Another "Price TA" play... (TA haters ain't gonna like this one)

wxytrader said:
Same problem. It is completely arbitrary until the resistance is confirmed by how many tests? He market 3 tests out of frame that broke these levels, but did not test the prior levels. Even then how often does the level hold true? You would be moving the line every phase after the fact.

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@Scataphagos is talking about the Price level 19700. He clearly states that in the O.P.
 
wxytrader said:
Lol that level only revealed itself at the end of the pattern. Could have just as easy picked 19800 or 19900.
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Price bounces off that 19700 level 6 times in total.

After a few times in a short timeframe you know it's pretty significant.
 
Darc said:
Price bounces off that 19700 level 6 times in total.

After a few times in a short timeframe you know it's pretty significant.
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The first test if 19700 was a brand new level...the second test confirmed a double top, and then the final 3rd test.
 
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The more a level is tested, the less faith I have in it :D If I miss the 1st retest then I might be tempted to skip the next ones.

I freak out when it’s too easy to get filled.
 
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wxytrader said:
It bounced off 19900 failed and didn't even retest... bounced off 19800 failed and didn't retest...bounced off 19700 failed and retested, but you wouldn't mark it until the 3rd re-test.
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But he's talking about the 19700 level.

Son, I don't have the patience to teach you basic Price Action. Just thank God @Scataphagos is here to do it for you.
 
Darc said:
But he's talking about the 19700 level.

Son, I don't have the patience to teach you basic Price Action. Just thank God @Scataphagos is here to do it for you.
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You are trying to make an arbitrary line make sense after the fact...anybody can do that. You need to know the levels BEFORE they happen. :)
 
Darc said:
Price bounces off that 19700 level 6 times in total.

After a few times in a short timeframe you know it's pretty significant.
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It didn't bounce six times. You had a double top, a long drawdown and then a retest or triple top..... which probably fails 50% of the time...either by not retesting or breaking out. You should brush up on your Brooks.
 
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