First time I've seriously contemplated and practised the idea of watching the 10 second charts since Tassie... like watching the little tremors behind the larger but slower 1 day price movements.
Requires a little more energy but broadens my perception of what the indicators are trying to tell me.
Have put in a small limit order at 1196 for gold to confirm my bias that there is still some energy left for gold to drop.
Stop loss is at 1206... 10 second bars have bolstered back up to 1201 already.
Was that a limit order or stop entry?
I too found the short time frame charts helpful to understand what Paul means about the "energy" of the candles.
From our discussion last night Nathan... I think Limit Order is what's meant.
If it gets filled then its 1196 to 1206 a move of 10 points per contract for a nice profit if it works
I understand. So thats a long limit order and a take profit at 1206 not a stop loss. I see this was posted last night at 8.30pm and it hit 1197 low at that time! So very close.
Technically... its a stop loss because the position is being entered from the "wrong" direction... ie price is going short instead of long and then reversing.
But, yes you have the effective idea of what's being attempted.
A stop loss would be lower though wouldn't it?
