I was in the market today but couldn’t find any trade to execute. I just want to post a few charts to document my thought/selection process on a few set-ups that I thought about going-in, but chose not to. Almost all of them didn’t work out the way I wanted to, so I guess it must be a good thing.
1) I thought about enter long off of the 4 bar hammer-like high, but the upper shadow of the first 3 bars stopped me from doing so. If entered, I would have got stopped-out for a break-even, if not a small lost when prices retraced back to the Opening High. It now looks like the Opening High could be a Pivot Point. As you can see, prices did reach the 138Fib.
2) Next one is TCK. I put significant amount of time debating if I want to move-in with a Long, as prices broke the hammer-like high on the 6th bar on the 3-minute chart.
It still looked somewhat convincing when I flipped over to the 5-minute chart… a Long entry above the high of the 4th bar
But neither the 10, nor the 15 minute chart showed convincing entry point. (See the next 2 charts below.) Therefore, I gave up the move, and as it turned out, it was an excellent decision.
The last one is BBY. Looking the chart now, I don’t even know what I was looking at this chart. I don’t even know what to comment here! (Should I just remove this chart?)
No trades is still better than a losing trade. That’s is what I’ve been telling myself, and I need to add this ‘no-trade’ concept onto my New Year Resolution!
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