Below is the screen snip in one of the US Future. Please note the time is in UK time and hence 2.30 pm = Market open time in US. The market technically tank immediately to the previous support after open. To all the PA expert here, if you are in the market at that time, are you long or short and why? What is the "context" here ?What is your stop loss ?
A retail trader will give you a PA reply. A professional trader will ask for the name of the trading instrument and date so that he/she can give you more info than just Long/Short/Stop. See prior thread about something similar done like this in the TA thread awhile back. Two charts by different trading instruments with similar like price action. One of them is Long and the other is Short but both right. I'll let you figure out how's that possible if both have the same price action...something to do with market context because its different for both trading instruments with the same price action. Simply, don't use PA or TA alone.
Self explanatory - or you like me to spell it out - in hindsight of course LMAO Respect of the DMTL..., or a FBO - take yer pick RN
After "Professional traders" know the name of the trading instrument and date, "Professional" trader can go back and look at the chart to know what happen next , and then come out with all the hindsight expert's explanation ?
That's why you need to post a chart of the last trading day (Friday) instead of a chart prior to Friday along with the name of the trading instrument and date to ensure its Friday. That eliminates the hindsight analysis because the futures markets don't open until late Sunday. Seriously, do you think some institutional trader only looks at a chart with no name and no date and put hundreds of thousands or millions on the trade without that info. :eek: Ok, I get it...its just a PA game you're playing...continue on then.
LOL, we all know the TA expert keep saying the price action never change for 100 years, the pattern always repeat itself due to human nature and bla bla .. This means it should be independent to any instrument Come on, it is not that hard to guess as I assume this is one of the most common price action when market open, and the good thing is you have at least 50% chance to guess it right, same probability to flip a coin and better chance that red/black in roulette At least Redneck give it a try , see post above, yours ?..
And as traders - that's what we do - give it a try it works - cool it fails - take the stop loss - move on - cool RN
As some others have stated, a real chart that real traders trade off of looks different. For example, while I trade multiple futures, I don't use a 1 min chart because it's noise. Also, I would not be in this trade, since I don't trade market open. Also, I want to be aware of reports that are coming out during the day. For example, if the CPI report is about to be released I don't want to have any open positions or orders ready to go. This is the difference between those of us who are active during market hours and someone like yourself. Finally, while I use some PA, I have special non lagging indicators which your chart does not show that give me a 2nd confirmation to be in a trade or not. When I see price respecting this indicator, then I can trade more contracts or go for more points. Finally, I trade in real time which occurs on the right side of the screen not based on hindsight charts. Now the difference would be if someone showed us a real chart with a real trade he or she attempted to make and then asked us for our help on why we thought the trade should be made or if it would work or not. But this means you would need to attempt to do a trade. This means you would need to study say a PA book if you are into PA trades. This means you would need to have a trading plan. Last of but not least PA and TA don't work 100% of the time. My highest win ratio on a system that I created which others paid me real money to use was 65% on equal risk vs reward.