracement. i hope that helps.

Posted

Hi prashant_trader,

 

Would you please to share Michael Parson's CHANNEL SURFING?

 

Thanks in Advance,

Anton

 

 

 

you can go through Michael Parson's Channel surfing to arrive at a conclusion, as long as price is within the channel, it is

within the trend, and as soon as price has travelled above or below the channel, is indicating current trend is over.

  • 10 months later...
Posted

This is where you would pull out your fib tool. I dont know how long you've been trading, but I would look at that chart straight away and go long providing one of the fib lines meets the pullback and dont forget money management if you were wrong!

:-)

  • 2 weeks later...

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