Tweet
Hi Esignal,
Wasn't quite sure who to ask the following question, so I came to you.
I've been reading 'Tools and Tactics for the Master Daytrader', Alan Farley, and he suggested a 'Key buy setup' which consists of what is called 3 - 5 bar decline. In the setup he suggested entering 1/16 to 1/8 above the prior bars high.
I just wanted to get your take/opinion on that. Do you think its too high above the prior high? 1/16th is effectively 0.06 which is basically 6 ticks above the prior high.
Where do you guys generally enter? I know there are probably plethora of entry signals, and I would be pleased to hear all of them.
Anyway, would love to get your thoughts on it.
Personally, 1/16th has saved my bacon a number of times. I price that hasn't gone higher than 1/16th above the prior has meant that there wasn't any strength in the price move.
I eagerly await your thoughts.
Cheers
Carlton
Wasn't quite sure who to ask the following question, so I came to you.
I've been reading 'Tools and Tactics for the Master Daytrader', Alan Farley, and he suggested a 'Key buy setup' which consists of what is called 3 - 5 bar decline. In the setup he suggested entering 1/16 to 1/8 above the prior bars high.
I just wanted to get your take/opinion on that. Do you think its too high above the prior high? 1/16th is effectively 0.06 which is basically 6 ticks above the prior high.
Where do you guys generally enter? I know there are probably plethora of entry signals, and I would be pleased to hear all of them.
Anyway, would love to get your thoughts on it.
Personally, 1/16th has saved my bacon a number of times. I price that hasn't gone higher than 1/16th above the prior has meant that there wasn't any strength in the price move.
I eagerly await your thoughts.
Cheers
Carlton