I should also point out that there is a great difference between trading chop and riding it out. Given the importance of 60, it was important to stay in regardless of what might happen with "lines". We've been futzing around between 60 and 3400 for 10 days, long enough for even the weekly people to see what's going on. Therefore a break of 60 has consequences. This is as good a rationale as I can think of in this circumstance to stay in rather than bump oneself out.
Bride of If You Can Draw A Straight Line
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I don't know if anyone remembers but in 2008 or early 2009 there were days when the index would drop 5% in the day and before the close would be up 5% for the day. Comparing today which seemed like a long ride, that would have been so crazy I have trouble imagining. I wasn't trading at that time and was beginning to get into the price behaviour, supply/demand, trading. But I was watching and thinking of buying the drop and shorting the rise because of all the double tops and bottoms showing up one after the other.
Did today's sell off change anything in the lines as viewed prior to today?
After yesterdays trendday the borderlines of the forest might be quite close together. But who knows...
Yesterdays low was already tested, we have a current top of the range at 33 and another 50% level at 50 to the upside. The next levels to the downside I see are 3300 and 3287.
In terms of reversals in trading ranges, you just get in DB and take the risk, you said. This means with just the break of the S or D line, no retracement?
Yesterdays low was already tested, we have a current top of the range at 33 and another 50% level at 50 to the upside. The next levels to the downside I see are 3300 and 3287.
In terms of reversals in trading ranges, you just get in DB and take the risk, you said. This means with just the break of the S or D line, no retracement?
9:37 SL traced.
Had doubts about the short at 9:37, because of the congestion between 9:10 and the open.
9:45 SL broken, long at 30
9:48 DL broken
9:49 Smell of chop in the air?
I am doing it again I guess (trading into the chop), even though the short and the long were closed at a profit if closed at the line break, I think the congestion before the market opened was a good clue to stay out this morning until things cleared out.
9:58 Clearing the chop. Lets wait for the RET
10:03 Back in the chop
Had doubts about the short at 9:37, because of the congestion between 9:10 and the open.
9:45 SL broken, long at 30
9:48 DL broken
9:49 Smell of chop in the air?
I am doing it again I guess (trading into the chop), even though the short and the long were closed at a profit if closed at the line break, I think the congestion before the market opened was a good clue to stay out this morning until things cleared out.
9:58 Clearing the chop. Lets wait for the RET
10:03 Back in the chop
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