Now everything was going along just fine, there was even another symmetry type retracement to consider down there near the low. The symmetry short was a valid one and it would have at least given you some money if you manage the trade correctly and don't get married to it. But then the market pulled back took out the last pivot and moved back down .618. With a trigger in the tiki, it wasn't long before this puppies was coming back in your face if you were short.
So you were short, what to do????? We see moves like this all the time, where the market just runs and then starts that slop and chop crapola we all have learned to love. If you see this pattern develop then at least pull your stop down to the retracement pivot off the new low and lock some in....if it drops into a black hole you are a hero, if it blows back in your face, then you will feel like the smartest guy alive....I guess that is why some people think I am a smart ________, oh let's not go there.....hehe
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3 comments:
What exactly does symmetry mean? I don't quite understand or see this pattern. Thanks.
Sport-
As usual, thanks for the great comments, and as is my pattern, I got caught on the wrong side of the 14:09 bar.
mdan
drbob,
I have a day job, so if there is like a presentation or powerpoint explaining what symmetry is on the chart, it would be helpful.
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