[20:29] *** Anek-L10-ES (~priv@r190-135-162-179.dialup.adsl.anteldata.net.uy) joined
[20:29] .Anek-L10-ES. Good evening all
[20:32] .herbertdotcom-L1. sup Anek
[20:33] .herbertdotcom-L1. hows it going??
[20:34] .Anek-L10-ES. hey H how are you
[20:34] *** [1]jfw215 (~jfw215@c-98-234-149-71.hsd1.ca.comcast.net) joined
[20:34] .Anek-L10-ES. all good here
[20:34] .herbertdotcom-L1. alright. still trying to become profitable
[20:34] .Anek-L10-ES. ya, that crap takes time man :(
[20:35] .herbertdotcom-L1. ya, not stopping until im there
[20:35] .Anek-L10-ES. agree, only real defeat is when you quit
[20:35] .herbertdotcom-L1. ive been trying to use the 5 sec lately. particularly tricky heh
[20:36] .Anek-L10-ES. I wouldnt touch it, until you truly understand the 1min/vol
[20:36] .Anek-L10-ES. If you open the 1 min for today
[20:36] .Anek-L10-ES. you could have seen the volume divergence at the DTOP in the morning
[20:36] .Anek-L10-ES. and in the afternoon reversal
[20:37] .Anek-L10-ES. it was going up on high volume
[20:37] .Anek-L10-ES. and all retracements on low volume
[20:37] .Anek-L10-ES. sign of momentum to come
[20:37] .Anek-L10-ES. 5 sec offers some "edges" because its faster
[20:37] .Anek-L10-ES. but if you dont master the 1 min, its going to end up hurting you
[20:37] .herbertdotcom-L1. ya i need to get better at reading vol. period
[20:38] .herbertdotcom-L1. getting a little better at spotting divergences and what high and low vol is
[20:38] .Anek-L10-ES. when you have reversal pattern
[20:38] .Anek-L10-ES. say
[20:38] .Anek-L10-ES. double top
[20:38] .Anek-L10-ES. double bottom
[20:38] .Anek-L10-ES. 2B
[20:38] .Anek-L10-ES. W
[20:38] .Anek-L10-ES. that sort of thing
[20:39] .Anek-L10-ES. you want the 1st leg
[20:39] .herbertdotcom-L1. congrats on L10 btw =]
[20:39] .Anek-L10-ES. to have exhaustion volume
[20:39] .Anek-L10-ES. hah!, just a #
[20:39] .Anek-L10-ES. real big volume bar
[20:39] .Anek-L10-ES. then the 2nd attemtp
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[20:39] .Anek-L10-ES. should have at most medium to little volume
[20:39] .Anek-L10-ES. if its at the top
[20:39] .Anek-L10-ES. it doesnt matter if the 2nd top is a HH
[20:39] .Anek-L10-ES. just has to be minimal vol in comparison to the 1st
[20:40] .Anek-L10-ES. means all the demand is over
[20:40] .Anek-L10-ES. and most of the stops were hunted
[20:40] .Anek-L10-ES. vice versa for the bottoms
[20:40] .Anek-L10-ES. 1st leg on exhaustive volume
[20:40] .Anek-L10-ES. 2nd leg on little volume
[20:40] .Anek-L10-ES. even if its a LL
[20:40] .Anek-L10-ES. just make sure its CONFLUENTIAL
[20:40] .Anek-L10-ES. something in the anchor supporting it
[20:41] .Anek-L10-ES. remember that price doesnt like to reverse just anywhere
[20:41] .Anek-L10-ES. mid air, doesnt make it happen
[20:41] .Anek-L10-ES. key areas do
[20:41] .Anek-L10-ES. and thats the confluence I look for
[20:41] .herbertdotcom-L1. ya confluence is key...like the close today, wished market was open longer so i could shot
[20:41] .CasperCRF. hey
[20:41] .herbertdotcom-L1. short
[20:41] .herbertdotcom-L1. where/when do you decide to enter when playing a reversal like this?
[20:41] .Anek-L10-ES. also dont confuse a pause in the trend with a reversal
[20:41] .Anek-L10-ES. hi Casper
[20:41] .Anek-L10-ES. sometimes when the trend has been very strong
[20:41] .Anek-L10-ES. it needs a pause
[20:41] .Anek-L10-ES. a rest
[20:42] .Anek-L10-ES. thats when amateurs start looking for reversals
[20:42] .Anek-L10-ES. and weak shorts
[20:42] .Anek-L10-ES. start covering
[20:42] .Anek-L10-ES. assumign it was a downtrend
[20:42] .Anek-L10-ES. then it will dance around a range
[20:42] .Anek-L10-ES. even make you think it did a Higher High
[20:42] .Anek-L10-ES. but in truth is just consolidated
[20:42] .herbertdotcom-L1. in the middle of nowhere
[20:42] .Anek-L10-ES. this is perfect time
[20:42] .Anek-L10-ES. to re-short the upper range of the range
[20:42] .Anek-L10-ES. for the second leg down
[20:42] .Anek-L10-ES. rarely and I mean very rarely
[20:42] .Anek-L10-ES. does price reverse off a consolidation channel
[20:43] .Anek-L10-ES. its usually
[20:43] *** Stavros-L3|SimES (~stavros@d149-67-86-153.col.wideopenwest.com) joined
[20:43] .Anek-L10-ES. DT, DB, H and S, M, W, I H and S
[20:43] .herbertdotcom-L1. lunch yesterday an exampe of this right
[20:43] .Anek-L10-ES. not a tube
[20:43] .Anek-L10-ES. well lunch is notorious for consolidation
[20:43] .Anek-L10-ES. all volume dries up
[20:43] .Anek-L10-ES. and price just flies thru a channel
[20:44] .Anek-L10-ES. Im just saying consolidation after a trend, usually means
[20:44] .Anek-L10-ES. pause until the 2nd leg
[20:44] .Anek-L10-ES. and consolidation is consolidation, not reversal
[20:44] .Anek-L10-ES. and dont forget that reversals must be confirmed
[20:44] .Anek-L10-ES. just because it has two identical legs at support
[20:44] .Anek-L10-ES. doesnt mean its a DB
[20:45] .Anek-L10-ES. until the S is broken it will look like a DB
[20:45] .Anek-L10-ES. always
[20:45] .herbertdotcom-L1. ya
[20:45] .Anek-L10-ES. and just because it paused
[20:45] .Anek-L10-ES. doesnt mean it will hold
[20:45] .Anek-L10-ES. usually you want that mid point to do a magic tick
[20:45] .Anek-L10-ES. and the retracements
[20:45] .Anek-L10-ES. to make HLs
[20:45] .Anek-L10-ES. then you migth have something
[20:45] .Anek-L10-ES. assumign the DB is at a confluential point
[20:46] .Anek-L10-ES. anyway, good trading to all
[20:46] .Stavros-L3|SimES. that "W" at 2:00 was a perfect example of reaction and not prediction
[20:46] .Anek-L10-ES. take care H
[20:46] .Anek-L10-ES. right
[20:46] .herbertdotcom-L1. if the first leg of a DB has exhaustin vol, and the next leg is falls with light vol, can u enter on a HL?
[20:46] .Anek-L10-ES. cay Casper
[20:46] .Anek-L10-ES. cya
[20:46] .CasperCRF. cya
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