Week 52 - last one?

[torero]

At support here, but a descending triangle is at play. I want to see a higher low from 60min before going long. Else I'll wait for the break down from this level and short at first rally.

[torero]

Saw this morning ascending triangle forming, but before heading out to drop off the kids to school I forgot to place a buy stop. I came back with a runaway market. :mad: . In a way, I wasn't expecting to place any more trades until January. So it's my subconscious discipline not to take the trade? No harm done, my discipline did its part and no use spilling on cried milk (get it? HA! LOL).

[torero]

Nearing resistance. Interesting to see what happens next, consolidate then drop? Curiouser and curiouser.

[cowpip]

These large swings are quite common during low-liquidity periods, and particularly on cable in December. Today you may see a large swing higher. Tomorrow, you may see prices reverse sharply lower. The moves, particularly now when volumes are low and few people are at their desks, can be quite extreme. They're lucrative, but tricky and risky to trade, and less predictable than under normal volumes. Standard patterns people watch for often break down and what would probably normally be a fairly firm support or resistance level may fall apart fairly easily under these illiquid conditions. If people trade these conditions, reduced size is probably not a bad idea.

[torero]

Thanks for the insight. I eventually took one trade (bad me!) and came out ok. But I'll keep that in mind for future reference.

[cowpip]

	Quote:	torero
	Thanks for the insight. I eventually took one trade (bad me!) and came out ok. But I'll keep that in mind for future reference.

If you can get in and out in the conditions that were present tonight, and still remain unscathed, then you are doing just fine indeed!

Conditions tonight were absolutely horrible, as you can probably attest. There was no direction, and the price bars just refused to stack up nicely upon each other after the European session opened. It's nights like this that people end up losing their shirts unnecessarily. And the psychological stress of seeing trades go into and out of profit repeatedly is taxing as well. You might have just about as much luck tossing a coin in the air as playing in this mess. Even UK positive news (CBI trends) failed to kick start a rally - instead, it just whipped around like a chicken with its head cut off. There's obviously a time to trade, and a time not to trade. And tonight was definitely one of those "stay out" times.

Good job for keeping your shirt on during the crappy cable action tonight!

[torero]

I went for this one after the big push up, saw ascending triangle and took a chance. Worked out ok. But don't plan to do anymore (hee hee).