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Ambush move - how to buy on a pullback

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Not applicable
This video shows a technique which I use to buy on a pullback in an established uptrend. For me one of the most terrible things I can experience is seeing a share or commodity run away from me...sometimes you miss the entry esp when you have a trading platform which will trigger a buy. So you see the thing moving and you don't want to lose out. Nothing goes up in a straight line and the price will retrace usually to the level which I indicate in the video....I have found this technique to be very reliable and can be applied to any time frame or market.......http://www.screencast.com/users/Chartist/collections/Default/media/952a88e8-42d6-4ed8-ad32-f84660f61...
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15 REPLIES 15
Super Contributor
thanks chartist, welcome back! great to have you posting clips again. keep it up, adds a lot to the forum. cheers
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Not applicable
I forgot to mention that the gold trade which I demonstrated was closed out at 661.8 and a profit of GBP 270 (ZAR 4000)....
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Regular Contributor
Thx Chartist! Really great technique. Will def use it in my trades as well.
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Contributor
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Not applicable
er that should read "do not have a trading platform which can automate a buy"
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Super Contributor
Nice one Chartist. I will give it a try on some "dummy" runs and see how it performs and if it works for me I'll use it in the future. Thanks
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Contributor
Thank you, This will come in very handy, I appreciate the effort you put into this forum !!
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Not applicable
Seems to be working for gold today - the spot price slipped back to exactly the 50% retracement level, and is hovering there. 5 min RSIs (I know, I know ... very short term and therefore less reliable) seem to be indicating a reversal upwards of these levels (i.e. 657.9 spot) - let's wait and see ...
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Frequent Contributor
Thank you Chartist ! very, very useful. Much appreciated. Will try to see if i can understand if enough to apply to a few trades.
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Contributor
Thanks a mil C. Always fascinating watching someone who knows their craft at work...
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Not applicable
Greg C you have the right idea but as you say your timeframe is too small...if you look at say the hourly chart you will see that gold moved up from the 643.3 low then retraced into the ambush zone at 652.7 to just below the 50% level (and didn't close in this zone) and is now moving up again....
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Not applicable
I know - I applied the Fibs to the daily chart last night when the 659-odd level was penetrated, went long at the 50% level on that chart. Incidentally, the Fibs also worked a dream last night on the S&P - it closed right on its 50% retracement level from the bottom last week. Interesting that it gained momentum downwards when the 38.2% level was penetrated!
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Frequent Contributor
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Not applicable
good opportunity to test this now on the top 40 futures as we are heading down to that 50% retracement from today's highs...
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Not applicable
we closed twice in the ambush zone on the 5 min so for now we are headed lower....most prob 26600
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